Corporate digest

Addvalue Technologies

THE communications technology products developer's subsidiary will supply satellite communication solutions to more than 1,000 Chinese fishing vessels. On Monday, the group said it bagged a contract with CTTIC Shanghai to supply its Addvalue iFleetONE-VMS Terminal to the ships. The agreement follows an earlier contract signed with CTTIC Shanghai in August 2020 to roll out 100 units of the terminals.

Moya Holdings Asia

ITS subsidiary, Air Semarang Barat, on May 22 successfully achieved the commercial operation date (COD) of its build, operate and transfer project for a water treatment supply system in West Semarang, Indonesia.

The project has a 25-year concession period after the COD, with a water treatment capacity of up to 1,000 litres per second. Its COD is in line with initial targets and comes despite the current Covid-19 pandemic situation, said the water treatment company in a regulatory filing on Monday.

Hotel Properties Limited

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HPL has issued S$125 million in aggregate principal amount of notes due 2028 under its S$1 billion multicurrency debt issuance programme.

The notes bear interest at a fixed rate of 3.75 per cent per annum, payable semi-annually in arrear on May 31 and Nov 30 in each year and will mature on May 31, 2028, said the group in a bourse filing on Monday.

Net proceeds from this issuance will be used for refinancing existing borrowings and financing working capital requirements. The notes are expected to be admitted to the official list of SGX-ST from 9am on June 1.

GP Industries

THE mainboard-listed battery maker has proposed to sell the entire issued share capital of its wholly-owned subsidiary, GP Industries Marketing Limited (GPIM), to Time Interconnect Investment Limited.

GPIM's issued share capital comprises 1.3 million ordinary shares and 800,000 non-voting deferred shares. In a bourse filing on Monday, GP Industries said proceeds from the disposal will strengthen the group's cash flows, including funding the working capital requirement of the core businesses.

Huizhou GP Wiring Technology (GPWT), another wholly-owned subsidiary of the group, has a paid-up capital of US$4.09 million. As a condition of the sale agreement, GPIM and GPWT will undergo a reorganisation such that GPWT becomes a wholly-owned subsidiary of GPIM.