Company Briefs: Singtel


Singtel has appointed Mr Ng Kuo Pin as chief executive of its wholly owned subsidiary NCS with effect from Aug 1, the telco said yesterday.

Mr Ng, the deputy CEO of NCS, will succeed Mr Chia Wee Boon, who was appointed CEO on July 1, 2010. Mr Chia will take on an advisory role in Singtel's group enterprise business.

Mr Ng joined NCS in February, having come from Accenture, where he had worked for 24 years. His responsibilities had included the communications, media and technology business in Singapore and China. Most recently, he was head of consulting for CMT Asia-Pacific, Africa and the Middle East.

Mr Chia helped boost NCS revenues by 60 per cent to $1.8 billion, and drove national projects such as the Schools Standard ICT Operating Environment and the next-generation Electronic Road Pricing system.

Prime US Reit

KBS Realty Advisors has priced the initial public offering of Prime US Reit at US$0.88 per unit to deliver a forecast dividend yield of 7.4 per cent this year, with a reduced deal size.

The total offering size has been lowered to US$612 million from US$705 million previously, comprising 360 million cornerstone units and 335 million units for public allocation and placement.

The Reit, which owns 11 prime office properties across the US valued at US$1.2 billion, will have a market cap of around US$813 million upon its Singapore Exchange debut.

Cornerstone investors include Keppel Capital, Singapore Press Holdings (SPH), Hiap Hoe Investment and AT Investments. Keppel Capital and SPH each committed US$55 million for a 6.8 per cent stake. AT Investments has committed US$65 million for an 8 per cent stake.

Courts Asia

Nojima president Hiroshi Nojima will assume the role of chief executive of Courts Asia from July 1.

Courts, an electrical, information technology and furniture retailer, had announced that Mr Terry O'Conner will step down as chief executive and support the group as executive adviser. The firm was delisted from the Singapore Exchange following its buyout by Japanese electronics retailer Nojima.

Mr Nojima is also the representative executive officer of Nojima and the chairman of Courts. He joined his family's consumer electronics business as a sales executive and expanded it from one store to over 850 stores in Japan today.

A version of this article appeared in the print edition of The Straits Times on June 29, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe