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"Bite-sized corporate update"
5 September
Swiber Holdings
• Swiber Holdings Limited (“Swiber” or together with its subsidiaries, the “Group”), a world class service provider in the offshore industry, today announced that CUEL Limited (“CUEL”), one of the region’s foremost offshore EPCIC fabrication contractors, has Swiber inks agreement for installation job from CUEL in the Gulf of Thailand formally awarded Swiber a contract to provide offshore installation services in the Gulf of Thailand. The project was secured by the Group’s Offshore Construction Services (“OCS”) arm, Swiber Offshore Construction Pte Ltd.This latest project is part of a major long-term agreement that was previously announced by Swiber in March 2008.That project encompassed Swiber providing offshore installation services in the Gulf of Thailand for various clients of CUEL at an estimated annual value of approximately US Dollars fifty million per year for a period of up to five years beginning 2009.
Rickmers Trust
• Rickmers Trust Management Pte. Ltd., Trustee-Manager of Mainboard-listed Rickmers Maritime (the “Trust”), today announced it has accepted delivery of its 12th vessel, MOL Dedication.The newly built vessel is the second of 13 additional vessels that Rickmers Maritime had entered into an agreement to acquire in March 2008. These two vessels compliment the initial contracted fleet of 10 containerships.Constructed by China’s Dalian Shipyard, MOL Dedication will commence a time charter with Mitsui O.S.K. Lines Ltd. (“Mitsui”) for a 10-year period, and is the second in a series of five 4,250 TEU vessels that will be chartered to the leading Japanese container liner company.The first was MOL Dominance, which was delivered in June 2008.
Shanghai Allied Cement Ltd
• The board of directors (the “Board”) of the Company (together with its subsidiaries, the “Group”) wishes to inform the shareholders of the Company and investors that the Group is expected to record losses for the six months ended 30 June 2008 compared to a profit recorded by the Group for the corresponding period ended 30 June 2007.This is mainly attributed to the increased finance cost and production cost, particularly the price of coal.
4 September
CapitaLand
• CapitaLand has entered into a share purchase deed for the sale of its indirect wholly-owned subsidiary Hua Lei Holdings Pte Ltd which indirectly owns 100% of office property Capital Tower Beijing for a total consideration of US$352 million (S$498 million).The total consideration comprises the consolidated net asset value of CapitaLand’s indirect wholly-owned subsidiaries which own the property, taking into account the assignment of shareholder’s loan of about US$166 million (S$235 million) and valuing Capital Tower Beijing at US$488 million (S$691 million).CapitaLand will obtain a net cash flow of about S$498 million and is expected to recognise a gain of S$163 million.
Cambridge Industrial Trust Management
• Cambridge Industrial Trust Management (“CITM”), the manager of Cambridge Industrial Trust (“CIT”), on legal advice today commenced proceedings to evict Olivine Magnetics Pte Ltd (“Olivine”) from premises owned by CIT at 130 Joo Seng Road (“the Property”).An on-demand bank guarantee held as a rental deposit in relation to the Property has already been called. CITM does not expect the eviction proceedings to have a material impact on the earnings of CIT. CIT intends to commence re-tenanting the property when eviction proceedings are complete; in particular CIT intends to commence negotiations with Olivine’s existing subtenants in the Property as soon as practicable.On completion of the eviction proceedings, CIT’s occupancy across its portfolio will be 98.3%.
See Hup Seng Ltd
• The Board of Directors of See Hup Seng Ltd (“the Company”) wishes to refer to the announcement on 1 September 2008 relating to the civil penalty enforcement action for insider trading imposed on Mr Yap Sew, Chief Executive Officer and Executive Director of the Company by the Monetary Authority of Singapore for incidents that occurred in July 2006 before Mr Yap Sew joined the Company.The Board of Directors convened a board meeting on 2 September 2008 to consider the circumstances surrounding the matter, including Mr Yap Sew’s offer to resign from all positions in the Company to avoid any potential fallout and adverse publicity to the Company.In its deliberation, the Board of Directors considered the following pertinent factors:
1. The incidents had taken place in 2006 when Mr Yap Sew was not a director or employee of the Company.
2. Mr Yap Sew, since joining the Company as CEO and Executive Director in August 2006, has been instrumental in the systematic rationalization of the Company, including successfully implementing key business strategies which helped transform the Company from 6 years of losses to healthy profitability since 2006. In the process he has also helped developed the Company to become a leading provider of corrosion prevention services in Singapore.
