Libra Group Clinches S$5-million Contract
Libra Group Limited announced Friday that its wholly-owned subsidiary, Kin Xin Engineering Pte Ltd, has been awarded a contract worth S$5.0 million from Taikisha (Singapore) Pte Ltd.
The contract is related to the design, supply, delivery, installation, testing and commissioning of the entire air-conditioning and mechanical ventilation system of a building at Paya Lebar iPark in Singapore.
The project is scheduled to be completed in October 2012.
Libra Group Limited closed Friday at S$0.173.
Yangzijiang’s Unit to Divest Stake in Marine Equipment Firm
Yangzijiang Shipbuilding (Holdings) Limited announced Friday that its wholly-owned subsidiary, Jiangsu New Yangzi Shipbuilding Co Ltd, plans to dispose of its entire 52-per cent stake in Jiangsu Yangchen Equipment and Materials Co Ltd for RMB5.2 million (S$1.03 million).
Jiangsu Yangchen’s core business is related to the supply of marine equipment and materials.
Yangzijiang said it is in its best interest to dispose of the loss-making company at par value. Additionally, the group already has a wholly-owned subsidiary with a similar business scope as Jiangsu Yangchen.
“The disposal will streamline the group’s structure, to effectively control the overall administrative expenses,” it said.
Yangzijiang Shipbuilding (Holdings) Limited closed Friday at S$1.390.
CCT Refinances S$570-million Secured Term Loan
CapitaCommercial Trust (CCT) announced Friday that it has refinanced the S$570.0-million term loan secured on Capital Tower.
The refinancing is funded by S$480.0-million bank facilities without using any property as security and S$90.0 million in cash.
Following the repayment of the term loan secured on Capital Tower, the security over Capital Tower will be discharged by the lenders.
Additionally, CCT has also obtained an aggregate of S$250.0 million in committed bank facilities and a S$100.0-million revolving credit facility.
The aggregate of these bank facilities is S$800.0 million, of which S$480.0 million were drawn down Friday to repay the term loan secured on Capital Tower.
The undrawn bank facilities of S$320.0 million will be utilised for payment of acquisitions, to refinance borrowings, to on-lend to any entity in which CCT has an interest, to finance any asset enhancement works initiated by CCT and for the general working capital of CCT in the future.
CapitaCommercial Trust closed Friday at S$1.285.
Challenger Leases Retail Space at Great World City
Challenger Technologies Limited announced Friday that it has leased a 3,300- square foot retail space at Great World City, commencing in May 2012.
The group did not disclose the terms or price of the lease, but said it is in line with its plans to focus on its retail operations by expanding to suitable locations.