Friday, September 19, 2008

Daily news - 18 Sep

CMT Management CEO Pua Seck Guan resigns
CapitaMall Trust Management Ltd (CMTML) – The manager of CapitaMall Trust (CMT) has announced the resignation of Pua Seck Guan as CEO, director and member of the executive committee. Mr Pua, who has been with CapitaLand for eight years, will also step down from his position as CEO of CapitaLand Retail Ltd. Mr Pua said that he had resigned to 'pursue personal interests'. Before joining CapitaLand, Mr Pua held senior positions with Lend Lease Asia Holdings and Hotel Properties Ltd. CapitaLand said that the present deputy CEO of CapitaLand Retail Ltd, Lim Beng Chee, will assume the CEO positions of both the retail business and CMTML with effect from Nov 1. Mr Lim, who is presently CEO of CapitaRetail China Trust Management Ltd, will relinquish his post to deputy CEO Wee Hui Kan, with effect from Oct 1. Mr Pua will, however, stay on until the end of October to effect a smooth transition. Mr Lim started his real estate career in DBS Land as an executive for property fund and investment. After DBS Land's merger with Pidemco Land to form CapitaLand, he held various senior positions in investment, asset management and business development.

SembMarine unit wins US$229m Sinopec contract
SembCorp Marine (SembMarine) – PPL Shipyard, a SembMarine unit, has won a US$229m contract from a subsidiary of China oil major Sinopec Corporation. The contract, which came from Sinopec International (HK), is for the construction of a jackup rig, Sinopec Corporation's first to be built outside China and which could pave the way for more deals in the future from the group. The Pacific Class 375 rig to be built is scheduled for delivery in the first quarter of 2011, and will be owned and operated by Sinopec Corporation unit Shanghai Offshore Petroleum Bureau. The high performance jackup rig will be built based on PPL Shipyard's proprietary Pacific Class 375 design and proprietary components. It will be equipped to drill high-pressure and high-temperature wells at 30,000 feet while operating in 375 feet of water and will have accommodation for 120 crew. This contract is not expected to have any material impact on the net tangible assets and EPS of SembMarine for the year ending Dec 31, 2008.

Source: Kim Eng

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