Latest news with #LeeBoy
Business Times
10 hours ago
- Business
- Business Times
ST Engineering divests entire equity interest in US-based construction player LeeBoy for US$290 million
[SINGAPORE] Singapore Technologies Engineering (ST Engineering) on Tuesday (Jun 24) announced that it will be selling its entire equity interest in ST Engineering LeeBoy, a US-based construction equipment manufacturer, for an estimated US$290 million. The net proceeds from the sale will amount to around US$246 million, and will be used for debt repayment, resulting in interest expense savings of about US$9 million. In this deal, the buyer is privately held Fayat Group, which has a presence in the road equipment segment in the US through various businesses such as Dynapac and Asphalt Drum Mixers. The transaction is expected to close in the fourth quarter of 2025, though it is still subject to regulatory approvals and customary closing conditions. Based on ST Engineering's audited accounts for the 2024 financial year, LeeBoy contributed S$33.8 million in net profit and S$326.3 million in revenue. The disposal is projected to result in a net gain of about S$100 million, after taxes and transaction expenses. LeeBoy is the last of the company's construction equipment businesses and is part of the group's defence and public security segment. Shares of ST Engineering closed 1.1 per cent or S$0.09 lower at S$7.83 on Tuesday.
Business Times
11 hours ago
- Business
- Business Times
ST Engineering divests entire equity interest in US-based construction manufacturer LeeBoy for US$290 million
[SINGAPORE] Singapore Technologies Engineering (ST Engineering) on Tuesday (Jun 24) announced that it will be selling its entire equity interest in ST Engineering LeeBoy, a US-based construction equipment manufacturer, for an estimated US$290 million. The net proceeds from the sale will amount to around US$246 million, and will be used for debt repayment, resulting in interest expense savings of about US$9 million. In this deal, the buyer is privately held asphalt-paving equipment manufacturer Fayat Group, which has a presence in the road equipment segment in the US through various businesses such as Dynapac and Asphalt Drum Mixers. The transaction is expected to close in the fourth quarter of 2025, though it is still subject to regulatory approvals and customary closing conditions. Based on ST Engineering's FY2024 audited accounts, LeeBoy contributed S$33.8 million in net profit and S$326.3 million in revenue. The disposal is projected to result in a net gain of about S$100 million, after taxes and transaction expenses. LeeBoy is the last of the company's construction equipment businesses and is part of the group's defence and public security segment. Shares of ST Engineering closed 1.1 per cent or S$0.09 lower at S$7.83 on Tuesday.
Business Times
11 hours ago
- Business
- Business Times
Stocks to watch: Sembcorp Industries, ST Engineering, Frasers Centrepoint Trust
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (Jun 25): Sembcorp Industries : The company's wholly owned subsidiary, Sembcorp Financial Services, announced the issuance of S$300 million notes under its S$5 billion euro medium-term note programme established in July 2023. The fixed rate guaranteed notes are priced at an interest rate of 3.55 per cent per annum, payable semi-annually on Jul 2 and Jan 2 in each year, the group said on Wednesday. The offering was close to seven times oversubscribed and proceeds from the issuance will finance Sembcorp's general corporate purposes and working capital requirements. The counter ended on Tuesday unchanged at S$6.85. ST Engineering : The group's wholly owned subsidiaries, ST Engineering North America and ST Engineering LeeBoy, on Tuesday, agreed to sell its entire equity interest in LeeBoy to asphalt paving equipment manufacturer, FAYAT, for an estimated US$290 million, subject to adjustments. The net proceeds from the sale of about US$246 million will be used to reduce debt, resulting in an interest expense savings of about US$9 million. LeeBoy is the last of the company's construction equipment businesses and is part of the group's defence and public security segment. Shares of ST Engineering closed 1.1 per cent or S$0.09 lower at S$7.83, before the news. Frasers Centrepoint Trust (FCT): The trustee of the retail real estate investment trust, HSBC Institutional Trust Services, has priced S$200 million subordinated perpetual securities at 3.98 per cent under its S$3 billion multicurrency debt issuance programme. The securities will be issued in denominations of S$250,000 each, with OCBC appointed as the sole lead manager, and will be listed on the Singapore Exchange on Jul 3. The distribution rate of 3.98 per cent per annum will be payable semi-annually in arrears, from and including the issue date of Jul 2, 2025 to, but excluding, Jul 2, 2030. Units of FCT closed up 0.5 per cent, or S$0.01, at S$2.23, before the announcement.
