SIIC Environmental raises funds in a placement of shares to a substantial shareholder and United Oil is forming a Myanmar joint operation with Lighthouse Enterprise.
SIIC Environment raises funds in placement
SIIC Environment Holdings is placing out 350 million new shares at 63 cents – translating to gross proceeds of S$220.5 million – to controlling shareholder Shanghai Industrial Holdings (SIHL) and its nominee Triumph Power Limited (TPL), an indirect wholly-owned subsidiary of SIHL.
According to SIIC, about S$132 million of the net proceeds will repay existing borrowings. The remaining S$88 million will be used to finance general corporate purposes.
Post-placement, the existing issued and paid-up share capital of the company will increase to S$1.14 billion, divided into 2.6 billion shares.
United Oil to form JV with Lighthouse Enterprise
A unit of United Global, wholly owned subsidiary United Oil Company, has entered into a joint operation agreement with Myanmar-based lubricant distributor Lighthouse Enterprise.
Lighthouse is a major customer of United Oil Company. The joint operation covers marketing, distributing, and sales of specialised lubricant products in Myanmar for a three-year period.
Both firms will make an initial capital contribution of $90,000 into the joint operation. In an SGX filing, the company said, the move will enable United Global to grow its presence in Myanmar.