And Temasek unit invests in e-games chairs maker Secretlab.
Singapore-listed environmental protection solution company Sunpower Group has completed the acquisition of 90% stake in China-based Changshu Suyuan Thermal Power for $47.35m ($41.5m) valuation, according to a press statement.
The Suyuan Thermal Power is the exclusive steam supplier in Changshu city in Suzhou, a mainstay for textile and garment industry in China, for over 40 years. These industries account for over $19.65b (US$14.15b) of annual turnover.
The acquisition is expected to add to Sunpower Group’s recurring, long-term income and cashflow.
The demand for Suyuan Thermal Power in Changshu city is expected to increase significantly once the state policies on reduction of coal consumption and rectification of small and inefficient boilers is implemented by 2020.
Besides, several printing and dying companies in the surrounding areas are expected to move into the coverage area of Suyuan Thermal Power. Sunpower will utilize its technical capabilities as well as management experience to upgrade Suyuan Thermal Power’s facilities.
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Retail property landlords may be relenting on rents in favour of higher occupancy, says a report by CBRE which analysed the URA Q2 2019 statistics.
The report noted that in Q2 2019, URA’s retail property rental index (Central Region) saw its second consecutive quarter of decline.The report said that there are signs that retail property landlords may be relenting on rents in favour of higher occupancy – given that the island-wide vacancy rate dropped to 7.7% at the end of the second quarter from 8.7% last quarter.
“Going forward, the retail market could be under further pressure as economic uncertainty takes a toll on consumer sentiment and retail spending. The limited upcoming supply remains the saving grace of the market and will help to cushion the pace of rental decline. Rental performance for prime retail space will continue to stay resilient, as demand for such space remains relatively healthy.”
Colliers International commenting on the same set of data said that the ease of future supply could cause retail property landlords to relook their strategy to support occupancies.
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A unit of state investment company Temasek Holdings has invested in Secretlab, a Singapore-based maker of chairs for players of electronic games, to help drive growth.
Heliconia Capital Management’s purchase of a minority stake values the five-year-old company at between $200m (US$144m) and $300m (US$216m), according to a person with knowledge of the matter.
“Secretlab is now a recognized global brand” and has significant growth potential, Derek Lau, chief executive officer of Heliconia, said in a statement that didn’t list the value of the deal or other financial details.
The Temasek unit has also backed companies including gaming device maker Razer Inc. and Asian mixed martial arts firm One Championship. Heliconia’s investment will assist the firm with research and development, procurement, attracting talent and global partnerships, Secretlab said in the same statement.
The company is on track to cross $100m (US$72m) in annual sales this year, according to the person. Secretlab and Heliconia’s Lau didn’t immediately respond to an email seeking comment on the size of the investment and company sales.
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