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Workshop on Structured Finance Structured Finance:
See Also: DBS Workshop on Corporate Financial Restructuring Background Materials on Corporate Finance Financial
Restructuring in Asia: Issues and Opportunities
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Singapore's Potential LBOs
Questions:
Keppel Corporation, which started out as a Singapore shipyard, has found smoother sailing as a diversified conglomerate. Founded in 1968, the company is known for its shipbuilding and repair, but its offshore energy and engineering and banking operations bring in more than two-thirds of the company's revenue. Keppel builds everything from condominiums to power plants. Its financial operations in Singapore control assets approaching $1.9 billion. Keppel has also branched out to property management, transportation, and telecommunications, and it is a leading distributor of PABX systems. The wind in its sales has taken the company out of its homeland to set up operations throughout Asia and into Europe and the US. http://www.keppelcorporation.com
Intraco's eclectic menu of products and services includes fish and chips: It operates in telecommunications, commodities, foods (such as saltwater fish), engineering, and semiconductors (chips). Its Teledata subsidiary provides telecom services and products and project management. Intraco Trading buys and sells plastics, petrochemicals, and metals. Intraco Foods deals in seafood, dairy products, fruit, and frozen food. The engineering and projects unit has five divisions: electrical, building materials, land transport, marine and port, and environmental engineering. The semiconductor unit distributes such products as DRAMs and AMD microprocessors. The firm has shed its auto unit. NatSteel owns 22% of Intraco.
Just as a metallurgist mixes metals to produce a strong alloy, NatSteel mixes steelmaking and a variety of other activities to make it one of Singapore's largest industrial groups. NatSteel's range of operations includes electronics, building products (cement and precast concrete), chemicals, engineering products and services, and property development. Its steel division has mini-mills in China, Malaysia, the Philippines, Singapore, and Vietnam. Its electronics division consists of two contract manufacturers. The company has an e-commerce initiative to transform its steel commodities into a value-added service business. NatSteel's operations span 15 countries in Asia, Australia, and Europe.
SembCorp Industries has nowhere to go but up and down. Singapore’s largest engineering and construction contractor builds up infrastructure (constructing power plants, bridges, tunnels, and other large projects) and delves down into marine engineering (repairing and building ships, as well as offshore rigs and platforms). It also provides information technology, including Internet service, and its lifestyle division offers an array of services ranging from catering to minting coins. The company plans to sell most of its 42% stake in Pacific Internet (PacNet), Singapore’s #2 ISP behind SingNet. SembCorp was formed from the 1998 merger of Singapore Technologies Industrial Corporation and Sembawang Corporation.
For Haw Par, businesses as diverse as ointments and aquarium parks are par for the course. The conglomerate makes and distributes pharmaceutical products, power generation equipment, and golf clubs. Haw Par has interests in banking and property (Hong Kong, Malaysia, and Singapore), and it runs five bowling alleys in Malaysia and an aquarium park in Singapore. In addition, Haw Par installs computer systems for corporate customers and is a hardware and software vendor in Singapore. The company's most famous product, however, may be Tiger Balm, a 300-year-old Chinese herbal healing cream. United Overseas Bank owns 43% of Haw Par; Wee Cho Yaw is chairman of both companies. Haw Par Corporation Limited Capsule
Source: Hoover's Online |