Ascendas Group: JTC and Temasek will create an integrated urban solutions platform (49:51%), merging 4 of their operating subsidiaries, Ascendas, Singbridge Group, Jurong Int’l and Surbana.
The merged group will have two independent operating arms – one to invest and hold assets (Ascendas and Singbridge), and the other to provide building & engineering specialist services (Surbana and JIH).
Post-merger, a new management team will study and align operations to best fit the strategy of the merged entity, which goal is to enhance scale and deepen expertise to handle many large-scale and complex urban development projects, in and outside Asia.
Also with the merged group concurrently specializing in both residential and industrial elements of urban development, Temasek and JTC expects the merged entity to be more nimble when pitching for projects.
The merged group’s aggregate value is ~$5b based on underlying entities.
The merger, expected to be completed by 1H15 will not trigger any general offer, while minimal impact to current ops with the merger is expected.
Business Times reported that the four firms have had worked on several projects previously, tapping each other’s capabilities.
Nevertheless, CEO of Ascendas-Singbridge Miguel Ko notes that it might be too early to decide if Ascendas will be involved in other existing Singbridge projects.
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