Daily news - 15 Sep

China Energy to seek board renewal at AGM
China Energy – Set for a board renewal come Sept 29 when its shareholders gather at its annual general meeting (AGM). Last Saturday, the group said its three incumbent independent directors who make up the audit committee (AC) will retire at the AGM. The other three newly appointed directors will seek re-election and form the new AC. This is part of the renewal process within the board as current directors Ong Kian Guan, Robson Lee and Seah Kian Wee have expressed their desire not to seek re-election, China Energy said. Forming the 'new blood' are Peter Lai Hock Meng, former MP Leong Horn Kee and current MP Ong Kian Min - corporate heavyweights who have held several directorships in the government and private sector. The NC has recommended with the board's approval that these three directors will form the new AC upon re-election, with Mr Lai as chairman and Mr Ong as the lead independent director.

Senoko waste plant to be sold to Keppel unit KIE
Keppel Corp – The Senoko Incineration Plant will be sold to a unit of Keppel Corp for eventual public listing, the Singapore government announced. The indicative price is $462m but the final price will be determined once the plant is listed, likely by mid-2009, according to a joint statement from the Finance and Environment and Water Resources Ministries and the Monetary Authority of Singapore. Keppel Integrated Engineering (KIE), the environmental technology and engineering unit of Keppel Corp, was selected for the tender out of five bids received. A KIE unit, Keppel Seghers Engineering Singapore, will operate and maintain the plant under a long-term contract from the government. KIE will inject the Senoko plant into a newly set-up infrastructure trust, which will subsequently be listed on the Singapore Exchange. Keppel said the tender award will have no material impact on its net tangible assets and earnings per share for the year ending Dec 31, 2008.

Source: Kim Eng