Company Briefs: Dairy Farm International Holdings

Dairy Farm International Holdings

Dairy Farm International Holdings is deepening its footprint in the Philippines by combining its existing business with a dominant player in the country.

The retail giant said it will combine its interest in wholly owned Rustan Supercentres (RSCI) with Philippine-listed Robinsons Retail Holdings (RRHI).

Dairy Farm will exchange its interest in RSCI for new shares in RRHI representing about 12.15 per cent of the enlarged share capital in a deal valued at about US$346 million (S$455 million).

It will also acquire a further 6.1 per cent stake worth US$174 million from the existing controlling shareholders, the Gokongwei family. This will raise Dairy Farm's interest in RRHI to 18.25 per cent.

The Gokongwei family, among the wealthiest in the Philippines, will hold a 51 per cent interest in RRHI once the deal is completed.

Dairy Farm will have the right to nominate two directors to the board of RRHI.

Genting Singapore

Mainboard-listed Genting Singapore said it will hold an extraordinary general meeting on April 17 to seek shareholders' approval for the re-domiciliation of the company from the Isle of Man to Singapore, and change its name from Genting Singapore PLC to Genting Singapore Limited.

The leisure and hospitality player said the proposed move would allow it to align its country of registration with the country of listing and where its main operations and business are situated.

Hiap Seng Engineering

Integrated engineering group Hiap Seng Engineering has secured two contracts worth about $53 million in Singapore.

"These contracts are awarded by reputable industry players, particularly Vopak, our new client. The contract awards reflect our customers' confidence in our capabilities and solid track record in delivering high-quality projects safely and on schedule," said Hiap Seng executive chairman Frankie Tan.

Barring any unforeseen circumstances, the group expects a positive contribution to its earnings from the contracts, and does not expect any material impact on the net tangible assets or earnings per share for the current financial year ending March 31.

A version of this article appeared in the print edition of The Straits Times on March 24, 2018, with the headline 'Company Briefs: Dairy Farm International Holdings'. Print Edition | Subscribe