Company Briefs: Boustead Project

Boustead Project

Boustead Projects announced yesterday it is being sued by YCH Holdings over a development project known as Supply Chain City.

The industrial real estate solutions provider said YCH is suing the company for an alleged breach of its contractual obligations, said to have occurred between 2012 and 2014, relating to Supply Chain City.

YCH, a supply chain solutions company, is asking the High Court to assess damages in respect to the alleged breach or - alternatively - damages in tort in the sum of $2.335 million.

Boustead Projects, represented by Senior Counsel Davinder Singh of Drew & Napier, said it intends to vigorously defend the claims made. It said the suit is likely to be "disposed of only after the financial year ending March 31, 2019".

Pine Capital Group

Pine Capital Group is seeking to raise gross proceeds in excess of $2.15 million from placement of shares representing 13.67 per cent of its existing issued equity or 12.03 per cent of its enlarged shareholding to private-owned management consultancy firm, JMO.

On Tuesday, Pine Capital entered into a conditional subscription agreement with JMO for the placement of 799 million shares at the issue price of 0.27 cent per share to the latter.

The placement shares are priced at a 170 per cent premium to the volume weighted average price for trades done on Pine Capital's shares on Nov 26, up to the time that the subscription agreement was signed.

JMO has also agreed to extend a loan of $2.7 million to Pine Capital. This loan shall be convertible into one billion new shares at the issue price of 0.27 cent per share.Pine Capital has requested to lift a trading halt that was in force ahead of the announcement.

China Everbright Water

China Everbright Water has secured a project commanding an investment of about 230 million yuan (S$46 million) in China's Jiangsu province.

The water treatment firm said after yesterday's trading close that it will invest in, construct and operate the Jiangyin Binjiang Plant 2 and pipeline project on a build-operate-transfer basis.

The project consists of a plant with 40,000 cubic metres of designed daily waste water treatment capacity, 2.97 km of pipeline network and a 10,000 cubic metre ancillary pump station. It will provide services over a 30-year concession period to the districts under the Jiangyin High-tech Industrial Development Zone.

A version of this article appeared in the print edition of The Straits Times on November 29, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe