A-Reit issuing new units to raise $302m
ASCENDAS Real Estate Investment Trust (A-Reit) is looking to raise at least $301.6 million through a private placement of new units - just months after a $408 million cash call in January.
Keppel O&M bags contracts worth $85m
KEPPEL Group's offshore unit Keppel Offshore and Marine (O&M) yesterday announced various contracts won by the group worldwide, worth a total of $85 million. They include Keppel Shipyard's third floating storage and re-gasification unit (FSRU) conversion job for repeat customer Golar LNG and the refurbishment and life extension of a floating production storage offloading (FPSO) vessel for Premuda Group unit Four Vanguard.
Source: Kim Eng
Showing posts with label Company News. Show all posts
Showing posts with label Company News. Show all posts
Wednesday, August 12, 2009
Tuesday, August 11, 2009
Daily news - 11 Aug
Property value fall hits Jardine Matheson H1 profit
Jardine Matheson Holdings Ltd, which owns car distributors, real estate, supermarkets and hotels in Asia, said that first-half profit dropped 76 per cent on a decline in the value of its investment properties. Net income fell to US$249 million, or US$0.70 a share, in the six months ended June 30, from US$1 billion, or US$2.89 a year earlier, the Hong Kong-based company said in a statement to London's stock exchange yesterday. Values of office buildings and malls in Hong Kong have dropped as the city battles its worst recession in a decade. Swire Pacific Ltd, the biggest commercial landlord in the eastern part of Hong Kong island, said on Thursday that it had a net HK$53 million (S$9.8 million) revaluation loss in the first half, reversing a HK$8.09 billion gain a year earlier.
Source: Kim Eng
Jardine Matheson Holdings Ltd, which owns car distributors, real estate, supermarkets and hotels in Asia, said that first-half profit dropped 76 per cent on a decline in the value of its investment properties. Net income fell to US$249 million, or US$0.70 a share, in the six months ended June 30, from US$1 billion, or US$2.89 a year earlier, the Hong Kong-based company said in a statement to London's stock exchange yesterday. Values of office buildings and malls in Hong Kong have dropped as the city battles its worst recession in a decade. Swire Pacific Ltd, the biggest commercial landlord in the eastern part of Hong Kong island, said on Thursday that it had a net HK$53 million (S$9.8 million) revaluation loss in the first half, reversing a HK$8.09 billion gain a year earlier.
Source: Kim Eng
Wednesday, July 29, 2009
Daily news - 29 Jul
F&N sells China property unit for $201m
Fraser and Neave (F&N) said yesterday that it has sold a unit that is developing a hotel and residential villas in China. Subsidiary Frasers Centrepoint sold its full interest in Hong Kong-incorporated Metro Charm Holdings for about $201 million. Metro Charm holds all of the equity in a development company based in Hainan. This unnamed company is working on a hotel and villa project with a book value of $128 million. F&N said that the sale is in line with its focus on property development in selected key cities in China. Payment will be in cash and in two tranches, it said. The sale is not expected to have a material effect on the group's net tangible assets per share in the current financial year. F&N reported a net profit of $64.3 million for the second quarter ended March 31, down 33.5 per cent from a year ago.
ST Engg unit bags another rail project in Guangzhou
Singapore Technologies Engineering's subsidiary ST Electronics has won another mass rapid transit project in Guangzhou, China, taking the tally to six. It will supply platform screen doors for the Guangzhou-Foshan Line (GFL) that will run 32.3km from Kuiqi Station in Foshan to Lijiao station in Guangdong province. ST Electronics will design and supply equipment and software, and install, test and commission 42 sets of doors spanning 21 stations. The doors are a safety barrier to the tracks and synchronise with the opening of train doors. The contract, awarded by Guangzhou Metro Corporation and Foshan Metro Corporation, is worth 53.6 million yuan (S$11.3 million). Work is expected to be completed by the second half of 2010. 'ST Electronics is delighted to be awarded another project in Guangzhou,' said company president Seah Moon Ming. 'It reflects our customers' confidence in the quality, safety and cost-effectiveness of our rail electronics solutions.' ST Electronics was recently awarded contracts to supply an automatic fare collection system for Bangkok's Mass Transit System's Silom Line extension and a train communications system for Hong Kong's Mass Transit Railway (MTR).
STATS ChipPAC's Q2 net dives 90%
STATS ChipPAC yesterday reported a near 90 per cent year-on-year drop in second-quarter net profit to US$2.2 million. But business conditions are now on the mend, it says. For the corresponding second quarter last year, the group - which is majority owned by Singapore investment company Temasek Holdings - raked in a net profit of US$22.1 million before the onset of the US-led downturn crimped demand for electronics and computer products. STATS ChipPAC's revenue for the April-June quarter slid to US$320.7 million, down 26.1 per cent from US$434.1 million in 2008. Q2 earnings per share was flat, compared with one US cent a year earlier. On a sequential basis, Q2's revenue increased 45.4 per cent from the first quarter. 'Our second quarter revenue reflected improved business conditions as we benefited from the rebound in demand for our services from the restocking of inventories by our customers and the launch of new products,' said Tan Lay Koon, president and chief executive of STATS ChipPAC. The US continues to be the group's revenue lynchpin, accounting for 76.2 per cent of Q2 sales. Asia contributed 19.9 per cent while Europe accounted for the remaining 3.9 per cent.
Source: Kim Eng
Fraser and Neave (F&N) said yesterday that it has sold a unit that is developing a hotel and residential villas in China. Subsidiary Frasers Centrepoint sold its full interest in Hong Kong-incorporated Metro Charm Holdings for about $201 million. Metro Charm holds all of the equity in a development company based in Hainan. This unnamed company is working on a hotel and villa project with a book value of $128 million. F&N said that the sale is in line with its focus on property development in selected key cities in China. Payment will be in cash and in two tranches, it said. The sale is not expected to have a material effect on the group's net tangible assets per share in the current financial year. F&N reported a net profit of $64.3 million for the second quarter ended March 31, down 33.5 per cent from a year ago.
ST Engg unit bags another rail project in Guangzhou
Singapore Technologies Engineering's subsidiary ST Electronics has won another mass rapid transit project in Guangzhou, China, taking the tally to six. It will supply platform screen doors for the Guangzhou-Foshan Line (GFL) that will run 32.3km from Kuiqi Station in Foshan to Lijiao station in Guangdong province. ST Electronics will design and supply equipment and software, and install, test and commission 42 sets of doors spanning 21 stations. The doors are a safety barrier to the tracks and synchronise with the opening of train doors. The contract, awarded by Guangzhou Metro Corporation and Foshan Metro Corporation, is worth 53.6 million yuan (S$11.3 million). Work is expected to be completed by the second half of 2010. 'ST Electronics is delighted to be awarded another project in Guangzhou,' said company president Seah Moon Ming. 'It reflects our customers' confidence in the quality, safety and cost-effectiveness of our rail electronics solutions.' ST Electronics was recently awarded contracts to supply an automatic fare collection system for Bangkok's Mass Transit System's Silom Line extension and a train communications system for Hong Kong's Mass Transit Railway (MTR).
STATS ChipPAC's Q2 net dives 90%
STATS ChipPAC yesterday reported a near 90 per cent year-on-year drop in second-quarter net profit to US$2.2 million. But business conditions are now on the mend, it says. For the corresponding second quarter last year, the group - which is majority owned by Singapore investment company Temasek Holdings - raked in a net profit of US$22.1 million before the onset of the US-led downturn crimped demand for electronics and computer products. STATS ChipPAC's revenue for the April-June quarter slid to US$320.7 million, down 26.1 per cent from US$434.1 million in 2008. Q2 earnings per share was flat, compared with one US cent a year earlier. On a sequential basis, Q2's revenue increased 45.4 per cent from the first quarter. 'Our second quarter revenue reflected improved business conditions as we benefited from the rebound in demand for our services from the restocking of inventories by our customers and the launch of new products,' said Tan Lay Koon, president and chief executive of STATS ChipPAC. The US continues to be the group's revenue lynchpin, accounting for 76.2 per cent of Q2 sales. Asia contributed 19.9 per cent while Europe accounted for the remaining 3.9 per cent.
Source: Kim Eng
Tuesday, July 21, 2009
Daily news - 21 Jul
KTT's profit falls 6.5% to $10m in Q2
Keppel Telecommunications & Transportation (KTT)'s second-quarter net profit fell 6.5 per cent to $10 million with the poor economy weighing down earning contributions from its various businesses. The profit attributable to shareholders, after exceptional items, for the three months ended June 30 translated to earnings per share of 1.8 cents, down from 1.9 cents a year earlier. Revenue for the period slid 15.2 per cent to $29.17 million. According to KTT, a poorer performance by its logistics unit was the main reason for the dip in Q2 revenue. In addition, its other associates also experienced a weak quarter as a result of the poor economy, the conglomerate said in a regulatory filing yesterday. The group, which reported Q2 net profit of $10.7 million including minority interests (Q2 2008: $11.6 million), saw a 46.5 per cent rise in exceptional loss to $2.3 million during the quarter. KTT's first-half net income, excluding minority interests, dipped 3.9 per cent to $20.2 million, while revenue fell 4.5 per cent to $59 million.
Source: Kim Eng
Keppel Telecommunications & Transportation (KTT)'s second-quarter net profit fell 6.5 per cent to $10 million with the poor economy weighing down earning contributions from its various businesses. The profit attributable to shareholders, after exceptional items, for the three months ended June 30 translated to earnings per share of 1.8 cents, down from 1.9 cents a year earlier. Revenue for the period slid 15.2 per cent to $29.17 million. According to KTT, a poorer performance by its logistics unit was the main reason for the dip in Q2 revenue. In addition, its other associates also experienced a weak quarter as a result of the poor economy, the conglomerate said in a regulatory filing yesterday. The group, which reported Q2 net profit of $10.7 million including minority interests (Q2 2008: $11.6 million), saw a 46.5 per cent rise in exceptional loss to $2.3 million during the quarter. KTT's first-half net income, excluding minority interests, dipped 3.9 per cent to $20.2 million, while revenue fell 4.5 per cent to $59 million.
Source: Kim Eng
Monday, July 20, 2009
Daily news - 20 Jul
Work begins on Yanlord's 4b yuan development in Zhuhai
YANLORD Land Group broke ground last Friday for its four billion yuan (S$849.7 million) residential and commercial development in Zhuhai. Zhuhai Yanlord Marina Centre will have about 3.2 million square feet gross floor area, comprising high-end apartments, a retail mall, grade A offices and a five-star hotel, Yanlord said in a release. The development, situated along the coastal front, will have five high-rise towers including a 45-storey, 180-metre tall integrated hotel and office tower, as well as four residential blocks interconnected via a four-storey shopping podium.
Keppel finishing Bumi Armada ship's conversion
KEPPEL Corp said over the weekend that its subsidiary Keppel Shipyard is close to completing the conversion of the floating, production, storage and offloading (FPSO) vessel Armada Perdana for a repeat customer, Malaysia-based Bumi Armada Berhad. A ceremony for the naming of the vessel was held at the shipyard last Saturday prior to the vessel's deployment in the Oyo field, 70km off the coast of Nigeria. It is expected to deliver its first oil in Q4 this year.
Source: Kim Eng
YANLORD Land Group broke ground last Friday for its four billion yuan (S$849.7 million) residential and commercial development in Zhuhai. Zhuhai Yanlord Marina Centre will have about 3.2 million square feet gross floor area, comprising high-end apartments, a retail mall, grade A offices and a five-star hotel, Yanlord said in a release. The development, situated along the coastal front, will have five high-rise towers including a 45-storey, 180-metre tall integrated hotel and office tower, as well as four residential blocks interconnected via a four-storey shopping podium.
Keppel finishing Bumi Armada ship's conversion
KEPPEL Corp said over the weekend that its subsidiary Keppel Shipyard is close to completing the conversion of the floating, production, storage and offloading (FPSO) vessel Armada Perdana for a repeat customer, Malaysia-based Bumi Armada Berhad. A ceremony for the naming of the vessel was held at the shipyard last Saturday prior to the vessel's deployment in the Oyo field, 70km off the coast of Nigeria. It is expected to deliver its first oil in Q4 this year.
Source: Kim Eng
Friday, July 17, 2009
Daily news - 17 Jul
CDL launching Balmoral Rd condo project
City Developments Ltd (CDL) – After holding on to its Garden Hotel property at Balmoral Road for 10 years, CDL is finally launching an 85-unit condo project on the site. A preview for staff and directors began yesterday, while sales to invited guests are slated to begin today. The average price of the 12-storey freehold condo Volari@Balmoral is understood to be about $2,000 per square foot (psf) for early birds. Market watchers say this is about 20-25 per cent below peak 2007 prices in the location. The condo comprises two, three and four-bedroom units and penthouses. The two-bedders are about 1,325 sq ft, and based on the $2,000 psf average price, the lump sum investment would be about $2.7 million. At Bedok Reservoir, Far East Organization and Frasers Centrepoint are expected to preview Waterfront Key today to staff, business associates and buyers who have registered interest. Waterfront Key is a 99-year-leasehold condo with 437 units. Prices had not been finalised by last night, but market watchers reckon the cue will be taken from current pricing for the developers' Waterfront Waves next door, which they are selling at $680-$700 psf on average. The 405-unit condo, released early last year, is 78 per cent sold.
Ezra ventures into deepwater subsea segment
Ezra Holdings – Where still waters run deep, Ezra Holdings is hoping to make waves. Yesterday, the marine company unveiled its new strategy to expand into the deepwater subsea segment in a bid to tap new opportunities. To that end, Ezra will be spending US$275 million on three subsea-capable vessels. This expansion will see Ezra venturing into deepwater subsea fields with water as deep as 3,000 metres, and is expected to pay off for Ezra by H2 of 2010. 'Globally, spending in the subsea segment is set to exceed half of the total spending in the offshore oil and gas sector over the next few years,' said its managing director, Lionel Lee. Over the next five years, global expenditure on subsea equipment, drilling and completion - excluding that of Petrobras' - is expected to exceed US$80 billion, according to the World Deepwater Market Report cited by Ezra.
Source: Kim Eng
City Developments Ltd (CDL) – After holding on to its Garden Hotel property at Balmoral Road for 10 years, CDL is finally launching an 85-unit condo project on the site. A preview for staff and directors began yesterday, while sales to invited guests are slated to begin today. The average price of the 12-storey freehold condo Volari@Balmoral is understood to be about $2,000 per square foot (psf) for early birds. Market watchers say this is about 20-25 per cent below peak 2007 prices in the location. The condo comprises two, three and four-bedroom units and penthouses. The two-bedders are about 1,325 sq ft, and based on the $2,000 psf average price, the lump sum investment would be about $2.7 million. At Bedok Reservoir, Far East Organization and Frasers Centrepoint are expected to preview Waterfront Key today to staff, business associates and buyers who have registered interest. Waterfront Key is a 99-year-leasehold condo with 437 units. Prices had not been finalised by last night, but market watchers reckon the cue will be taken from current pricing for the developers' Waterfront Waves next door, which they are selling at $680-$700 psf on average. The 405-unit condo, released early last year, is 78 per cent sold.
Ezra ventures into deepwater subsea segment
Ezra Holdings – Where still waters run deep, Ezra Holdings is hoping to make waves. Yesterday, the marine company unveiled its new strategy to expand into the deepwater subsea segment in a bid to tap new opportunities. To that end, Ezra will be spending US$275 million on three subsea-capable vessels. This expansion will see Ezra venturing into deepwater subsea fields with water as deep as 3,000 metres, and is expected to pay off for Ezra by H2 of 2010. 'Globally, spending in the subsea segment is set to exceed half of the total spending in the offshore oil and gas sector over the next few years,' said its managing director, Lionel Lee. Over the next five years, global expenditure on subsea equipment, drilling and completion - excluding that of Petrobras' - is expected to exceed US$80 billion, according to the World Deepwater Market Report cited by Ezra.
Source: Kim Eng
Thursday, July 9, 2009
Daily news - 9 Jul
Ezra Holdings Q3 net rises 8% to US$18.8m
Ezra Holdings posted an 8 per cent rise in net profit to US$18.8 million for its financial third quarter ended May 31, from US$17.4 million a year ago, as turnover rose 9 per cent to US$59.9 million. On a nine-month basis, net profit plunged to US$43 million from the previous corresponding period's US$168.7 million, the reason being that the latter included a net gain of US$136.3 million from the group's partial divestment of its construction and production arm, EOC Ltd. Excluding the divestment item, nine-month net profit from ongoing activities rose to US$43 million from US$32.4 million as group turnover jumped 58 per cent to US$236.0 million, as all its three divisions performed well. The offshore support services (OSS) and marine divisions both enjoyed a strong pickup in revenue, while the energy services division contributed US$46.1 million to overall turnover. In addition, both the OSS and marine businesses were able to achieve margin gains. The OSS division, which made up 60 per cent of turnover for the first nine months, saw improved sales, owing to the full nine-month contribution from Ezra's various new assets progressively coming onstream. Meanwhile, the marine division benefited from increased procurement, equipment supply and engineering activities in Vietnam.
Source: Kim Eng
Ezra Holdings posted an 8 per cent rise in net profit to US$18.8 million for its financial third quarter ended May 31, from US$17.4 million a year ago, as turnover rose 9 per cent to US$59.9 million. On a nine-month basis, net profit plunged to US$43 million from the previous corresponding period's US$168.7 million, the reason being that the latter included a net gain of US$136.3 million from the group's partial divestment of its construction and production arm, EOC Ltd. Excluding the divestment item, nine-month net profit from ongoing activities rose to US$43 million from US$32.4 million as group turnover jumped 58 per cent to US$236.0 million, as all its three divisions performed well. The offshore support services (OSS) and marine divisions both enjoyed a strong pickup in revenue, while the energy services division contributed US$46.1 million to overall turnover. In addition, both the OSS and marine businesses were able to achieve margin gains. The OSS division, which made up 60 per cent of turnover for the first nine months, saw improved sales, owing to the full nine-month contribution from Ezra's various new assets progressively coming onstream. Meanwhile, the marine division benefited from increased procurement, equipment supply and engineering activities in Vietnam.
Source: Kim Eng
Friday, July 3, 2009
Daily news - 3 Jul
SembMarine bags another rig contract
Sembcorp Marine subsidiary Jurong Shipyard has secured a second contract to complete a semi-submersible rig for SeaDragon Offshore unit Oban B. The contract is worth US$237.3 million, excluding owner-supplied equipment. SembMarine secured a US$247 million contract for a similar rig in April. 'We thank SeaDragon again for its trust and commitment to work with Jurong after the first contract was signed in April,' said Jurong Shipyard's offshore division senior general manager Don Lee. The first unit is a fast-track job scheduled for delivery by the end of next year, as it was signed up for a five-year charter with Mexico's Pemex. The second rig does not have a charter secured yet. But reports last year suggested there may be parties interested in buying it from SeaDragon. The six-column bare-deck hull, built in a Russian yard, arrived early last month. Jurong will turn it into one of the world's most advanced harsh-environment ultra-deepwater semis. The rig, scheduled for delivery by end-June 2011, will be able to operate in water up to 10,000 feet, with a maximum drilling depth of 30,000 feet. Its ability to operate in all conditions will give it multi-region flexibility to operate worldwide.
Source: Kim Eng
Sembcorp Marine subsidiary Jurong Shipyard has secured a second contract to complete a semi-submersible rig for SeaDragon Offshore unit Oban B. The contract is worth US$237.3 million, excluding owner-supplied equipment. SembMarine secured a US$247 million contract for a similar rig in April. 'We thank SeaDragon again for its trust and commitment to work with Jurong after the first contract was signed in April,' said Jurong Shipyard's offshore division senior general manager Don Lee. The first unit is a fast-track job scheduled for delivery by the end of next year, as it was signed up for a five-year charter with Mexico's Pemex. The second rig does not have a charter secured yet. But reports last year suggested there may be parties interested in buying it from SeaDragon. The six-column bare-deck hull, built in a Russian yard, arrived early last month. Jurong will turn it into one of the world's most advanced harsh-environment ultra-deepwater semis. The rig, scheduled for delivery by end-June 2011, will be able to operate in water up to 10,000 feet, with a maximum drilling depth of 30,000 feet. Its ability to operate in all conditions will give it multi-region flexibility to operate worldwide.
Source: Kim Eng
Thursday, July 2, 2009
Daily news - 2 Jul
Banyan secures US$283m for Indochina fund
Banyan Tree Holdings has completed the final round of raising money for its first real estate development fund, with total capital commitment to the fund standing at US$283 million, US$17 million shy of its US$300 million target. However, the fund - Banyan Tree Indochina Hospitality Fund - is well positioned to proceed with the development of the first phase of its core asset - integrated resort Laguna Hue in Vietnam - without any debt financing, the resort operator said yesterday in a statement on the Singapore Exchange. 'The fund is also positioned to source for additional investment projects within the Indochina region,' Banyan Tree added. The Indochina Fund was first established on Jan 29 last year, with the aim of targeting the hospitality industry in Vietnam, Cambodia and Laos. At first closing on Feb 28, 2008, the fund had commitments of US$100 million. It then went on to amass another US$168 million. The final closing netted an additional US$15 million from one new investor.
Source: Kim Eng
Banyan Tree Holdings has completed the final round of raising money for its first real estate development fund, with total capital commitment to the fund standing at US$283 million, US$17 million shy of its US$300 million target. However, the fund - Banyan Tree Indochina Hospitality Fund - is well positioned to proceed with the development of the first phase of its core asset - integrated resort Laguna Hue in Vietnam - without any debt financing, the resort operator said yesterday in a statement on the Singapore Exchange. 'The fund is also positioned to source for additional investment projects within the Indochina region,' Banyan Tree added. The Indochina Fund was first established on Jan 29 last year, with the aim of targeting the hospitality industry in Vietnam, Cambodia and Laos. At first closing on Feb 28, 2008, the fund had commitments of US$100 million. It then went on to amass another US$168 million. The final closing netted an additional US$15 million from one new investor.
Source: Kim Eng
Wednesday, July 1, 2009
Daily news - 1 Jul
F&N, Coca-Cola extend tie-ups
Fraser and Neave (F&N) and The Coca-Cola Company have agreed on new transition arrangements that will run for 20 months after their current bottling arrangments in Malaysia, Singapore and Brunei expire in January next year. A joint statement last night said the transition deals followed discussions since last year for mutually beneficial arrangements in the spirit of their long-standing relationship. F&N had earlier this year said that it would regain distribution of its soft drinks in Singapore after agreements with Coca-Cola end next year. It had also said that its Malaysian unit would lose the rights to bottle and distribute Coca-Cola's beverages, a development that sent F&N shares falling sharply.
Source: Kim Eng
Fraser and Neave (F&N) and The Coca-Cola Company have agreed on new transition arrangements that will run for 20 months after their current bottling arrangments in Malaysia, Singapore and Brunei expire in January next year. A joint statement last night said the transition deals followed discussions since last year for mutually beneficial arrangements in the spirit of their long-standing relationship. F&N had earlier this year said that it would regain distribution of its soft drinks in Singapore after agreements with Coca-Cola end next year. It had also said that its Malaysian unit would lose the rights to bottle and distribute Coca-Cola's beverages, a development that sent F&N shares falling sharply.
Source: Kim Eng
Thursday, June 11, 2009
Daily news - 11 Jun
PetroChina may use SPC refinery for heavy crudes
Petrochina & Singapore Petroleum Company (SPC) – Petrochina, which is buying SPC, will likely want to make changes at SPC's Singapore refinery so that it can process heavy crudes including those from Venezuela, industry officials here say. 'Going by what we've seen, more and more refiners are reconfiguring their plants to handle the more difficult crudes being pumped out these days, including heavier and high- acid crude oils,' a refining official said. PetroChina - which will take over SPC's half-share in the 290,000 barrels per day joint-venture refinery of Singapore Refining Company (SRC) when the SPC deal is done - may well go this route, he added. The speculation ties in with what trading sources point to - that the Chinese oil giant has been bringing a lot of cargo from the West, including of Venezuelan crude and fuel oil, through Singapore - where it has been growing its trading and oil terminal operations.
Source: Kim Eng
Petrochina & Singapore Petroleum Company (SPC) – Petrochina, which is buying SPC, will likely want to make changes at SPC's Singapore refinery so that it can process heavy crudes including those from Venezuela, industry officials here say. 'Going by what we've seen, more and more refiners are reconfiguring their plants to handle the more difficult crudes being pumped out these days, including heavier and high- acid crude oils,' a refining official said. PetroChina - which will take over SPC's half-share in the 290,000 barrels per day joint-venture refinery of Singapore Refining Company (SRC) when the SPC deal is done - may well go this route, he added. The speculation ties in with what trading sources point to - that the Chinese oil giant has been bringing a lot of cargo from the West, including of Venezuelan crude and fuel oil, through Singapore - where it has been growing its trading and oil terminal operations.
Source: Kim Eng
Tuesday, June 9, 2009
Daily news - 9 Jun
SembMarine unit sells PetroRigI rig to Diamond
Sembcorp Marine unit Jurong Shipyard has finally completed the sale of PetroRig I's semi-submersible rig to Diamond Offshore Services Company, a related company of major deepwater drilling services contractor Diamond Offshore Drilling. SembMarine declined to give details of the sale except to say it is expected to be completed by end-June. Industry website Upstream Online, citing sources, reported last Friday the rig builder received five bids for the rig - from Seadrill, Noble Drilling, Stena Drilling, Diamond Offshore and a Brazilian contractor. It also said four of the five bidders offered more than US$450 million. PetroRig I is believed to have owed SembMarine over US$200 million on the US$454 million rig 1 when it defaulted on its final payment in April. SembMarine then put the rig on the market, as it was entitled to do under its contract. PetroRig I tried to block the sale by filing a preliminary restraining order in the bankruptcy court in New York.
ST Electronics wins $100m SAF contract
Singapore Technologies Engineering (ST Engg) has been awarded a contract worth over $100 million to supply advanced military technology to the Singapore Armed Forces (SAF). The award is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the group for the current financial year, ST Engg said yesterday. The project, awarded to its electronics arm ST Electronics, is expected to be completed by 2012. The contract is to provide an Advanced Combat Man System (ACMS) to the SAF. The ACMS is a 3rd Generation Networked Warrior system fully equipped with advanced C4I (Command, Control, Communications, Computers and Intelligence) and network capabilities. The ACMS is a joint development effort that started in 1998 among the Defence Science and Technology Agency, the Singapore Armed Forces (SAF) and ST Electronics with the support of Singapore Technologies Kinetics.
Source: Kim Eng
Sembcorp Marine unit Jurong Shipyard has finally completed the sale of PetroRig I's semi-submersible rig to Diamond Offshore Services Company, a related company of major deepwater drilling services contractor Diamond Offshore Drilling. SembMarine declined to give details of the sale except to say it is expected to be completed by end-June. Industry website Upstream Online, citing sources, reported last Friday the rig builder received five bids for the rig - from Seadrill, Noble Drilling, Stena Drilling, Diamond Offshore and a Brazilian contractor. It also said four of the five bidders offered more than US$450 million. PetroRig I is believed to have owed SembMarine over US$200 million on the US$454 million rig 1 when it defaulted on its final payment in April. SembMarine then put the rig on the market, as it was entitled to do under its contract. PetroRig I tried to block the sale by filing a preliminary restraining order in the bankruptcy court in New York.
ST Electronics wins $100m SAF contract
Singapore Technologies Engineering (ST Engg) has been awarded a contract worth over $100 million to supply advanced military technology to the Singapore Armed Forces (SAF). The award is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the group for the current financial year, ST Engg said yesterday. The project, awarded to its electronics arm ST Electronics, is expected to be completed by 2012. The contract is to provide an Advanced Combat Man System (ACMS) to the SAF. The ACMS is a 3rd Generation Networked Warrior system fully equipped with advanced C4I (Command, Control, Communications, Computers and Intelligence) and network capabilities. The ACMS is a joint development effort that started in 1998 among the Defence Science and Technology Agency, the Singapore Armed Forces (SAF) and ST Electronics with the support of Singapore Technologies Kinetics.
Source: Kim Eng
Friday, June 5, 2009
Daily news - 5 Jun
Keppel Corp shares hit by Skeie news
Keppel Corporation – Shares of Keppel Corporation took a beating yesterday on news that one of its customers could be facing bankruptcy if a proposed restructuring fails to take off. Keppel shares dropped to as low as $6.90 in intra-day trading before ending at $7.08, but still 20 cents, or 2.75 per cent, down. More than 14 million shares changed hands. The customer, Skeie Drilling and Production (SKDP), currently has construction contracts for three N-Class jack-up offshore drilling rigs with Keppel Corp's subsidiary Keppel Fels, valued at about $1.7 billion in total. On Wednesday, Keppel Fels had said that it is supportive of and is participating in the restructuring exercise.
SingTel expected to top up Bharti stake if dilution occurs
Singapore Telecommunications' stake in Bharti Airtel could be slashed by up to 10 percentage points or more if the latter's merger with the MTN Group comes through but industry observers say the Singapore operator might be willing to pump in more money to make up for the dilution. According to a Financial Times report citing unnamed sources, SingTel can be expected to acquire some, or all, of the 11 per cent Bharti shareholding expected to be offloaded by MTN shareholders who do not want to end up with Bharti shares after the planned deal. If ongoing negotiations between Bharti and MTN bear fruit, the Indian operator will own a 49 per cent stake in its South African counterpart under a complex share-and-cash swap transaction valued at nearly US$23 billion. Bharti last week offered to pay 86 South African rand and 0.5 newly issued Bharti global depository receipts for each MTN share. In return, MTN will lay claim to 25 per cent of Bharti while its shareholders will own another 11 per cent.
Source: Kim Eng
Keppel Corporation – Shares of Keppel Corporation took a beating yesterday on news that one of its customers could be facing bankruptcy if a proposed restructuring fails to take off. Keppel shares dropped to as low as $6.90 in intra-day trading before ending at $7.08, but still 20 cents, or 2.75 per cent, down. More than 14 million shares changed hands. The customer, Skeie Drilling and Production (SKDP), currently has construction contracts for three N-Class jack-up offshore drilling rigs with Keppel Corp's subsidiary Keppel Fels, valued at about $1.7 billion in total. On Wednesday, Keppel Fels had said that it is supportive of and is participating in the restructuring exercise.
SingTel expected to top up Bharti stake if dilution occurs
Singapore Telecommunications' stake in Bharti Airtel could be slashed by up to 10 percentage points or more if the latter's merger with the MTN Group comes through but industry observers say the Singapore operator might be willing to pump in more money to make up for the dilution. According to a Financial Times report citing unnamed sources, SingTel can be expected to acquire some, or all, of the 11 per cent Bharti shareholding expected to be offloaded by MTN shareholders who do not want to end up with Bharti shares after the planned deal. If ongoing negotiations between Bharti and MTN bear fruit, the Indian operator will own a 49 per cent stake in its South African counterpart under a complex share-and-cash swap transaction valued at nearly US$23 billion. Bharti last week offered to pay 86 South African rand and 0.5 newly issued Bharti global depository receipts for each MTN share. In return, MTN will lay claim to 25 per cent of Bharti while its shareholders will own another 11 per cent.
Source: Kim Eng
Thursday, June 4, 2009
Daily news - 4 Jun
Keppel customer hit by restructuring snag
Keppel Corporation – SKEIE Drilling and Production (SKDP), a customer of Keppel Corporation, is at risk of filing for bankruptcy if a proposed restructuring falls through. SKDP currently has construction contracts for three N-Class jack-up offshore drilling rigs with Keppel Corp's subsidiary Keppel Fels, valued at about $1.7 billion. On April 17 this year, SKDP announced a re-structuring proposal with shareholders - Keppel (less than 10 per cent), Skeie Technology and Wideluck - to underwrite US$85 million of new equity in a US$85-100 million private equity placement. The proposal has been rejected by a group of bondholders which hold a majority of three secured bond loans issued by SKDP. SKDP has also failed to make milestone payments, such as a US$37 million payment on Rig 1 due on May 31 and it has also said that it is unable to make a US$40 million payment on Rig 3 that is due on June 4. These breaches could result in a breach of bank loan agreements and the bank's US$675 million commitment to finance the rigs would be terminated, SKDP said in a press release on Tuesday. As such, '. . . the SKDP board of directors believe SKDP is insolvent and will soon be illiquid unless the proposed re-structuring is approved,' SKDP said.
