[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Monday (Sep 15):
Seatrium : The offshore and marine energy solutions company failed in a Singapore court appeal to block a US$126.6 million rig contract payment to a customer on Friday. The litigation involved a majority-owned joint venture company inherited by Seatrium when Keppel Offshore & Marine and Sembcorp Marine merged in 2023. With Seatrium’s appeal now dismissed, the customer is entitled to payment under the letter of credit, but Seatrium said the joint venture will continue to resolve the dispute and seek recovery of the payment. The counter closed flat at S$2.35, before the announcement.
Jardine Cycle & Carriage (Jardine C&C): Two of its subsidiaries have agreed to acquire Indonesia-incorporated gold mining company Arafura Surya Alam (ASA), the group said on Monday. Danusa Tambang Nusantara will purchase 99.99 per cent of ASA’s total issued share capital, while Energia Prima Nusantara will buy the remaining one share. Following the proposed acquisition, which has an aggregate consideration of US$540 million, ASA will be an indirect subsidiary of the company. The counter finished Friday at S$28.68, up S$0.68 or 2.4 per cent.
