Corporate digest

Rich Capital

OXLEY Karya Indo Batam (OKIB), a joint-venture vehicle linked to Rich Capital, has received a notice of default from the main contractor of the Oxley Convention Centre development project in Batam, Indonesia.

The contractor, Rich-Link Konstruksi (RLK), is alleging that OKIB breached contract terms by not making payments for the project amid certified progress payments of 32.7 billion rupiah (S$3.2 million), Rich Capital said in a bourse filing on Wednesday.

OKIB is a 50-50 joint venture between OBPL, an indirect subsidiary of Rich Capital, and an Indonesian partner, Karya Indo Batam. The contractor RLK is a joint operation between Rich-Link Construction, Rich Capital's associate company, and Indonesian firm Alva Lambuan.

Envictus

ENVICTUS International Holdings is set to cease its loss-making Texas Chicken operations in Indonesia, with the sale of the master franchise agreement and its six stores for about RM9.25 million (S$3 million). The assets have a net book value of RM10.7 million as at end-June, implying a loss on disposal of RM1.45 million for Envictus. The buyer is Quick Serve Indonesia, a franchisee of Texas Chicken for Surabaya.

FLT

FRASERS Logistics and Industrial Trust (FLT) will be a constituent of the GPR 250 Index Series from Sept 23, the company announced in a bourse filing on Wednesday.

Published by the Dutch firm Global Property Research, the series comprises two indices: the GPR 250 Index, representing the 250 most liquid listed property securities globally, and the GPR 250 Reit Index, a subset of the GPR 250 index covering all companies having a Reit-like structure.