Company Briefs: TrickleStar


TrickleStar, which designs and sells energy-saving power strips in the United States, has priced its initial public offering (IPO) at 26 cents a share, ahead of a listing on the Catalist board of the Singapore Exchange.

The IPO will raise net proceeds of $2.4 million through the placement of 15 million new shares. There is no public tranche, and the placement closes on June 14. Trading will commence on June 18.

Based on the IPO price, TrickleStar will have a market cap of $21.3 million, close to eight times its net profit of US$2 million (S$2.74 million) last year. Revenue last year was US$12.8 million, up 24.4 per cent from 2017 on higher customer orders for power strips.

Keppel Corporation

Keppel Corporation said yesterday its data centre unit has invested around €14 million (S$21.5 million) in Luxembourg-based Etix Group in its Series C funding.

The unit, Keppel Data Centres Holding, will hold a minority stake in the company post-investment, according to a regulatory filing just before the market opened.

Keppel Data Centres is a 70-30 joint venture between Keppel Telecommunications & Transportation and Keppel Land, both subsidiaries of Keppel Corp.

Etix is a Luxembourg-based data centre developer and provider of data centre co-location services. It leverages prefabricated data centre modules for quick data centre deployment. Its network spans South-east Asia, Europe, Africa and Latin America.

Tiong Seng Holdings

Construction firm Tiong Seng Holdings has entered into an agreement to dispose of its entire 55 per cent stake in Chinese unit Jiangsu Huiyang Construction Development for 67 million yuan (S$13.3 million), the mainboard-listed firm announced in a Singapore Exchange filing yesterday.

Tiong Seng's stake in Jiangsu Huiyang is held through its wholly owned subsidiary, Suzhou Huisheng Construction Development. Tiong Seng will be selling the stake to the minority 45 per cent shareholder of Jiangsu Huiyang.

Jiangsu Huiyang is involved in the sale, leasing and management of commercial units within a retail investment property, Wenchang Broadway, in Yangzhou city, China.

The 67 million yuan consideration was determined via a property valuation on Wenchang Broadway, which set its value at 135.8 million yuan, and the estimated costs to repair and maintain the property and consolidation of staff.

A version of this article appeared in the print edition of The Straits Times on June 04, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe