Company Briefs: Boustead Singapore

Boustead Singapore

Substantial shareholder and former deputy chairman of Boustead Singapore, Mr Saiman Ernawan, has pared his entire stake in the company down to zero.

In filings to the Singapore Exchange yesterday, it was revealed that Mr Ernawan last Friday sold 20.4 million shares worth $15.5 million via both market and off-market transactions, reducing his interest in the company from 9.46 per cent to 5.57 per cent.

This was followed by another share sell-down via a market transaction on Monday, during which he disposed of his remaining shares for $22 million.

In both transactions, the sale price amounted to about 76 cents a share.


Summit Power International

Bangladesh-based Summit Power International (SPI) and Mitsubishi Corporation have signed a framework agreement to develop an LNG-to-power project, which is expected to cost up to US$3 billion (S$4 billion), in Matarbari, Bangladesh.

They will develop an integrated liquefied natural gas (LNG) terminal with a regasification capacity of up to 1,500 million cubic ft per day.

SPI is said to be seeking a listing on the Singapore Exchange by April, which would likely make it the first company from Bangladesh to be floated on the SGX, Reuters reported last month.


Dropbox

Dropbox has offered a price range for shares in its initial public offering (IPO) that would value it at up to US$7.1 billion (S$9.3 billion), nearly a third below the valuation it commanded in 2014, a clear sign of how overheated the private tech market was a few years back.

Cloud storage company Dropbox is the largest tech IPO after a protracted dry spell, and investors are carefully watching it for signs of how other highly valued tech companies will be received by the public markets.

The valuation cut suggests other companies that similarly raised a lot of money at high valuations but remain unprofitable, such as Uber Technologies, may face a valuation decrease when they, too, go public.

REUTERS

A version of this article appeared in the print edition of The Straits Times on March 14, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe