Stocks to watch: Sembcorp, SembMarine, Wilmar International, Citic Envirotech

The Singapore Exchange centre in Shenton Way.
The Singapore Exchange centre in Shenton Way. PHOTO: ST FILE

THE following companies saw new developments which may affect trading of their shares on Friday (June 8):

Sembcorp Industries: A shareholders agreement for a joint venture company between a Sembcorp and Ascendas-Singbridge consortium, and the Amaravati Development Corporation (ADC), has been finalised for the development of a 684-ha start-up area in Amaravati, the new capital city of Andhra Pradesh.

The Amaravati Capital City Start-up Area will be developed by the consortium and ADC through Amaravati Development Partners (ADP), of which Sembcorp and Ascendas-Singbridge have a joint 58 per cent stake, with the ADC holding the remaining 42 per cent share. The start-up area lies within the 20 sq km Seed Development Area of Amaravati City and will be developed in phases over 15 to 20 years.

Sembcorp Marine: SembMarine said on Friday it plans to spend US$28 million (S$37.3 million) that would go towards acquiring the intellectual property of Norway's Sevan Marine, bringing to an end a "long-standing" dispute over infringement of each other's intellectual property.

The deal will also translate to SembMarine purchasing a 95 per cent equity interest in HiLoad LNG, a Sevan Marine subsidiary which holds certain intellectual property rights, the transfer of 26 Sevan Marine employees, as well as unexpired leases of the company's three office locations.

Wilmar International: The agri-business player inked a deal with OCBC bank to peg interest rates on a US$200 million (S$266.7 million) revolving credit facility to the borrower's sustainability performance, the companies said in a joint statement on Friday before the market opened. Interest rates on Wilmar's loan will be reduced on a tiered basis if it achieves its pre-set sustainability targets, which are based off environmental, social and governance metrics.

Citic Envirotech: Citic has secured a build-operate-transfer environmental project worth one billion yuan (S$208.6 million) in Anyang City in China's Henan Province, the environmental engineering company said on Thursday evening. To undertake the project, Citic and its partner in the project - Fengzhu Textile Technology - will set up a project company with shareholdings of 90 per cent and 10 per cent respectively.