Source: Kim Eng
Keppel Corporation – SKEIE Drilling and Production (SKDP), a customer of Keppel Corporation, is at risk of filing for bankruptcy if a proposed restructuring falls through. SKDP currently has construction contracts for three N-Class jack-up offshore drilling rigs with Keppel Corp's subsidiary Keppel Fels, valued at about $1.7 billion. On April 17 this year, SKDP announced a re-structuring proposal with shareholders - Keppel (less than 10 per cent), Skeie Technology and Wideluck - to underwrite US$85 million of new equity in a US$85-100 million private equity placement. The proposal has been rejected by a group of bondholders which hold a majority of three secured bond loans issued by SKDP. SKDP has also failed to make milestone payments, such as a US$37 million payment on Rig 1 due on May 31 and it has also said that it is unable to make a US$40 million payment on Rig 3 that is due on June 4. These breaches could result in a breach of bank loan agreements and the bank's US$675 million commitment to finance the rigs would be terminated, SKDP said in a press release on Tuesday. As such, '. . . the SKDP board of directors believe SKDP is insolvent and will soon be illiquid unless the proposed re-structuring is approved,' SKDP said.
Source: Kim Eng
Thursday, May 28, 2009
Daily news - 28 May
Golden Agri unveils $311m rights issue
Golden Agri-Resources plans to raise $311 million through a 17-for-100 rights issue at an issue price of 18 cents apiece. Investors will also receive two free warrants for every five rights shares. The warrants, which have a three-year maturity date, can be exercised at maturity at 54 cents per share and at a conversion ratio of one warrant to one share. Assuming that all the warrants are exercised, the company stands to raise another $381 million. The move follows guidance from management some two weeks ago that it was in talks with bankers on a rights issue, though no details were confirmed then. The offer price represents a 60 per cent discount to the closing price of 45 cents on the day prior to the lunchtime announcement. The company's net asset value stood at 46 US cents as at March 31. Shares of Golden-Agri dropped as much as 7.78 per cent yesterday and ended down 5.56 per cent at 42.5 cents.
Source: Kim Eng
Golden Agri-Resources plans to raise $311 million through a 17-for-100 rights issue at an issue price of 18 cents apiece. Investors will also receive two free warrants for every five rights shares. The warrants, which have a three-year maturity date, can be exercised at maturity at 54 cents per share and at a conversion ratio of one warrant to one share. Assuming that all the warrants are exercised, the company stands to raise another $381 million. The move follows guidance from management some two weeks ago that it was in talks with bankers on a rights issue, though no details were confirmed then. The offer price represents a 60 per cent discount to the closing price of 45 cents on the day prior to the lunchtime announcement. The company's net asset value stood at 46 US cents as at March 31. Shares of Golden-Agri dropped as much as 7.78 per cent yesterday and ended down 5.56 per cent at 42.5 cents.
Source: Kim Eng
Friday, May 22, 2009
Daily news - 22 May
Ezra raises $92.4m from share placement
Ezra Holdings, which provides support and marine services, has raised gross proceeds of about $92.4 million by placing out 78 million new shares at $1.185 each. In a statement, the group said the new shares represent some 13.4 per cent of its existing share capital of 579.9 million shares, and the issue price is a discount of about 6.25 per cent to its average five-day closing price of $1.264 from May 14 to May 20.
Source: Kim Eng
Ezra Holdings, which provides support and marine services, has raised gross proceeds of about $92.4 million by placing out 78 million new shares at $1.185 each. In a statement, the group said the new shares represent some 13.4 per cent of its existing share capital of 579.9 million shares, and the issue price is a discount of about 6.25 per cent to its average five-day closing price of $1.264 from May 14 to May 20.
Source: Kim Eng
Wednesday, May 20, 2009
Daily news - 20 May
PetroRig I acts to block rig sale by Jurong Shipyard
Jurong Shipyard's planned sale of a disputed rig could hit a roadblock after PetroRig I Pte Ltd filed an application before the bankruptcy courts in New York yesterday. The application is seeking a preliminary injunction restraining Jurong Shipyard, a unit of Sembcorp Marine, from selling the rig, and comes just hours before today's noon deadline for interested parties to submit their bids.
Yangzijiang deliveries unaffected by changes
China-based Yangzijiang Shipbuilding (Holdings) reported that its delivery schedule has been on track with 11 vessels worth US$445.9 million delivered so far this year, even as it helps customers ride through the downturn. The group has recently accommodated two requests for change of vessel type -from two 1,350 twenty-foot equivalent (TEU) container ships to three 13,000 deadweight tonne (dwt) dry bulkers, and from two 4,250 TEU vessels to two
92,500 dwt vessels.
Noble waives Gloucester condition, offers final price
Noble Group has waived a key condition of its offer for Gloucester Coal and says that its offer price is final. In a statement, the commodities trader said its bid for Gloucester is no longer
conditional on the latter's merger with Whitehaven Coal not going ahead, and that its offer price will not be revised in the absence of a superior proposal.
Source: Kim Eng
Jurong Shipyard's planned sale of a disputed rig could hit a roadblock after PetroRig I Pte Ltd filed an application before the bankruptcy courts in New York yesterday. The application is seeking a preliminary injunction restraining Jurong Shipyard, a unit of Sembcorp Marine, from selling the rig, and comes just hours before today's noon deadline for interested parties to submit their bids.
