The Committee on the Future Economy (“CFE”) was convened in January 2016 to develop economic strategies for Singapore for the next decade, building on the work done by the Economic Strategies Committee in 2010. Over 9,000 stakeholders, including trade associations, public agencies, unions, companies, executives, workers, academics, educators and students were consulted in this process, with Clifford Capital counting amongst the participants. On 9 February 2017, the CFE unveiled its recommendations in a report which was released to the public.

A key recommendation made by the CFE was for the Government to catalyse the private sector to provide more growth capital for Singapore companies seeking to expand overseas. Clifford Capital was formed with support from the Government in 2012 to address market gaps in cross-border project financing following the recommendation of the CFE’s predecessor, the Economic Strategies Committee in 2009. The CFE recommended that “Where there are clear gaps in market financing – for example, for project financing in emerging markets – the Government can develop new forms of support for the private financing of Singapore companies, while ensuring that risk decisions remain in the hands of the private sector. We can build on the role of Clifford Capital.1

The CFE also identified urban solutions and infrastructure as one of six key industry clusters that Singapore should focus on as Singapore companies have existing capabilities and a competitive advantage in this area. To enable Singapore companies to better position themselves for growth in the infrastructure sector, the CFE made several recommendations, including:

  • bridging the gap in political and credit risk coverage in emerging markets with infrastructure demand;
  • enhancing the project preparation capabilities of Singapore-based companies;
  • grooming local infrastructure talent through Government supported manpower programmes; and
  • facilitating access for SMEs to non-recourse project financing.

With these measures, Singapore companies would be well placed to tap into the strong demand growth for urban solutions and infrastructure in developing Asia. Clifford Capital is continuing to engage with Government on the development of these initiatives.

Read the full CFE report here.

1 CFE Report Executive Summary, paragraph 36, page 8. See also paragraph 102d on page 31.

Clifford Capital has provided a US$260 million senior secured term loan facility for Global Container Assets 2016 Limited (“GCA 2016”) together with a number of international lenders.  The financing is secured by a portfolio of container boxes that are managed by a diversified group of highly experienced container leasing managers including Textainer, Seacube, Dong Fang and Raffles Lease, a subsidiary of Buss Global.

GCA 2016 is jointly owned by Buss Global Holdings Pte Ltd and the Buss Container International 4 partnership, both of which are part of Buss Global, a Singapore-based group specializing in the investment and management of container boxes.  Buss Global, through various entities under its umbrella, are amongst the first to be given the Maritime Sector Incentive – Maritime Leasing (MSI-ML) Award by the Maritime & Port Authority of Singapore which encourages entities to use Singapore as their capital and funding base to finance their vessels or sea containers and promote the growth of Singapore as an international maritime centre.

Clifford Capital acted as Bookrunning Mandated Lead Arranger on a US$1.45 billion Senior Secured Term Loan Facility to finance the Cidade de Marica floating production storage and offloading vessel ("FPSO") that will be deployed under a 20 year charter agreement with Petróleo Brasileiro S.A (“Petrobras”) in Brazil. 

Clifford Capital provided a meaningful commitment based on the value of the supply contracts from a number of Singapore-based companies including Dyna-Mac Holdings Ltd which had supplied the topside modules for the FPSO. 

SBM Offshore is an industry leading provider of floating production solutions to the offshore energy industry, with its main focus on the design, supply, installation, operation and the life extension of FPSO vessels. The FPSO is owned by a consortium that includes SBM Offshore, Mitsubishi, Nippon Yusen Kaisha and QGOG Constellation. 

For media enquiries or interview requests, please contact:

Clifford Capital Pte. Ltd.

Audra Low
Head of Origination & Structuring
+65 3157 8930

Tulchan Communications LLP
Adwin Low
+65 6222 3765 / +65 9026 3001