Tag: merger

Merger between Surbana International and Jurong International completed

Surbana Jurong merger

Singapore , 10 June 2015 – Surbana International Consultants Holdings Pte. Ltd (“Surbana”), and JURONG International Holdings Pte Ltd (“JIH”) today announced that they have formally completed the merger between the two companies. The merged companies, to be named later, is jointly owned by Temasek Holdings (“Temasek”) and JTC Corporation (“JTC”) with a 51:49 shareholding.

On 16 February 2015, Singapore investment company Temasek and JTC, the lead government agency responsible for the development of industrial infrastructure to support and catalyse the growth of industries in Singapore, announced that they had entered into an agreement to merge four of their operating subsidiaries, Surbana, JIH, Ascendas Pte Ltd (“Ascendas”) and Singbridge Group Pte Ltd (“Singbridge”), into an integrated platform for sustainable urban development.

Mr Liew Mun Leong, Chairman of the Surbana-JIH merged company said, “This merger brings together Surbana’s experience as the former technical and commercial arm of the Housing and Development Board and JIH’s experience as the technical and commercial arm of JTC. Both companies have long successful track records in Singapore’s urbanisation, industrial and infrastructure programmes over the 50 years of national development history. With their rich development experience, we will endeavour to build the merged company into Asia’s consultancy powerhouse for urbanisation, industrial and infrastructure development. The 3200 staff, consisting of planners, architects, engineers and project managers will offer complete value chain, one-stop professional services to the development industry.”

Said Mr Wong Heang Fine, Group CEO of the Surbana-JIH merged company, “Looking forward, we will leverage on the complementary capabilities, skill sets and project experience of the merged company to pursue the many opportunities arising from urbanisation, industrial infrastructure developments and smart cities initiatives across the world. In the process we will have abundant opportunities to create high value planning, design and engineering jobs in the development industry.”

About the Surbana-JIH Merged Company

We deliver total urban, infrastructure and engineering solutions to support social and economic growth.

As Asia’s consultancy powerhouse for urbanization, industrial and infrastructure developments, we have a distinguished track record in shaping Singapore’s landscape over the last 50 years.

Our multi-disciplinary team of specialists provides industry-leading solutions harnessed through years of successfully completing a wide array of projects in over 51 countries across 167 cities. We have built more than a million homes in Singapore, completed masterplans for over 30 countries and developed 49 industrial parks around the world.

With over 357 international & local awards under our belt, we have what it takes to understand, anticipate and exceed our clients’ expectations.

Today, the merged company employs 3,200 employees from 38 nationalities in 20 offices across Asia, Africa and the Middle East.

JTC and Temasek to explore merger of four subsidiaries

JTC Corporation (“JTC”) and Singapore investment company Temasek will begin exclusive talks to explore merging four of their operating subsidiaries, Ascendas Pte Ltd (“Ascendas”), JURONG International Holdings Pte Ltd (“JIH”), Surbana International Consultants Holdings Pte. Ltd (“Surbana”) and Singbridge Group (“Singbridge”), into a combined integrated platform for sustainable urban development.

JTC and Temasek will be in exclusive discussions on the specific terms of the merger. Both parties have engaged advisers and consultants as part of their due diligence process, and to provide fair market valuation.

Urbanisation is continuing at an unprecedented scale and speed in cities across China, India and South-east Asia. The combined capability and capacity of the new merged group can play a constructive role to catalyse economic growth and urban development, and deliver infrastructure solutions and amenities, which is critical to successfully delivering urban solutions in these markets, and beyond.

Under the proposed merger, Ascendas and JIH from JTC will combine with Surbana and Singbridge from Temasek, under a new platform to combine their scale, enjoy synergies and increase business scope. The enlarged group, with its complementary synergies and significant scale, will be well-positioned to provide end-to-end solutions for urbanisation needs in Asia and other markets.

Mr Png Cheong Boon, CEO, JTC, said, “The combination of the four well-established Singapore companies will offer a unique and competitive value proposition to tap on urbanisation opportunities in Asia and emerging markets. The merged group will have the scale, capabilities and resources to participate in the entire urbanisation value chain, deepen its presence in existing markets and develop new ones. More importantly, this partnership with Temasek provides more growth opportunities for the four businesses and their people.”

Mr Dilhan Pillay Sandrasegara, Head, Enterprise Development Group, Temasek, added, “Temasek sees growing opportunities in the sustainable urban development sector. Apart from the trends we see with the increasing urbanisation in growth markets, we also see an emerging and keen interest in building sustainable cities, both inside and outside Asia. This partnership with JTC is a unique opportunity to build an integrated urban solutions platform that leverages on the capabilities of four experienced Singapore companies to serve the growing demand for sustainable urban solutions. I expect the new group will also leverage on the wider Singapore business community as well as international firms to expand their opportunities and reach internationally.”

The operating entities of Ascendas, JIH, Surbana and Singbridge will continue their business as usual, including the listed entities under the Ascendas Group. The proposed merger will not trigger any general offer obligations on the part of the parties.