In exchange for land that is currently occupied and controlled by Malaysia’s railway operator, Singapore will give a Malaysia-Singapore joint venture company six land parcels near the city-state’s central business district, the Malaysian government said on Monday.
United Engineers says MaxLee Development has managed to secure term loan facilities amounting to $220 million from United Overseas Bank and Oversea-Chinese Banking Corporation to finance its development of the Executive Condominium at land parcel Sengkang E3 at Sengkang East Avenue/Buangkok Drive.
MaxLee is a joint venture company between United Engineers Developments, Maxdin Pte Ltd and LMG Realty. UED and Maxdin are both subsidiaries of the company and they hold 35% and 30% stakes in MaxLee respectively.
The proceeds from the term loan facilities will be used to partially finance the land and related construction costs of the project.
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Mainboard-listed Techcomp (Holdings), China’s leading manufacturer and distributor for analytical and life science instruments, says the group has agreed to dispose its 50% interests in joint-venture company Bibby Scientific (Hong Kong) Limited to Bibby Scientific.
The consideration of the disposal is US$980,000 ($1.35 million).
Offshore marine group Otto Marine says wholly-owned subsidiary Surf Subsea has taken a 19.2% stake in the US-based joint-venture company, Surf Subsea Inc. which has acquired DMT Emerald, a 292-feet Class 2 DP MSV, for US$55 million ($76.5 million).
The vessel will enable the group to enter the US market for sub-sea and offshore construction works in addition to its current seismic activities, hence creating more growth opportunities for its new business arm: Specialised Offshore Service.
Yanlord Land Group (Z25.SI) and Ho Bee Investment (H13.SI), through their joint venture company in Singapore, Yanlord Ho Bee Investments, acquired six prime residential development sites (A-08, A-09, A-11, A-14, A-15 and A-19) with a combined site area of 186,444 sqm and a total planned GFA of 387,597 sqm in the Tangshan Nanhu Eco-City in Hebei for RMB504.6 million ($102.8 million) at an average purchase price of RMB1,302 per sqm.
Centred on the concept of environmental conservation, the Nanhu Eco-City has been earmarked for the development of a new first-tier city centre that incorporates modern infrastructure with environmentally conscious living conditions and comprehensive recreational amenities.
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Lorenzo International has signed an agreement with Lugano Group (HK) Ltd and New Windsor International to jointly establish a wholly foreign-owned joint-venture company in China. The principal activities of the proposed JV company are marketing, wholesale and retail of premium leather furniture within Greater China. Lorenzo will contribute US$1.6225 million ($2.23 million) for a 55% stake in the proposed JV company.
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India on Sunday became the first country to have a ‘manoeuvrable’ supersonic cruise missile when it successfully test-fired the vertical-launch version of 290-km range BrahMos from a warship in the Bay of Bengal off the Orissa coast.
“The vertical-launch version of missile was launched at 1130 hours today from Indian Navy ship INS Ranvir and it [...]
PEC says that Verwater-Audex B.V., a 50-50 joint venture company between its subsidiary Audex and Verwater B.V., has won a €118 million ($226 million) contract to build a 465,000 cubic metres tank terminal in the port of Rotterdam in the Netherlands.
Ezra Holdings (5DN.SG) fails to get boost from agreement to form a joint-venture company to supply floating production, storage and offloading (FPSO) vessel for Vietnam project as broad market weakness, particularly in energy plays, weighs, says Dow Jones Newswires.
Its shares were down 4.1% at S$2.12 (FTSE ST Oil & Gas index down 3.7%) with support eyed at last week’s low of $2.04.
Niche property developer Hiap Hoe, and owner and manager of leisure and commercial properties SuperBowl Holdings, have through their 50-50 joint venture company, HH Properties, appointed Wyndham Hotel Management, Inc., to operate the two hotels located on the JV’s Balestier site. Wyndham Hotel Management is part of the Wyndham Hotel Group, which is the world’s largest hotel company with more than 7,000 hotels and 11 brands.
R H Energy, the engineering service provider to the oil & gas and petrochemical industry in China, says it has won contracts worth a total of US$13.1 million ($18.4 million) to provide process engineering design, technical services and commissioning of a caprolactam plant with an annual production capacity of 200,000 tons for the joint venture company set up by Sinopec and the Zhejiang Hengyi Group, a private producer of spun polyester and chemical fibre.
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City Developments has issued an SGX statement saying it does not expect any impact on the company and the South Beach development project arising from recent press reports on Dubai World’s debt troubles.
“As indicated in the Company’s announcement in June 2009, the joint venture company, South Beach Consortium has already secured fresh funds via a combination of a $800 million bank loan for a two-year term and $400 million in secured convertible notes, the latter subscribed by four investors — namely $195 million by a wholly-owned subsidiary of the Company and $205 million by three other notes investors,” says Singapore’s second largest property developer.
TPV Technology, the Hong Kong-based manufacturer of computer monitors, says wholly-owned subsidiary Top Victory Investments has entered into an agreement with Inventec Investments Co. to establish a joint venture company.
TPV Technology says the JV company , dubbed TPV-Inventa Technology Co.,will be a limited liability company to be incorporated in Taiwan.
Singapore’s Sembcorp Industries (SCIL.SI) has signed a joint venture deal with Oman Investment Corp to build a water and power project worth US$1 billion ($1.39 billion).
The joint venture company will build, own and operate the project in Oman with a 15-year contract to supply power and water to the Oman Power and Water Procurement Co, it said in a statement today.
Mainboard-listed Yongmao Holdings, one of the largest towercranes manufacturers in China, says it will invest RMB28.35 million ($5.9 million) through its unit Beijing Tat Hong Zhaomao Equipment Rental Co. for a 20.25% stake in joint-venture company Si Chuan Tat Hong Yuan Zheng Machinery Construction Co.
Yongmao says the investment will be funded by its internal resources.