3. Under Mr Yap Sew’s management leadership, the Company’s second plant started operation successfully in July 2008 and has already started to contribute to group bottom line. Several other initiatives, including some opportunities abroad, are being worked on by Mr Yap and his team to bring the Company to the next phase of growth.
· The Board after taking into consideration the above factors has unanimously decided that it would be in the best interests of the Company that Mr Yap Sew be retained in his current capacity. Mr Yap Sew has subsequently agreed to withdraw his resignation and assured the Board of his full commitment to continue to implement the business strategies endorsed by the Board.
· In the same meeting, the Board has also decided to appoint its current Chief Operating Officer, Mr Lum Chee Kong as Executive Director of the Company to further strengthen the Board.
3 September
Swiber Holdings
• Swiber Holdings Ltd today announced that its wholly-owned subsidiary, Kreuz Engineering Ltd has entered into agreements for the sale and leaseback of five vessels for a consideration of approximately US$225m.The move will enable the company to finance its fleet expansion plan, particularly deepwater and subsea vessels, without straining its balance sheet and improve its cash flow.It will also allow the company to maintain full operational and commercial control over the vessels.
Unisteel Technology
• The Board of Directors of Unisteel Technology Limited (the “Company") is pleased to announce that the Company has entered into a sale and purchase agreement (the “S&P Agreement”) to acquire the remaining 30% in Takumi Unitech Pte Ltd (“Takumi”) comprising 400,000 and 200,000 shares (the “Sale Shares”) from Takumi Kogyo Co Ltd and Numazu Fastener Corporation respectively.The consideration for the Acquisition shall be US$7,677,373.50 (the “Consideration”) which will be fully satisfied by way of cash on completion for the Sale Shares. The consideration is derived from
Takumi’s net asset value as at 30 June 2008.Takumi Unitech Pte Ltd will then become a wholly owned subsidiary of Unisteel Technology Limited
Chip Eng Seng Corporation
• The Board of Directors of Chip Eng Seng Corporation Ltd (the “Company”) is pleased to announce that the Company’s wholly owned subsidiary, Chip Eng Seng Contractors (1988) Pte Ltd (“CESC”), has been awarded a design and build contract worth $156 million (the “contract”) by the Housing & Development Board (“HDB”) in Punggol West.The contract is for the design and construction of residential buildings with a carpark and community facilities. Preparation and complete design, submission and obtaining DC approval, including other preparation work will take 7 months and is expected to commence in September 2008.Upon the approval from HDB, construction work will commence. The construction phase is for a 30 months period.
2 September
Inter-Roller
• The Company is pleased to announce that it has been awarded a contract worth S$5.1 million to provide Baggage Handling Systems (“BHS”) to Amritsar and Trivandrum Airports in India.These projects involve relocation and installation of arrival and departure systems in both airports. In order to meet the rising passenger traffic, the Company has been commissioned to complete these projects within the next 6 months.
ST Engineering
• Singapore Technologies Engineering Ltd (ST Engineering) today announced that its electronics arm, Singapore Technologies Electronics Limited (ST Electronics), has won a S$112m contract from the Land Transport Authority of Singapore (LTA) for the supply of Half Height Platform Screen Doors (HHPSD) and its associated works for all existing elevated Mass Rapid Transit (MRT) stations.Work will commence in September this year and is expected to be completed in 2012.ST Electronics will design, supply, install and commission the HHPSD and deliver associated works for all 36 existing elevated MRT stations.This is the first such HHPSD retrofit project in Singapore and when completed in 2012, will further enhance commuter safety at all elevated MRT stations.
DBS Bank Ltd
• DBS Bank Ltd (DBS) and China Unionpay (CUP) signed a Memorandum of Understanding (MOU) today that expands existing partnerships made in Singapore and Hong Kong for retail banking offerings.The MOU paves the way for global partnerships between DBS and CUP, and reinforces DBS’ regional focus and commitment to develop its retail banking business in Asia.With this strategic alliance, DBS can now offer the full suite of CUP card products and related services in markets it operates in, including China and Indonesia.
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