SingTel Prices US$700-million of 5.5-year Notes at 2.375 Per cent
Singapore Telecommunications Limited (SingTel) announced Friday that its wholly-owned subsidiary, SingTel Group Treasury Pte Ltd (SGT), priced US$700.0 million (S$874.0 million) of 5.5-year notes on March 1, guaranteed by SingTel.
The group said the note issue met with strong demand from a wide range of investors. The orderbook closed after receiving interest of approximately US$3.25 billion and was more than four times oversubscribed by investors.
The US-denominated notes will carry a coupon of 2.375 per cent per annum and is drawn down under SGT’s S$10.0-billion Euro Medium Term Note Programme. The notes will mature in 2017.
This issue is part of the long-term financing strategy and extends the debt maturity profile of SingTel group. The net proceeds from this issue will be applied by SGT to fund its ordinary course of business.
In line with SingTel’s current credit ratings, the notes are rated Aa2 by Moody’s Investors Service, Inc and A+ by Standard & Poor’s.
Citigroup Global Markets Singapore Pte Ltd, Deutsche Bank AG, Singapore Branch, Merrill Lynch (Singapore) Pte Ltd and Morgan Stanley Asia (Singapore) acted as joint lead managers and bookrunners.
Singapore Telecommunications Limited closed Friday at S$3.150.
Darco Sees Significant Changes to 2009, 2010 Earnings
Darco Water Technologies Limited announced Friday that its financial statements for the financial years 2009 and 2010 may be “substantially and significantly adjusted”.
The group said it now expects to record a potential loss of S$20.6 million for FY2009, compared with a previously reported loss of S$11.46 million.
Darco reported a profit of S$1.31 million in FY2010, which it now expects to register S$0.05 million instead.
Darco expects to disclose the finalised numbers at the end of April 2012, upon completion of the special audit.
In the meantime, the board of directors has recommended a suspension in the trading of its shares as “there is insufficient information as disclosed to shareholders to warrant continued trading in its securities”.
Darco Water Technologies Limited closed Friday at S$0.058.
Asiamedic Appoints New CEO
Asiamedic Limited announced Friday the appointment of Wong Weng Hong as its new Chief Executive Officer with effect from 1 March 2012.
Dr Wong, who was previously Managing Director and Medical Director of Healthway Medical Corporation Limited, brings with him a wealth of experience as he embarks on this new challenge to further promote Asiamedic to the region.
Dr Wong aims to drive new strategic directions and expansion plans for the group in Asia.
He will also lead the team in developing innovative healthcare services and delivering quality patient care to their valued customers.
Koon Raises Stake in Tesla to 71.2 Per cent
Koon Holdings Limited, an integrated infrastructure construction, precast specialist and property developer, announced Friday that it has increased ownership in its energy infrastructure unit – Tesla Holdings Pty Ltd – to 71.2 per cent.
Tesla is an Australian energy infrastructure company that has successfully attained capacity credit allocations from the Independent Market Operator of Western Australia, which facilitates access and supply of electricity to the state’s grid system.
In July 2010, Koon acquired an approximately 49-per cent stake in Tesla for A$3.0 million (S$4.0 million). Subsequently in June 2011, the group completed the subscription of preference shares with a consideration of A$3.6 million, which increased its stake in Tesla to approximately 68 per cent.
With this latest acquisition of new shares in Tesla, Koon now holds a 71.2-per cent equity stake in Tesla.
Tesla plans to use the new proceeds to partially fund the construction of its planned three 9.9 MW (megawatt) power generation plants in Western Australia, which will be completed by 2012. The remaining capital required will be funded via finance lease arrangement.
Koon Holdings Limited closed Friday at S$0.240.