Latest news with #SPGroup
Straits Times
12 hours ago
- Business
- Straits Times
Ground feedback, digital tools: How she helps 8,000 workers finish work safely every day
From monitoring work activities to innovating with tech, this SP Group safety and health manager ensures safety remains as her highest priority Ms Yuan Yinxi (right) an SP Group safety manager works closely with site teams (seen here starting their day with a safety pledge), to champion ground-up safety practices and ensure everyone returns home safely. As dawn breaks across over 300 of SP Group 's worksites around the island, the same scene unfolds: Technical officers and contractors huddle for a toolbox meeting to flag potential hazards and agree on safety precautions before work gets underway. While it often takes just a few minutes, the meeting is vital and must be checked off before a cable is handled or a spanner lifted. Each day, over 8,000 workers from SP Group's authorised contractors rely on this routine to stay safe. Overseeing these processes is Ms Yuan Yinxi, 36, a manager from SP's Group Safety and Health (GSH) team. As one of the dedicated safety professionals at GSH, a key part of her role is to ensure rigorous processes are in place to prevent accidents while SP's engineers and contractors focus on maintaining and upgrading underground electricity cables and gas pipelines to keep Singapore's grid strong and reliable. SP Group's technical officers from Electricity Operations carry out regular maintenance at overground boxes connected to underground cables, ensuring safety protocols are followed. PHOTO: SP GROUP Among her daily tasks is supervising a team that monitors activities at sites via closed-circuit television cameras throughout the day. 'We regularly review observations made from the footage to see where we can do better. Good on-site practices are commended and shared with other contractors for learning and adoption,' she says. Ms Yuan's team joins SP's senior leadership for regular dialogues and check-ins with contractors. These conversations ensure that safety concerns from the ground are heard early and potential risks are flagged and addressed before they escalate. While SP Group enforces strict safety protocols, it sees these efforts not as top-down mandates, but as a partnership. Toolbox meetings, observation reviews and site walk-throughs are all part of a shared commitment – one that involves internal teams, as well as contractors and workers on the ground. 'It's about upholding safety together,' says Ms Yuan. 'We're not just ticking boxes. Everyone has a part to play in ensuring the well-being of our people, customers, contractors and the public.' Top stories Swipe. Select. Stay informed. 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PHOTO: SP GROUP Beyond traditional safety processes, the GSH team was involved in the design and development of a new immersive training facility in Bedok run by SP's training arm, Singapore Institute of Power and Gas. Launched last March, the 1,500 sq ft facility has eight stations for hands-on safety training in areas such as trenching, lifting operations, ladder use and scaffolding. To streamline daily site operations, Ms Yuan and the GSH team also worked with SP's digital team to develop the SAFE365 mobile app – a digital tool that allows technical officers to confirm all safety checks are completed before work begins, making activities at the start of each day more efficient and coordinated with just a few taps. The app was conceived based on ground feedback, including engagement sessions with contractors who shared suggestions to improve on-site safety, says Ms Yuan. 'The idea stemmed from observing how technical officers were bogged down by manual processes – chasing updates via messaging apps, requesting site photos to verify safety compliance, and compiling documents from multiple sources,' says Ms Yuan. 'We saw an opportunity to simplify and centralise these tasks through technology.' Contractors use the SAFE365 app to complete safety checks before work begins, streamlining daily operations with just a few taps. PHOTO: SP GROUP Approaching safety holistically But safety is not just about protective gear and procedures, it also entails making sure people feel supported and healthy, mentally and emotionally, says Ms Yuan. That is why she is a strong advocate for maintaining a healthy work-life harmony. Ms Yuan plays badminton every week, often with SP Group colleagues. As a committee member of SP Group's workplace health programme, she also drives weight management, exercise and other wellness initiatives, aiming to make healthy living an everyday experience at the workplace. 'If we can take charge of safety and wellness in our own lives, we can and should do the same in our work environment, to protect ourselves and others. 'At the end of the day, we all deserve to be able to go home safely to our loved ones,' says Ms Yuan.
Economic Times
14 hours ago
- Business
- Economic Times
RBI gives Shapoorji Pallonji Group till June 2028 to meet capital norms for investment arm
Mumbai: The Reserve Bank has granted the Shapoorji Pallonji Group a three-year extension until June 2028 to meet increased capital adequacy norms for its investment company, Sterling Investment Corp. (SICPL), people familiar with the matter told regulatory relief comes after the RBI revised a scale-based framework for non-bank lenders. The relief is a key covenant of the group's recent $3.4 billion (₹28,500 crore) bond issuance, which carries a steep yield of 19.75% and was subscribed to by private credit funds including Farallon Capital, Cerberus Capital and Davidson zero-coupon rupee bonds are backed by SP Group's 18.37% stake in Tata Sons and shares of its real estate arm, Shapoorji Pallonji Real Estate (SPRE), valued at $3.2 billion. The structure, one of the largest such private placements by an Indian group, had regulatory latitude as a SP Group had sought the dispensation while issuing the high-yield bonds in an RBI-registered NBFC holding a 9.18% stake in Tata Sons, was recently reclassified as a mid-layer NBFC, triggering stricter capital norms. Under the new rules, it must maintain a capital adequacy ratio of at least 15% of risk-weighted assets. Currently, the NBFC has a ratio of just 7% with total capital of around ₹1,000 crore. It now needs to more than double this to ₹2,100 crore within the next three years."RBI requires Sterling's capital adequacy to rise from around 7% to 15% by June 2028. With the three-year extension, the group will either look to pare liabilities or meet the regulatory capital requirement within the timeline by investing additional capital," said a person familiar with the RBI and SP group did not respond to a request for group had to secure RBI's exemption within four months of the bond issuance. Failure to do so would have constituted a technical default, according to the deal terms. The relief ensures SP Group meets this key condition. The transaction implies a loan-to-value (LTV) ratio of approx 14.7%, based on the collateral pool disclosed to investors. Apart from the Tata Sons stake, the group also pledged shares of real estate arm SPRE as part of the security package.
Time of India
14 hours ago
- Business
- Time of India
RBI gives Shapoorji Pallonji Group till June 2028 to meet capital norms for investment arm
Mumbai: The Reserve Bank has granted the Shapoorji Pallonji Group a three-year extension until June 2028 to meet increased capital adequacy norms for its investment company, Sterling Investment Corp. (SICPL), people familiar with the matter told ET. The regulatory relief comes after the RBI revised a scale-based framework for non-bank lenders. The relief is a key covenant of the group's recent $3.4 billion (₹28,500 crore) bond issuance, which carries a steep yield of 19.75% and was subscribed to by private credit funds including Farallon Capital, Cerberus Capital and Davidson Kempner. The zero-coupon rupee bonds are backed by SP Group's 18.37% stake in Tata Sons and shares of its real estate arm, Shapoorji Pallonji Real Estate (SPRE), valued at $3.2 billion. The structure, one of the largest such private placements by an Indian group, had regulatory latitude as a precondition. The SP Group had sought the dispensation while issuing the high-yield bonds in May. SICPL, an RBI-registered NBFC holding a 9.18% stake in Tata Sons, was recently reclassified as a mid-layer NBFC, triggering stricter capital norms. Under the new rules, it must maintain a capital adequacy ratio of at least 15% of risk-weighted assets. Currently, the NBFC has a ratio of just 7% with total capital of around ₹1,000 crore. It now needs to more than double this to ₹2,100 crore within the next three years. "RBI requires Sterling's capital adequacy to rise from around 7% to 15% by June 2028. With the three-year extension, the group will either look to pare liabilities or meet the regulatory capital requirement within the timeline by investing additional capital," said a person familiar with the matter. Both RBI and SP group did not respond to a request for comment. The group had to secure RBI's exemption within four months of the bond issuance. Failure to do so would have constituted a technical default, according to the deal terms. The relief ensures SP Group meets this key condition. The transaction implies a loan-to-value (LTV) ratio of approx 14.7%, based on the collateral pool disclosed to investors. Apart from the Tata Sons stake, the group also pledged shares of real estate arm SPRE as part of the security package.
