Marina developer and operator SUTL Enterprise has secured a management contract for the day-to-day operations of a proposed integrated marina in China's Guangdong province, the company said in a filing yesterday.
The company's wholly owned subsidiary, ONE15 Management and Technical Services, has entered into an agreement on Dec 27 last year with the project's master developer, Sunsea Yacht Club (Zhongshan), to manage, operate and maintain the marina and its facilities.
The contract - which started on Jan 1 this year and will last five years till Dec 31, 2023 unless it is terminated earlier - was awarded by Sunsea Yacht Club, which holds the land and water rights for the waterfront development, branded ONE°15 Marina Zhongshan China.
The first phase of the marina, which was completed in 2017, is fully operational and comprises 80 wet berths and 42 waterfront villas with private berths. When fully completed, the development will comprise a private marina with about 158 wet berths and marina-related facilities, a clubhouse, hotel accommodation and lifestyle and fitness amenities.
SUTL Enterprise also said the development houses Guangdong's first customs, immigration, quarantine and port-clearance post within a private marina, and is the first direct sailing gateway between Zhongshan and Macau.
ONE°15 Marina Zhongshan China is the ninth marina in the group's portfolio.
Far East Group
Refrigeration and air-conditioning seller Far East Group plans to buy air-conditioning company M-Tech Air-Con & Security Engineering for $7 million in cash and 2.98 million shares.
Those shares represent 2.75 per cent of the existing issued shares as of Monday and about 2.68 per cent of the enlarged share base.
Those shares will be priced based on their volume-weighted average price of the last market day on which the shares are traded right before the date of completion. The number of shares to be issued falls within the limits of a share mandate last year that allows the firm to issue new shares not exceeding 50 per cent of the total number of issued shares.
Far East will also pay $5.5 million to company owners Quek Poh Chuan and Lee Sui Fook, and an amount of up to $1.5 million across the fiscal years 2019 and 2020 based on a profit guarantee from M-Tech. This will be funded through internal resources of the group and/or bank borrowings.
M-Tech does plumbing, non-electrical heating and air-conditioning engineering.