MSPL has fully acquired its subsidiary Technicae, Backstreet Academy secured a $450,000 grant from Booking.com and Trendlines Group has launched a new company focused on crop protection.
MSPL fully acquires Technicae
Mobility Systems (MSPL), a subsidiary of ST Engineering’s land systems arm ST Kinetics, is to acquire the remaining 5.64 per cent equity interest in Technicae Projetos e Serviços Automotivos (Technicae). Completion of the deal will see ST Kinetics’ subsidiaries MSPL and SDGK own the entire issued share capital of Technicae.
The purchase consideration for the remaining stake in the Brazil-based automotive maintenance, repair and overhaul (MRO) services provider is BRL 750,000 (S$339,000) and will be funded by a capital injection by ST Kinetics.
To satisfy Brazilian laws that require corporations have at least two shareholders, MSPL will transfer one share in Technicae to ST Kinetics subsidiary, SDG Kinetics (SDGK), for BRL 1.
The proposed acquisition and share transfers are subject to regulatory approvals.
Notable contracts secured by Technicae include Cascavel armoured vehicle revitalization services and the upgrading of the Urutu 6×6 Armoured Personnel Carriers for the Brazilian Army.
Backstreet Academy secures $450k grant
Singapore startup Backstreet Academy has secured the first prize, a US$450,000 grant, following its completion of Booking.com’s accelerator programme.
Booking.com Booster is a three-week workshop and mentorship programme that supports startup ventures with potential to grow in the sustainable tourism space.
Backstreet Academy lets users book unique activities hosted by locals, with the aim of connecting locals to the tourism industry. These activities can involve fishing with Indonesian fishermen or a street food tour in Hanoi.
Headquartered in Amsterdam, Booking.com is a global travel aggregator and is part of NASDAQ-listed Priceline Group. It launched Booking.com Booster earlier this year as part of a corporate social responsibility program called Booking.com Cares.
Trendlines Group to launch new company researching crop protection
Israeli innovation commercialisation firm Trendlines Group, which is listed on the SGX Catalist, has announced that its Bayer Trendlines Ag Innovation Fund will be establishing a new company, ABI-Ag, to conduct specific research in the field of crop protection.
The fund was set up in 2016 between Bayer and Trendlines, with Bayer contributing $10 million to the fund.
The aim of ABI-Ag’s research is to discover and develop a novel and environmentally-friendly pest management platform for crop protection arena; its agenda is developing innovative chemical and biological crop protection solutions,
Trendlines chairman and CEO Steve Rhodes said, “Trendlines’ mission is to create and develop companies to improve the human condition. There is no better way to do that than to find solutions to help feed a hungry world. Investing, supporting and developing companies like IBI-Ag Ltd. is at the heart of what we do. Bayer shares our commitment to supporting and developing technologies to help shape the future of farming.”