Company Briefs : ST Engineering

ST Engineering

Singapore Technologies Electronics, the electronics arm of ST Engineering, has clinched around $742 million worth of contracts in the fourth quarter of last year.

This brings total new orders secured in the whole of last year to $2.24 billion.

The bulk of the latest tranche of deals, at $498 million, was advanced electronics and information communications technologies solutions contracts secured from various local and overseas customers.

These include a contract worth US$72 million (S$95 million) from Israel-based Arad Technologies for a smart sensor network system that will enhance smart cities management in China, Europe, India and the United States; a comprehensive electronics system for Raffles City Chongqing, an eight-tower city complex in China; as well as a communications system deployed in 12 hospitals across Hong Kong.

These projects will be completed progressively till 2022.

Another $160 million in contracts were in relation to rail electronics and intelligent transportation projects, which will be completed progressively by 2024.

ST Electronics also bagged about $84 million in satellite and broadband communications contracts from various government, telecoms and enterprise users worldwide.

Pacific Radiance

Offshore marine services firm Pacific Radiance has tabled a proposal for noteholders in its bid to restructure its $100 million medium-term notes. The notes, which have an interest of 4.3 per cent, are due for maturity on Aug 29.

The proposals include a full conversion of the notes to new equity - at three shares for every $1, with no lock-up period.

This works out to be about 0.33 cent for each new share.

In its presentation to noteholders at their second informal meeting yesterday, Pacific Radiance said it will issue a total of 300 million new shares worth $36 million, based on the stock's last closing price on Jan 18 of 11.9 cents.

The firm will also release $4.3 million, representing two coupon payments, from an escrow account once it obtains shareholders' approval.

For the proposal to go through, two or more noteholders holding 75 per cent of the principal amount of the notes must give their approval. At least 75 per cent of the noteholders present at the meeting must also vote in favour.

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