Company Briefs : Venture Corp

Venture Corp

Contract manufacturer Venture Corporation is scheduled to join the Straits Times Index (STI) with effect from tomorrow, replacing Global Logistic Properties (GLP) which is being taken private.

The last trading day for GLP is expected to be today.

The STI is a free float adjusted market capitalisation weighted index representing the performance of the largest Singapore stocks which pass size, free float and liquidity screens.

Venture was selected to join the STI, as it maintained the highest market capitalisation of the STI Reserve as at market close on Tuesday.

Cheung Woh Technologies

Hard disk drive manufacturer Cheung Woh Technologies said it expects to report a loss for the third quarter due to missed production targets, partly as a result of machinery down-time and repairs.

The company issued a profit guidance for the three months ended Nov 30, noting that the production of baseplates has not reached its target yield.

Production was also disrupted because some machines were damaged by heavy rainfall caused by Typhoon Hato and had to be repaired. There was also a temporary shortage of manpower, as some workers had left after the typhoon.

Further details on the group's performance will be disclosed when the company releases its third-quarter results on or before Jan 12.

Perennial Real Estate Holdings

Perennial Real Estate Holdings, together with partners, has set up a US$1.2 billion (S$1.6 billion) joint venture (JV) vehicle that would acquire and develop large-scale and predominantly healthcare integrated mixed-use developments connected to the high speed railway (HSR) stations in China.

The group said the first close of the total funds secured to the JV vehicle, Perennial HC Holdings, amounts to US$500 million.

Mr Pua Seck Guan, chief executive of Perennial, said: "Perennial currently has two existing HSR projects in Chengdu and Xi'an. With the establishment of this US$1.2 billion JV vehicle, we are excited about the potential to grow our HSR portfolio to up to eight projects with a total gross floor area of over four million sq m, positioning Perennial as a leading player with the largest HSR portfolio."

Through its subsidiary, Perennial will hold a 45 per cent stake in its first JV, in which it contributed US$225 million for the first closing.

A version of this article appeared in the print edition of The Straits Times on January 04, 2018, with the headline 'CompanyBriefs'. Print Edition | Subscribe