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Stocks In Focus (CNA Group, Metech Int’l, OKP Hldgs) – 02/07/13
CNA Group To Partner TSE-Listed Tama Home In Thailand Real Estate Development
Local Master Systems Integrator, CNA Group announced its partnership with Tama Home to develop housing for the Japanese community in Thailand as they inked a Memorandum of Understanding with Tama and CNA’s Thailand real estate partner, West East International (WEI). CNA, WEI and Tama are to co-develop its first phase (6,400 square metres or 4 rai) real estate development in Sriracha, a city south of Bangkok that consists of premier service apartments and residential buildings with a saleable built-up area of 20,000 square metres. The entire project will be on a land area of 36,800 square metres or 23 rai. It is expected to be completed over four phases, within an estimated period of three to five years, and is expected to have a highly significant contribution to the group.
Significance: The development will mark the group’s first step into property marketing and branding in Thailand after the earlier announcement to collaborate with WEI on property projects. Both parties to leverage on each other’s expertise as well as to capitalise on any potential opportunities.
Metech To Sell Stake In Waste Treatment Subsidiary For $2.3m.
Metech International, a leader in the responsible recycling of electronic waste, has entered into a sale and purchase agreement with private investment holding company, Tenneco Works. Under the agreement, Metech is proposing to sell 2,273,750 ordinary shares, or 51 percent of its wholly-owned subsidiary, Tonkin Recycling for a consideration of $2.3 million. The consideration of $2.3 million will be satisfied in cash and payable in three installments. The gain on the proposed sale will amount to $255,000, and the proceeds will be used for the expansion of Metech’s business in electronic waste recycling.
Significance: Executive chairman of Metech, Song Tang Yih is of view that the proposed sale will enable the company to streamline its portfolio and provide the financial flexibility to explore new strategic investments as its strategy is to focus on end-of-life e-Waste recycling.
OKP Secures Stamford Canal Deal Worth $6.7m
OKP Holdings’ wholly-owned subsidiary, Or Kim Peow Contractors, was awarded a $6.7 million Public Utilities Board (PUB) contract for the improvement works of Stamford Canal, stretching from Napier Road to Marina Reservoir. The contract commenced yesterday and work is expected to be completed by end October 2014. This contract comes hot on the heels of a $15 million PUB contract awarded to OKP’s wholly-owned subsidiary Eng Lam Contractors last week for improvement works to be carried out to roadside drains at Lucky Heights Estate. Work commenced on 25 June 2013 and is expect to be completed by 24 June 2015. Earlier in April 2013, Eng Lam Contractors was also awarded a $10.2 million contract by PUB to carry out improvement works to roadside drains in Joo Chiat area. Work started April 2013 and is expected to be completed by October 2015.
Significance: The latest contract win raises OKP’s order book to $415.2 million and is expected to contribute positively to FY13 financials. But it has no material impact on, the earnings per share and net tangible assets per share of the company and its subsidiaries for the current fiscal year. The counter is up $0.005 to $0.40 from yesterday’s close as at noon today.
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