Daily Briefing: Otto Marine’s Australian units face court action; Ezra rebound seen as fleeting

And foreign factors benefit luxury home market in Singapore.

A Singapore-listed builder of ships that service offshore oil and gas facilities said some creditors are seeking to wind up its subsidiaries in Australia, adding to signs of strains in an industry beset by energy price declines. Otto Marine Ltd. said three creditors filed three such applications with the Supreme Court of Western Australia to wind up Go Inshore Pty and Go Marine Group Pty. Read more here.

Ezra Holdings Ltd. is leading a rebound among Singapore oil-services providers this month, after bearish bets pushed the company’s shares to all-time lows. The rally will be short-lived amid deepening financial distress in the industry, analysts say. Ezra has surged more than 40 percent in September, and oil-related companies including Ezion Holdings Ltd. and Vard Holdings Ltd. are among the top five gainers on the 129-member FTSE Straits Times All-Share Index for the month. Find out more here.

The tax amnesty in Indonesia may not be the only thing driving sales in Singapore’s luxury home market, reported Singapore Business Review, citing Jefferies. According to the American global investment bank, the growth in transactions in the high-end residential sector can also be attributed to the morphing of businesses into investment hold companies or family offices. Read more here.

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