joint venture (JV)

Koh Brothers Eco jointly wins $668 mil contract by PUB to develop part of DTSS

SINGAPORE (July 15): Koh Brothers Eco's wholly-owned subsidiary, Koh Brothers Building & Civil Engineering, has jointly secured a $668.2 million contract from the Public Utilities Board (PUB), to construct the Influent Pumping Stations (IPS) at Tuas Water Reclamation Plant (TWRP).

The TWRP is developed as part of the Deep Tunnel Sewerage System (DTSS) Phase 2 project, which is expected to be completed by 2025. Under this contract, the group will carry out construction of the IPS in collaboration with its joint venture partner, China Harbour (Singapore) Engineering Company.

DBS keeps Suntec REIT at 'buy' on securing UBS as sole tenant for 9 Penang Road

SINGAPORE (Apr 18): DBS Group Research continues to rate Suntec REIT a “buy” with a target price of $2.12.

This came on the back of the REIT (30%) along with its JV partners – SingHaiYi Group (35%) and Haiyi Holdings (35%) – securing UBS as a sole tenant for 9 Penang Road. Haiyi Holdings is a private vehicle of Gordon and Celine Tang who own a majority stake in SingHaiyi Group.

UBS has fully pre-leased the 381,000 sq ft of net lettable area (NLA), with fit out expected to commence after TOP in 4Q19. It expects to move in the premises in 2H20.

Things looking up for CSE Global despite lack of JV projects with Serba Dinamik

SINGAPORE (April 18): When Malaysian engineering firm Serba Dinamik Holdings became the largest shareholder in systems integrator CSE Global last year, both parties talked about how they could work on projects together.

But one year on, no joint venture projects have been announced, as the companies are still trying to better understand each other’s capability.

SIA Engineering divests 20% stake in Jamco joint venture for $4 mil

SINGAPORE (Jan 30): SIA Engineering Company (SIA EC) has sold its entire 20% stake in Jamco Singapore, to the latter’s majority owner Jamco Corporation for $3.97 million in cash, representing a 43% premium to net value.

Based on the JV’s audited financial statement for FY18, the net asset value of shares disposed of by SIA EC is $2.77 million.

Jamco Singapore was a 20:75:5 joint venture between SIA EC, Jamco and Itochu Corporation. It is based in Singapore and manufactures aircraft galleys, seats and cabin parts.

SUTL receives approval to begin sales of membership for ONE°15 Marina Puteri Harbour Malaysia

SINGAPORE (Dec 26): SUTL Enterprise announced that ONE15 Marina Development, its joint venture company with UEM Land, was granted the approval by the Companies Commission of Malaysia or Suruhanjaya Syarikat Malaysia (SSM) to begin selling memberships for its upcoming private marina club at Puteri Harbour of Iskandar Puteri in Iskandar Malaysia, Johor.

The private marina club will be named ONE°15 Marina Puteri Harbour, Malaysia.

This comes as their joint venture agreement turns unconditional with the fulfilment of all condition’s precedent.

Japan Foods announces regional expansion in partnership with Minor Singapore

SINGAPORE (Dec 8): Japan Foods Holding has inked a memorandum of understanding (MoU) with Minor Singapore to expand the geographical reach of their respective brands by franchising and operating their existing restaurant brands in Japan, Thailand, and China.

Japan Foods’ flagship brands include Ajisen Ramen, Menya Mushashi and Osaka Ohsho.

On the other hand, Minor Singapore is an indirect subsidiary of Thailand’s Minor International Public Company. Its brands in Singapore include Thai Express, Xin Wang Hong Kong Cafe and Poulet.  

CapitaLand's RCCIP III fund in JV with GIC to acquire Shanghai's tallest twin towers for $2.54 bil

SINGAPORE (Nov 13): CapitaLand announced that its third integrated development private investment vehicle in China, Raffles City China Investment Partners III (RCCIP III), has formed a 50:50 joint venture (JV) with Singapore’s sovereign wealth fund GIC to acquire Shanghai’s tallest twin towers for RMB 12.8 billion ($2.54 billion).

CapitaLand holds a 41.7% stake in RCCIP III, with the remaining interests held by investors from Asia, North America and the Middle East.

BreadTalk partners Wu Pao Chun for expansion into Singapore and Hong Kong

SINGAPORE (Sept 10): BreadTalk Group announced that its wholly-owned subsidiary, Together Inc, has today entered into a 80:20 joint venture (JV) with Wu Pao Chun Food (WPC) to operate the Wu Pao Chun brand of Bakeries in Singapore and Hong Kong.

The first Wu Pao Chun bakery in Singapore is slated to open in Capitol Piazza in 2019.

To recap, the group’s indirect wholly-owned subsidiary, Shanghai Star Food F&B Management, has previously partnered WPC to operate the Wu Pao Chun bakeries in four major China cities – Beijing, Shanghai, Shenzhen and Guangzhou.

TA Corp enters into JV with Synergy Resources to distribute Suzuki automobiles in Myanmar

SINGAPORE (Sept 8): TA Corporation announced that its wholly-owned subsidiary, Sino Holdings, has entered into a joint venture (JV) with Synergy Resources Group to distribute Suzuki automobiles and spare parts in Myanmar.

Northwood Investments, a previously dormant and wholly-owned subsidiary of Sino Holdings, is used as the JV company. It has increased its share capital to $1,000 from $1.

The group’s equity interest in Northwood is 50%, while Synergy Resources holds the other 50%.

Khazanah in talks to sell stakes in M+S, Pulau Indah Ventures to JV partner Temasek

SINGAPORE (Aug 23): Khazanah Nasional, Malaysia's sovereign wealth fund, is in talks to divest its 60% stake in M+S to its joint venture (JV) partner, Temasek Holdings, according to reports from The Malaysian Reserve.

The JV company, which is 40% owned by Temasek, was set up by the duo in 2011 to develop two mega-projects in Singapore – Marina One and DUO – worth about $11 billion in total.

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