THE following companies saw new developments that may affect trading of their securities on Wednesday (Dec 13):
ST Engineering and StarHub: Singapore Technologies Engineering’s (ST Engineering) cyber business, ST Engineering Info-Security, has agreed to acquire 100% of the shares of D’Crypt for a cash-free and debt-free purchase initial consideration of $67.5 million. There will also be an earn-out consideration of $5 million which is conditional upon meeting the stipulated earn-out milestone.
The conditional sale and purchase agreement (SPA) was signed with Keele, a special purpose vehicle (SPV) and an indirect subsidiary of telco StarHub. Keele’s shareholders are Ensign Asia, an indirect wholly-owned subsidiary of Temasek Holdings, and StarHub’s direct subsidiary, Ensign InfoSecurity. Ensign Asia holds all the ordinary shares in the issued share capital of Keele while Ensign InfoSecurity holds all the preference shares in Keele.
Sembcorp: SEMBCORP Industries has been awarded a 117 megawatt-peak (MWp) project to “solarise” interim vacant land and the rooftops of five buildings on Jurong Island.
The agreement is between JTC and a wholly-owned Sembcorp unit, Sembcorp Solar Singapore, and is not expected to have a material impact on Sembcorp’s earnings per share and net tangible assets per share for the year ending Dec 31, 2023.
The tender is the largest project by capacity awarded by a public-sector agency in Singapore to date, said Sembcorp in a bourse filing on Tuesday (Dec 12) evening.
Mapletree Logistics Trust: MAPLETREE Logistics Trust (MLT) is proposing to acquire a Grade A warehouse at Farukhnagar, which is within the Delhi National Capital Region in India, for 900 million rupees (S$14.5 million).
This represents a 2.4 per cent discount to the asset’s independent valuation of 922 million rupees as at Oct 31.
Its acquisition by MLT is slated to be completed in Q4 FY2024 and will be 100 per cent funded by debt, announced its manager on Wednesday (Dec 13).
Based on the trust’s financials as at Sep 30, this is expected to raise MLT’s pro-forma aggregate leverage ratio to about 38.9 per cent upon completion of the deal.
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