Company Briefs: Hyflux


Mainboard-listed Hyflux has secured a letter of intent for a contract by the General Authority for the Suez Canal Economic Zone to construct the Ain Sokhna Integrated Water and Power Project in Egypt. The total value of the engineering, procurement and construction contract is US$500 million (about S$694 million), it said. The letter of intent will be followed by the signing of relevant contracts.

The desalination plant is designed to produce 150,000 cubic metres of water a day. An on-site 457 MW combined cycle gas turbine power plant will be constructed to generate power and supply electricity to the desalination plant. Excess power will be dispatched to the grid and go towards supplying the Egyptian governorates' needs. Construction is slated to commence following finalisation of contract terms. A 25 years' operation and maintenance contract will be awarded to Hyflux for this plant.

Sembcorp Marine

Sembcorp Marine has raised its stake in Norway-based Gravifloat by 44 per cent to 56 per cent for US$38 million (S$52 million).

SembMarine said it will eventually increase its stake in Gravifloat to 100 per cent by picking up the remaining 44 per cent interest at the same price. "Our increased stake in Gravifloat reflects our strategy to broaden and deepen the group's range of proprietary designs and solutions to develop new state-of-the-art facilities for the fast-evolving LNG (liquefied natural gas) and LPG (liquefied petroleum gas) industries," said SembMarine president and chief executive Wong Weng Sun.

SembMarine disclosed in June 2014 that it acquired a 12 per cent interest in Gravifloat. The acquisition enables SembMarine to gain significant control of Gravifloat and expand the group's products and services by moving into offshore gas processing units.

Gravifloat designs and holds patents for redeployable LNG and LPG solutions.

Anchor Resources

Anchor Resources, a gold mining company in Malaysia, is offering 28.8 million shares for sale at 25 cents apiece in its initial public offering.

The Catalist-bound company has concession rights to the Lubuk Mandi Mine and the Bukit Panji Property in Terengganu. The bulk of the net proceeds amounting to some $4.6 million will be used to expand the group's gold processing capacity. The IPO shares will be fully placed out to institutional investors.

A version of this article appeared in the print edition of The Straits Times on March 10, 2016, with the headline 'CompanyBriefs'. Print Edition | Subscribe