Company Briefs: Vard Holdings

Vard Holdings

The 25 cents per share cash exit offer price for Vard Holdings is final, offeror Fincantieri Oil & Gas reiterated in a press statement on Thursday evening.

Fincantieri announced on Wednesday it will be extending the closing date for its buyout offer for shipbuilder Vard Holdings from Aug 8 to 5.30pm on Aug 24.

On Wednesday, before the market opened, Vard announced that trading in its shares will be suspended immediately after the exit offer closes. Its shareholders last month approved its delisting, which is estimated to take place about two to three weeks after the closing of Fincantieri's exit offer.

Nera Telecommunications

Mainboard-listed Nera Telecommunications announced yesterday it has clinched a total of $11.8 million worth of new contracts for its network infrastructure (NI) business segment.

Under the contracts, NeraTel will provide NI equipment and maintenance to a repeat customer, who is a "leading service provider" in South-east Asia. The networking firm provides a full suite of turnkey network and wireless solutions under its NI and wireless infrastructure network (WIN) business segments.

Last month, the group announced it had secured separate NI and WIN contracts worth $11.7 million to provide services to a government entity in the Middle East and a leading South-east Asia service provider.

Geo Energy Resources

Geo Energy Resources' unit, PT Tanah Bumbu Resources (TBR), has completed its first shipment of 50,000 tonnes of coal worth more than US$2 million (S$2.7 million) from its TBR mine to PT Sulawesi Mining Investment, part of Chinese state-owned Tsingshan Holding Group.

The shipment will be part of the group's fulfilment of its domestic market obligation (DMO) requirement set by the Indonesian government, Geo Energy noted. The Indonesian government has set DMO guidelines where 25 per cent of planned production is to be set aside for domestic market consumption for all coal producers based in Indonesia to fulfil the nation's growing energy needs.

The shipment came out of TBR's total production of around 88,000 tonnes as at July 31, the mainboard-listed coal producer announced yesterday morning.

A version of this article appeared in the print edition of The Straits Times on August 11, 2018, with the headline 'Company Briefs: Vard Holdings'. Print Edition | Subscribe