Singapore Corporate News - 24 Dec 2007

DBS will not take up rights to TMB shares

SINGAPORE'S DBS Group has opted not to subscribe to its rights in the offering of the shares of embattled TMB Bank plc and it is expected that DBS is likely to divest all its shares in the Thai operation in the near future.

DBS Group, which had about 17 per cent stake in TMB, was offered the right to buy shares at 1.40 baht (six Singapore cents) a piece, far below the 1.60 baht a piece that Dutch banking giant ING Group was paying for its part in becoming the new partner in the bank.

ST Marine launches fisheries survey vessel for US agency

SINGAPORE Technologies Engineering's marine arm, ST Marine, last week launched the third of four fisheries survey vessels (FSVs) for the US National Oceanic and Atmospheric Administration (NOAA) at its US shipyard VT Halter Marine.

ST Aero to set up US$78m MRO facility in Xiamen

SINGAPORE Technology Engineering's aerospace arm will build a US$78 million engine maintenance, repair and overhaul (MRO) facility in Xiamen, China.

In a statement issued yesterday, ST Engineering said ST Aerospace will own an 80 per cent stake in the company, which will be set up through a joint venture with Xiamen Aviation Industry Co (Xaico).

Xaico, which will own the remaining 20 per cent stake, is responsible for the overall planning and development of the 3.39 sq km Xiamen Aviation Industrial Zone, where the MRO facility will be located.