Straits Times
17-07-2025
- Business
- Straits Times
ST Engineering to book one-off gain of $80 million from sale of broadband joint venture SPTel
Find out what's new on ST website and app. ST Engineering and SP Group are to divest their joint venture SPTel, an enterprise broadband connectivity provider. SINGAPORE - ST Engineering's wholly-owned subsidiary, ST Engineering Urban Solutions, has entered into an agreement with SP Group to divest their joint venture SPTel, an enterprise broadband connectivity provider. The buyer is AQX, a digital infrastructure investment platform wholly-owned by home-grown private equity firm Seraya Partners. It will acquire SPTel for $290 million, subject to closing adjustments. In a July 17 statement, ST Engineering and SP Group said the proposed transaction will better position SPTel to scale under a new owner. '(It) will enable SPTel to grow under a new owner whose primary mandate is in investing and growing digital infrastructure platforms,' they said. Divestment proceeds will be distributed to the sellers in proportion to their shareholdings in SPTel, which is 51 per cent owned by ST Engineering Urban Solutions and 49 per cent owned by SP Group. The proposed sale is expected to yield a one-off gain of around $80 million for ST Engineering based on its carrying value for SPTel of around $65 million. Besides this, it is not expected to have material impact on ST Engineering's consolidated net tangible assets per share and earnings per share for the current financial year. Top stories Swipe. Select. Stay informed. Singapore HSA launches anti-vaping checks near 5 institutes of higher learning Opinion The workplace needs to step up on mental health to match Singapore's efforts at the national level Business Market versus mission: What will Income Insurance choose? Singapore Singapore Zoo celebrates reptile baby boom, including hatchings of endangered species Life First look at the new Singapore Oceanarium at Resorts World Sentosa Business Singapore key exports surprise with 13% rebound in June amid tariff uncertainty Opinion AI and education: We need to know where this sudden marriage is heading Singapore Coffee Meets Bagel's Singpass check: Why I'll swipe right on that Additionally, the sellers may receive an earn-out amount of up to $15 million if certain buyer's return thresholds are met in the future, ST Engineering and SP Group said. The proposed transaction is expected to close in the fourth quarter of 2025.
Business Times
17-07-2025
- Business
- Business Times
ST Engineering unit, SP Group to sell joint venture for S$290 million to Singapore fund manager Seraya Partners
[SINGAPORE] ST Engineering's wholly owned subsidiary, ST Engineering Urban Solutions, has entered into an agreement with SP Group to divest their joint venture SPTel, an enterprise broadband connectivity provider. The buyer is AQX, a Tokyo-based digital infrastructure investment platform focused on developed Asia-Pacific markets such as Singapore, Japan, Korea and Australia. It is wholly owned by home-grown private equity manager Seraya Partners. On Thursday (Jul 17), ST Engineering and SP Group said the proposed transaction will better position SPTel to scale under a new owner. '(It) will enable SPTel to grow under a new owner whose primary mandate is in investing and growing digital infrastructure platforms,' they said. The sale consideration is S$290 million, subject to closing adjustments. This translates to an enterprise value-to-revenue multiple of 4.1 times and an enterprise value to earnings before interest, taxes, depreciation and amortisation (Ebitda) multiple of 21.4 times, based on SPTel's revenue and Ebitda for the year ended December 2024. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up SPTel is 51 per cent owned by ST Engineering Urban Solutions and 49 per cent owned by SP Group. The proposed sale is expected to yield a one-off gain of around S$80 million for ST Engineering based on its carrying value for SPTel of around S$65 million. Besides this, it is not expected to have material impact on ST Engineering's consolidated net tangible assets per share and earnings per share for the current financial year. Additionally, the sellers may receive an earn-out amount of up to S$15 million if certain buyer's return thresholds are met in the future, ST Engineering and SP Group said. For the financial year ended December 2024, SPTel posted S$72 million in revenue and a S$4 million net loss. Its revenue is not consolidated into the financials of both joint venture owners as it is equity accounted. The sale consideration and earn-out amount were arrived at on a willing-seller, willing-buyer basis, taking into account the business track record, prospects of SPTel and its financial performance among other factors, the companies said. The proposed transaction is expected to close in Q4 2025, subject to conditions including approval from the Infocomm Media Development Authority. None of the directors or controlling shareholders of ST Engineering have any interest in the proposed transaction. Seraya Partners is a Singapore-headquartered private equity manager that focuses on Asian mid-market deals in the energy transition and digital infrastructure sectors. ST Engineering Urban Solutions acquired a 51 per cent stake in SPTel in May 2017, prior to which it was wholly owned by SP Group since 1997. Shares of ST Engineering ended Wednesday 0.1 per cent or S$0.01 higher at S$8.34.
