Company Briefs: M1


M1 yesterday said it will delist from the Singapore bourse with effect from 9am tomorrow.

This comes after the completion of the acquisition by Konnectivity, a Keppel Corp-led joint venture with Singapore Press Holdings, which publishes The Straits Times.

Konnectivity owns about 94.55 per cent of the telco after a voluntary unconditional general offer closed on March 18.

Earlier this month, Konnectivity also noted that it will buy all the remaining M1 shares it does not own at $2.06 each.

ST Engineering

ST Engineering said yesterday its aerospace and electronics sectors secured new contracts worth about $2.1 billion in the first quarter of this year.

Some $1.3 billion came from its aerospace sector, which received a 10-year service agreement from a major North American operator, a long-time customer, to provide heavy maintenance checks for its entire fleet of A300 and Boeing 757. The agreement covers over 160 wide-body and narrow-body aircraft to be serviced at the sector's United States facilities in San Antonio and Pensacola, starting next year.

In the first quarter, ST Engineering's aerospace sector also secured contracts from new airline customers in Africa and Europe to provide component repair services to support their Bombardier Q400. Other contracts cover engine wash and equipment-leasing solutions to customers in the Middle East and Europe.

The electronics sector received $818 million of projects, which include building a mobile communications network for passengers on the Downtown Line 3 Extension in Singapore.

ST Engineering is also supplying an automatic fare collection system for the Bangkok MRT Gold Line, maintenance and enhancement for the Bangkok MRT Purple Line, an integrated supervisory control system for Wuxi's Metro Line 3, and a passenger information system for Taiwan Railways Administration's trains.

Croesus Retail Trust

Croesus Retail Trust's trustee-manager said yesterday that Mangosteen TMK, in which the trust indirectly holds 49 per cent of the preferred shares and 27.27 per cent of specific shares, has sold its entire interest in a Japanese shopping mall, Croesus Shinsaibashi, for 20.8 billion yen (S$252 million).

The sale price was arrived at on a willing-buyer, willing-seller basis, taking into account the valuation of the property, trustee-manager Croesus Retail Asset Management said.

The sale is part of Croesus Retail Trust's ongoing strategy to streamline its operations.

A version of this article appeared in the print edition of The Straits Times on April 23, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe