Latest news with #SPGroup
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.
Business Times
07-07-2025
- Automotive
- Business Times
Huawei and SP to launch Singapore's fastest public EV charger
[SINGAPORE] China technology giant Huawei and SP Group will launch the Republic's fastest electric vehicle (EV) charger in the fourth quarter of 2025. In a joint statement on Tuesday (Jul 8), the two companies said the 'ultra-fast' charger will be located in Temasek Polytechnic and is capable of charging at up to 480 kilowatts (kW), although this is dependent on the power available at the installation site. They also signed a memorandum of understanding on co-developing and deploying high-powered charging systems in strategic locations in Singapore, and technical sharing to accelerate the development of fast and ultra-fast charging infrastructure. The agreement will support not just passenger EVs but commercial ones as well, including logistics fleets and private buses. Maxi Wang, chief executive officer of Huawei International, said the charger is 'designed to meet fleet operators' demands... and easily scalable to accommodate future needs'. Dean Cher, managing director for mobility at SP Group, said: 'The deployment of Singapore's fastest EV charger is a critical step in electrifying heavy goods vehicles. Less time spent charging means reduced downtime and improved fleet efficiency – both essential to driving green logistics for the nation.' 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 Earlier this year, Singapore announced incentives for commercial electric heavy vehicles of S$40,000 a vehicle, and co-funding of up to S$30,000 per accompanying charger. While consumer EVs typically have batteries with a capacity of less than 100 kilowatt-hour (kWh), electric heavy vehicles have larger units of more than 200 kWh. At maximum power, the charger can add 200 km of range to an EV in five minutes. Provided by subsidiary Huawei Digital Power Technologies and part of SP Mobility's charging network, it will be the quickest publicly available EV charger in Singapore and have at least four charging points. Heat, the biggest limiting factor for EV charging speeds, is managed by a liquid cooling system for both the charging unit and cable, making the charger the first publicly available one with this technology. The next quickest EV charger – Tesla's Supercharger – tops out at 250 kW and adds 270 km of range in 15 minutes, according to the carmaker. Other existing fast chargers in Singapore typically range from 60 to 120 kW of power. Slower chargers, such as those located in most Housing and Development Board multistorey car parks, can usually output 7.4 kW. These take more than two hours to deliver the same amount charge as a 120 kW charger does in 10 minutes. Earlier this year at Auto Shanghai, Huawei unveiled an even faster 1,500 kW charger aimed at heavy vehicles that can charge a 300 kWh battery pack in 15 minutes. As at November 2024, there were more than 15,300 charging stations in Singapore, with more than 7,100 publicly available.
Yahoo
01-07-2025
- Business
- Yahoo
YAHOO POLL: Are you happy with the new utility rates?
Singapore households are getting a small break on their power bills this quarter, with utility rates dropping from July to September 2025. SP Group announced a 2.3 per cent cut in electricity tariffs, while City Energy trimmed town gas prices by 0.44 cent per kWh. The average four-room HDB household will save about $2.36 a month on electricity alone. The new rate stands at 27.47 cents per kWh before GST. Gas prices now sit at 22.28 cents per kWh. Other polls YAHOO POLL: Do you usually drink water when you're thirsty? YAHOO POLL: Is air-conditioning a necessity in Singapore? YAHOO POLL: Do you feel guilty taking an MC, even when you're sick? The cuts are driven by lower global fuel costs, which have eased after months of volatility. Both SP Group and City Energy review tariffs quarterly under EMA guidelines. Still, the savings may feel underwhelming for families grappling with inflation and rising living costs. Some are asking: is this a meaningful reprieve or just a token gesture? What do you think, are these cuts enough to make a difference? Have your say and take the poll. Related Singapore electricity, gas prices to decrease from July to Sept due to lower energy and fuel costs Compare 7 best electricity price plans: Open Electricity market Utilities Singapore: SP Services hotline and 3 steps to set up your SP utilities services How to save money on your electrical bills & avoid other hidden fees Ways to save on electricity cost now that energy prices are rising Top 5 customer queries on switching to an electricity retailer
International Business Times
30-06-2025
- Business
- International Business Times
Singapore Electricity and Gas Tariffs for Households Set to Drop in Q3
Due to decreased energy costs, household gas and electricity rates will drop from July to September after it remained unchanged in the previous quarter. National grid operator SP Group said on Monday, June 30, that the electricity tariff will decrease by 2.3 per cent or 0.65 cent per kWh before Goods and Services Tax (GST), compared with the previous quarter. The average monthly electricity bill for families residing in Housing and Development Board (HDB) four-room apartments will decrease by S$2.36 before GST, given the electricity tariff prior to GST of 27.47 cents per kWh. Due to lower fuel costs, City Energy said the gas tariff before GST will also drop by 0.44 cents per kWh in the next quarter, from 22.72 cents per kWh to 22.28 cents per kWh. Every quarter, SP Group, the company that owns and runs Singapore's electrical grid, reviews the rates in accordance with standards established by the Energy Market Authority (EMA), which oversees the sector. SP Group said, "The energy cost component of the electricity tariffs for each quarter is set using the average natural gas prices in the first two and a half months in the preceding quarter." "The electricity tariffs may fluctuate quarter to quarter due to volatile global fuel prices driven by geopolitical factors such as the ongoing conflicts in the Middle East," the grid operator added. Energy costs paid to power generation companies and network costs paid to SP Group to recoup the cost of moving electricity through the power grid are two of the four components that make up the electricity tariff. Additionally, SP Group is paid a market support services fee to recover the costs of billing and meter reading, and the energy market company is paid a fee to recover the costs of running the power system and wholesale electricity market. In accordance with EMA's guidelines, City Energy also examines the gas tariffs on a quarterly basis.
