Company briefs: ST Engineering

ST Engineering

Singapore Technologies (ST) Engineering's aerospace arm, ST Aerospace, has landed a 15-year contract for Boeing 787 aircraft component support from Bahrain's flag carrier Gulf Air. Under the agreement, ST Aerospace will provide component maintenance-by-the-hour (MBH) support for the airline's new fleet of 787-9s, including component exchange, repair, overhaul and modification.

The Dreamliners will start to arrive from Q2 2018, with a total of 10 787s in the coming years.

ST Aerospace's MBH programme comes at a fixed rate per hour, enabling airlines to keep operating costs low while minimising fixed asset inventory in terms of spares or maintenance equipment. ST Aerospace provides component support for close to 600 planes on an MBH basis to over 20 airlines in the Asia-Pacific, Europe and the Middle East. Headquartered in Muharraq, Gulf Air operates scheduled services to 42 destinations in 25 countries.

Poh Tiong Choon Logistics

The offeror for Poh Tiong Choon Logistics will exercise its right to compulsorily acquire all remaining shares after its resulting stake in PTC Logistics - including valid acceptances and market purchases - reached 90.17 per cent of the total issued shares. This brings the public float of PTC Logistics to below 10 per cent, which will trigger a trading suspension of PTC Logistics' shares under listing rules.

PTC Logistics had in September received a buyout offer pegged at $1.30 per share from Respond Logistics, a vehicle backed by the firm's chairman Poh Choon Ann and Tower Capital Logistics, an affiliate of Tower Capital Asia. The offer values the firm at $275.5 million.

The closing date for the buyout offer on PTC Logistics has been extended from Monday to Nov 27, the offeror said on Monday. It intends to privatise PTC Logistics and does not intend to preserve the listing status of the group.

Yanlord Land Group

Yanlord Land Group sold all 636 apartments on the first day of the launch of Oasis New Island Gardens (Phase 3) in Nanjing, China for 2.59 billion yuan (S$529.6 million) in total pre-sales value. This took place despite the Chinese government's curbs on prices and sales of first-hand homes and a requirement by the group for buyers to commit to 80 per cent downpayment. The average selling price works out to 36,000 yuan per square metre for the total 72,000 sq m gross floor area of residential units.

A version of this article appeared in the print edition of The Straits Times on November 21, 2017, with the headline 'Company briefs: ST Engineering'. Print Edition | Subscribe