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Stocks In Focus SG (E2-Capital, Frasers Centrepoint, Mermaid Maritime) – 18/09/14
E2-Capital Holdings agreed to fully acquire the share capital of Astaka Padu (AP) for $428 million. AP is a company incorporated in Malaysia and is in the business of land acquisition, property investment, construction and development in Iskandar, Malaysia. Under its portfolio, AP owns two freehold land parcels and is seeking to purchase a third land parcel. The proposed acquisition will provide an opportunity for E2-Capital to participate in the growth of the Iskandar region in Malaysia. The company intends to finance the acquisition with a rights issue.
Frasers Centrepoint proposed the issuance of $600 million worth of subordinated perpetual securities, yielding 4.88 percent per annum with interest payable on a semi-annual basis. These securities do not have a fixed redemption date and are redeemable upon certain conditions.
Mermaid Maritime bagged two saturation diving services contract in the Middle East worth up to US$45 million. The contracts will be serviced by a multipurpose support vessel that is chartered in for a period of eight months with an option to extend its duration for another eight months, while being supported by Mermaid’s diving equipment and personnel to provide a fully integrated service. The first contract has already commenced while the second will begin upon the completion of the first.
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