Sembcorp Industries

A Sembcorp joint venture company, Vietnam Singapore Industrial Park and Township Development Joint Stock Company (VSIP JSC), yesterday signed a conditional agreement with Nishi-Nippon Railroad (NNR) to jointly develop a residential project in Hai Phong City, Vietnam.

This is subject to VSIP JSC completing a planned revision to the township masterplan of VSIP Hai Phong Integrated Township and Industrial Park by the middle of next year.

VSIP JSC is also the master developer behind the 1,600ha VSIP Hai Phong, where the proposed residential development will be located. VSIP JSC will hold 30 per cent of the joint venture company to be formed for the residential development, with NNR holding the remaining 70 per cent.

The development comprises landed houses and shophouses for sale with clubhouse amenities.

CapitaLand Commercial Trust

CapitaLand Commercial Trust (CCT) said its distribution per unit (DPU) rose 2.6 per cent to 2.36 cents for the three months to Sept 30.

Distributable income for the third quarter rose 7 per cent to $73.1 million due to stronger performance from CapitaGreen and a $3.3 million top-up for the loss of distributable income arising from the divestments of 50 per cent interest in One George Street and Wilkie Edge.

Revenue dipped 0.4 per cent to $74.1 million, due to the divestments of One George Street, Golden Shoe Carpark and Wilkie Edge.

New Wave Holdings

Real estate tycoon Koh Wee Meng plans to make a voluntary conditional cash offer for all the shares in electronic component supplier New Wave Holdings at 1.3 cents apiece.The offer represents a 44.4 per cent premium over the company's closing price of 0.9 cent as of Oct 19.

Mr Koh, who is chief executive of Fragrance Group, is seeking majority control of the company, but intends to keep New Wave listed.

His offer is conditional on obtaining a majority stake in New Wave.

THE BUSINESS TIMES