ST Engineering lands African contract
Singapore’s integrated engineering group ST Engineering has won an $58.8m contract in Africa to demilitarise ammunitions. The contract, awarded to ST Engineering’s land systems arm, involves the supply of specialised equipment and related services – such as training and operations assistance – to destroy the capabilities of ammunition through disassembly, size reduction, melt-down of explosives and incineration of non-recyclable explosives. Recyclable materials such as projectiles and brass cases will be recycled or sold in the secondary market as scrap.
New investment arm for Temasek
Temasek Holdings – the Singapore government’s investment company – has set up a new investment arm called Seatown Holdings. The global investment company will be headed by Charles Ong, Temasek’s senior managing director and chief strategist. It is believed that the new company will invest in emerging Asian markets and will have an investment capital of around US$3b (S$4.2b).
Year-long reprieve for those on SGX watch list
At least 17 companies on the Singapore Exchange (SGX) watch list have been given a 12-month extension to improve their business performance. The extension has been allowed for companies due for review this year and that are able to report a pre-tax profit or have a minimum market capitalisation of $40m. Companies are put on a watch list if they are in poor financial health. According to SGX, this exemption has been given “in view of the difficult market conditions of the last two years”.
New fund to boost nano-tech sector
A German nanotechnology investment company, Nanostart AG, and Singapore’s National Research Foundation have teamed up to start a $20m venture fund. Nanostart has a global portfolio of 18 businesses with eight having been successfully listed, sold or traded. Two of its new investments come from Singapore. Mr Andreas Kroell, managing director of Nanostart Asia, said Singapore is slated to be their long-term base and launchpad in Asia because of the English-speaking environment, strong intellectual property protection, reliable business culture, promising research coming out of local universities, and government.
