Company Briefs: Sembcorp Industries

Sembcorp Industries

Sembcorp Industries yesterday said its 225MW gas-fired Sembcorp Myingyan Independent Power Plant in Mandalay, Myanmar, has successfully started full commercial operation following its first-phase operation in May.

The estimated US$300 million (S$415 million) plant uses advanced combined-cycle gas turbine technology that maximises power output while minimising emissions.

The facility will generate around 1,500 gigawatt-hours of power to Myanmar's Electric Power Generation Enterprise to help meet the needs of around 5.3 million people.

The project's completion follows the signing of a long-term power purchase agreement as well as a build-operate-transfer agreement with Myanmar's Ministry of Electricity and Energy. Under the agreements, Sembcorp Myingyan Power will build and operate the power plant for 22 years. The facility will then be transferred to the Myanmar government.

Asian Development Bank, Asian Infrastructure Investment Bank, Clifford Capital, DBS Bank, DZ Bank, International Finance Corporation and OCBC Bank helped Sembcorp fund the project.

Sembcorp Industries shares closed six cents lower at $2.95 yesterday before it made the announcement.


Singtel

Singtel's Australian subsidiary has inked a deal to buy a privately held cyber-security firm incorporated in Victoria state, which will be integrated into the group's Trustwave cyber-security arm.

Optus Cyber Security will pay up to A$23.3 million (S$22.9 million) for three-year-old Hivint, subject to earn-out targets and adjustments such as working capital and cash at closing, in a conditional agreement announced by the group yesterday evening.

The valuation was reached on a willing buyer, willing seller basis that assessed Hivint's assets and business prospects, said Singtel.

Hivint had net tangible assets of some A$2.5 million, based on unaudited financial statements as of June 30.

Mr Arthur Wong, chief executive officer of Trustwave and Singtel's chief executive of global cyber security, said: "Australia's business leaders already leveraging Hivint as a preferred security adviser now have direct access to the complete Trustwave portfolio of security solutions, managed security services and advanced education programmes."

The deal is pending certain conditions, such as getting the relevant regulatory approvals.

Singtel ended four cents, or 1.26 per cent, down at $3.14 before the announcement.

A version of this article appeared in the print edition of The Straits Times on October 11, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe