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Stocks In Focus (CNA, Innopac, Keppel Corp) – 11/06/13
CNA Positions Its Entry Into The Australian Market With $3m Investment
CNA Group has inked a memorandum of understanding with AMMS group for a $3 million investment in AMMS to develop and expand the industrial maintenance and mining services in Australia. The proposed transaction will involve both parties combining their respective strengths and financial resources to provide Industrial Washing and Cleaning (IWC) services for the resource and energy sector with the aim of obtaining fabrication, installing and leasing contracts. In addition, the IWC services contracts includes the delivery of recyclable water management and chemical management systems to AMMS’ base of premium customers. AMMS is an industrial maintenance specialist providing engineering and maintenance solutions to the agriculture, commodity and infrastructure sectors in Australia.
Significance: The proposed investment will allow CNA to enter the IWC services market, and leverage on the established base of clientele of AMMS to expand its businesses while creating a new income source for the firm.
Innopac Obtains Shareholders’ Approval For Proposed Acquisition Of Merlin Diamonds
Innopac Holdings’ shareholders have given their consent to the acquisition of Merlin Diamonds, a diamond mining and exploration company listed on the Australian Stock Exchange. The acquisition will be funded through an allotment and issuance of new ordinary Innopac shares to Merlin shareholders who accept the offer. The firm is offering 1.67 new Innopac shares for every one Merlin share. As of 10 June 2013, Innopac’s offer to acquire Merlin has received approximately 65 percent acceptances from Merlin’s shareholders. In a recent report, Merlin has declared resources and reserves aggregating approximately 7.2 million carats of diamonds located in tenements in Australia. Additionally, Merlin is engaged in exploration for additional sources of diamonds in and around the Merlin Project as well as commencement of commercial production by 2H13.
Significance: The acquisition will diversify Innopac’s business from telecommunication and property investments to include diamond mining and exploration and become the first and only listed diamond miner on the SGX.
Keppel Infrastructure Secures New Contracts At Mediapolis And Changi Business Park
Keppel DHCS, a subsidiary of Keppel Infrastructure, won contracts to design, build, own and operate a new district cooling systems (DCS) plant at JTC’s Multi-Utility Hub and MediaCorp’s new campus, both located at Mediapolis. With the new contracts, Keppel DHCS will service 18 developments located at one-north. In addition, the firm was awarded a contract to provide its services for the upcoming Rohde & Schwarz building, Changi Business Park (CBP) from 3Q13. Keppel DHCS’ expansion of its existing plant at CBP, completed in May 2013, will serve 17 buildings in CBP. Chief executive officer of Keppel DHCS, Joseph Ng, said: “The new contracts further strengthen our presence at one-north and Changi Business Park, and reflect the confidence of our customers in the reliability and quality of our facilities and service.” Apart from Mediapolis and CBP, Keppel DHCS provides DCS services to Woodlands Wafer Fab Park as well.
Significance: The new contracts, with tenures ranging from 20 to 30 years, will bring the total value of contracts secured by Keppel DHCS in 2013 to $80 million.
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