SG Dealbook: SIIC placement; United Oil venture in Myanmar

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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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.