Singapore-listed companies continue to expand overseas in their diversification drive. Samko Timber has forged a joint venture in Indonesia to make wooden bodies for trucks, while door-maker KLW Holdings continues its foray into realty business by acquiring a second property in Australia.
Samko sets up JV for building wooden bodies for trucks in Indonesia
Singapore based Samko Timber Limited said it has formed a joint venture with with NS Trading Co Ltd, Japan to produce and sell wooden bodies for trucks in Indonesia. The JV company called – PT Nusantara Mitra Sejahtera – will be 60 per cent owned by Singapore-listed Samko.
The initial issued and paid-up share capital of the JV Company will be $400,000 comprising 400 registered shares, each with nominal value of $1,000, and the JV will operate out of Samko’s existing factory located in Jambi, Sumatera, Indonesia.
Samko said the investment in the JV would be funded through internal resources
Keppel Corporation exits DPS Bristol
Keppel Corporation Limited has sold its 66.71 per cent stake DPS Bristol (Holdings) Limited to DPSH One Limited for approximately British Pounds (GBP) 1,081,000 in cash, of which up to GBP1,000,000 will be paid in installments over a five-year period after completion based on the total revenue generated by the DPS group of companies during the said period , the company said.
DPS is a company incorporated in the United Kingdom. “The Purchaser is a nominee of the other existing shareholders of DPS, who collectively hold the remaining 33.29 per cent of the issued and paid up capital of DPS,” Keppel Corporation added in a statement.
Keppel closed 0.2 per cent lower at $8.73 today on Tuesday.
KLW Holdings acquires second Melbourne property
Singapore-listed – KLW Holdings Limited, the manufacturer of doors, said it has reached a deal to buy five-storey property in Melbourne, Australia, its second property in the same city, marking the continuation of its foray into the real estate business.
“The total consideration to be paid for the property is approximately A$12.5 million (approximately S$13.3 million) and it will be funded through a combination of internal resources and debt. While currently vacant, the acquired property has a range of potential development options including refurbishing the existing office building and leasing out with an expected 5 per cent rental yield, multi-level residential apartments, student accommodation and a boutique hotel,” the company said.
The company also said that it was forming two subsidiaries for its property business – Ambertree Lincoln and Ambertree Development. Ambertree Lincoln, that will hold latest Melbourne property, is a wholly-owned subsidiary incorporated in Australia, while Ambertree Development is a wholly-owned subsidiary incorporated in Singapore, with a paid-up capital of S$1 million, and will manage the development of the group’s property projects.
The earlier property acquired in September last year for A$23.6 million (approximately S$26.1 million), is a seven-storey freehold structure located in the same city.