Yangzijiang deliveries unaffected by changes
China-based Yangzijiang Shipbuilding (Holdings) reported that its delivery schedule has been on track with 11 vessels worth US$445.9 million delivered so far this year, even as it helps customers ride through the downturn. The group has recently accommodated two requests for change of vessel type -from two 1,350 twenty-foot equivalent (TEU) container ships to three 13,000 deadweight tonne (dwt) dry bulkers, and from two 4,250 TEU vessels to two
92,500 dwt vessels.
Noble waives Gloucester condition, offers final price
Noble Group has waived a key condition of its offer for Gloucester Coal and says that its offer price is final. In a statement, the commodities trader said its bid for Gloucester is no longer
conditional on the latter's merger with Whitehaven Coal not going ahead, and that its offer price will not be revised in the absence of a superior proposal.
Source: Kim Eng
Monday, May 18, 2009
Daily news - 18 May
CapitaLand sells 24 more The Wharf Residence units
Capitaland has sold another 24 apartments over the weekend at The Wharf Residence at Tong Watt Road, off Mohamed Sultan Road, the listed property group said in a release yesterday. This comes after the sale of 85 apartments on Friday following a relaunch of the 999-year-leasehold project. The apartments are priced at between $1,300 and $1,600 per square foot (psf) inclusive of a package comprising stamp duty absorption and an interest absorption scheme.
Capitaland has sold another 24 apartments over the weekend at The Wharf Residence at Tong Watt Road, off Mohamed Sultan Road, the listed property group said in a release yesterday. This comes after the sale of 85 apartments on Friday following a relaunch of the 999-year-leasehold project. The apartments are priced at between $1,300 and $1,600 per square foot (psf) inclusive of a package comprising stamp duty absorption and an interest absorption scheme.
Thursday, May 14, 2009
Daily news - 14 May
Wilmar may list 20-30% of China business
Plantations giant Wilmar International said yesterday it plans to list 20 to 30 per cent of its China business in either Hong Kong or Shanghai. Chief executive officer Kuok Khoon Hong said that with rising affluence and rapid urbanisation, China will consume increasing quantities of high-quality processed agricultural commodities and other consumer products.
SingTel posts highest subscriber gain
Exclusive handset deals and aggressive mobile promotions continue to make more consumers 'see red', with Singapore Telecom chalking up the biggest subscriber gain among the three local operators in the first quarter of this year.
Source: Kim Eng
Plantations giant Wilmar International said yesterday it plans to list 20 to 30 per cent of its China business in either Hong Kong or Shanghai. Chief executive officer Kuok Khoon Hong said that with rising affluence and rapid urbanisation, China will consume increasing quantities of high-quality processed agricultural commodities and other consumer products.
SingTel posts highest subscriber gain
Exclusive handset deals and aggressive mobile promotions continue to make more consumers 'see red', with Singapore Telecom chalking up the biggest subscriber gain among the three local operators in the first quarter of this year.
Source: Kim Eng
Wednesday, May 13, 2009
Daily news - 13 May
Noble to raise $125m from share placement
Commodities trader Noble Group is raising net proceeds of about $125.5 million by placing out 84.7 million new shares at $1.52 each. The price represents a discount of about 2.5 per cent to the weighted average trading price from Monday up to the time at which the placement agreement was inked, it said yesterday.
UOL gets big boost from negative goodwill
UOL Group posted a more than seven-fold year-on- year rise in first-quarter net profit to 331.8 million - from $42.85 million a year ago - largely due to gains of $277.7 million from negative goodwill recognition relating to the acquisition of United Industrial Corporation (UIC) shares. For the three months ended March 31, the group's operating profit rose 18 percent year-on-year to $70.8 million on the back of a 22 per cent increase in revenue to $196.7 million.
Yanlord's Q1 earnings more than double
Helped by higher selling prices for the company's high-end projects, Yanlord Land Group's net profit more than doubled to $24.27 million for the first quarter ended March 31, 2009 from $9.31 million for the previous corresponding quarter. Its average selling price (ASP) rose 44.4 per cent year on year to 24,968 yuan (S$5,341) per square metre. The higher ASP was mainly driven by higher-margin projects, particularly Yanlord Riverside City Phase 2 and 3 in Shanghai, which accounted for 80 per cent of its gross revenue.
Source: Kim Eng
Commodities trader Noble Group is raising net proceeds of about $125.5 million by placing out 84.7 million new shares at $1.52 each. The price represents a discount of about 2.5 per cent to the weighted average trading price from Monday up to the time at which the placement agreement was inked, it said yesterday.
UOL gets big boost from negative goodwill
UOL Group posted a more than seven-fold year-on- year rise in first-quarter net profit to 331.8 million - from $42.85 million a year ago - largely due to gains of $277.7 million from negative goodwill recognition relating to the acquisition of United Industrial Corporation (UIC) shares. For the three months ended March 31, the group's operating profit rose 18 percent year-on-year to $70.8 million on the back of a 22 per cent increase in revenue to $196.7 million.
Yanlord's Q1 earnings more than double
Helped by higher selling prices for the company's high-end projects, Yanlord Land Group's net profit more than doubled to $24.27 million for the first quarter ended March 31, 2009 from $9.31 million for the previous corresponding quarter. Its average selling price (ASP) rose 44.4 per cent year on year to 24,968 yuan (S$5,341) per square metre. The higher ASP was mainly driven by higher-margin projects, particularly Yanlord Riverside City Phase 2 and 3 in Shanghai, which accounted for 80 per cent of its gross revenue.
Source: Kim Eng
Subscribe to:
Posts (Atom)