SINGAPORE: A proposed merger of four urban solutions
firms under industrial landlord JTC Corporation and investment company
Temasek will go ahead - and is expected to be completed by June 2015.
The tie-up between Ascendas, Singbridge Group, Jurong International and Surbana International Consultants will create an integrated platform for sustainable urban development to pursue large-scale and complex projects across the region. The combined entity will have an estimated value of S$5 billion.
Temasek and JTC Corporation first announced in September 2014 that they were in negotiations to explore a merger of the four units.
In a statement on Monday (Feb 16), Temasek said it will hold a 51 per cent stake in the new group, with JTC holding the rest. The group will be made up of two independent units.
Ascendas and Singbridge will form the group's asset investment and holding arm, which will originate, aggregate and provide urban solutions. Singbridge chairman Wong Kan Seng will be the arm's chairman, with Singbridge executive director Miguel Ko as chief executive.
The second unit will comprise Surbana and Jurong International, and forms the group's building and engineering specialist services unit providing sustainable solutions through technology. Surbana Chairman Liew Mun Leong will be the unit's chairman, with Mr Wong Heang Fine as chief executive.
The four companies already have experience in urban planning and development in markets like China and India.
Temasek and JTC said the integration of the firms will provide flexibility and nimbleness in going after projects across the entire urban development value chain. They added that current business and operations of the four operating subsidiaries will see minimal impact from the merger.
The tie-up between Ascendas, Singbridge Group, Jurong International and Surbana International Consultants will create an integrated platform for sustainable urban development to pursue large-scale and complex projects across the region. The combined entity will have an estimated value of S$5 billion.
Temasek and JTC Corporation first announced in September 2014 that they were in negotiations to explore a merger of the four units.
In a statement on Monday (Feb 16), Temasek said it will hold a 51 per cent stake in the new group, with JTC holding the rest. The group will be made up of two independent units.
Ascendas and Singbridge will form the group's asset investment and holding arm, which will originate, aggregate and provide urban solutions. Singbridge chairman Wong Kan Seng will be the arm's chairman, with Singbridge executive director Miguel Ko as chief executive.
The second unit will comprise Surbana and Jurong International, and forms the group's building and engineering specialist services unit providing sustainable solutions through technology. Surbana Chairman Liew Mun Leong will be the unit's chairman, with Mr Wong Heang Fine as chief executive.
The four companies already have experience in urban planning and development in markets like China and India.
Temasek and JTC said the integration of the firms will provide flexibility and nimbleness in going after projects across the entire urban development value chain. They added that current business and operations of the four operating subsidiaries will see minimal impact from the merger.
- CNA/kk
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Is Temasek the Invisible Hand behind Keppel Corp and Keppel Land privatization?
ReplyDeleteMaking Elephants to take bigger projects?
or who else?
DeleteIf recent events are any guide, they are going overseas in a big way, and then reiting it/ or spining off a listed entity years later?
ReplyDelete