Company Briefs: Singapore Airlines

Singapore Airlines

Singapore Airlines has priced an issue of $600 million notes to fund aircraft purchases and aircraft-related payments, it said on Thursday after market close.

The five-year notes will bear a fixed 3.16 per cent interest payable semi-annually in arrears, and are expected to mature on Oct 25, 2023. They will be issued at a price of 100 per cent of their principal amount and in denominations of $250,000. They are expected to be issued on Oct 25, subject to the satisfaction of customary closing conditions.

DBS Bank, OCBC Bank and United Overseas Bank are the joint lead managers.

Advanced Holdings

Advanced Holdings announced yesterday morning that it has downsized its acquisition of Agricore Global from 100 per cent of its share capital to 12.25 per cent.

The company said it has decided to take a minority stake in palm oil cultivator Agricore rather than conduct a full takeover in view of commercial considerations, and will continue to focus on its existing core business of providing engineering services and equipment.

After negotiating with seller Vertex DG, Advanced entered into a conditional share purchase agreement for the revised acquisition amount on Thursday.

The previous sale and purchase agreement for Agricore's entire issued and paid-up share capital has been allowed to lapse on the long stop date of Oct 12.

Advanced requested the trading halt on its shares to be lifted.

Oxley Holdings

Oxley Holdings, KSH Holdings, SLB Development and Heeton Holdings said yesterday that the sales launch of Phase 1 of their Gaobeidian development project in China will be delayed.

Oxley holds an effective interest of 27.5 per cent in the project. KSH has an effective interest of 22.5 per cent, SLB Development's interest is not more than 10 per cent, and Heeton has an effective interest of 7.5 per cent.

The partners said: "Due to circumstances arising from the ongoing trade war between the US and China, based on the advice of the marketing agent, (the companies have) decided to launch for sale the residential units under Phase 1 of the Gaobeidian project after the initial expected date of November 2018, when market sentiment improves."

Construction of the Gaobeidian project has commenced and is on schedule, the companies said.

A version of this article appeared in the print edition of The Straits Times on October 20, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe