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Stocks In Focus SG (8Telecom, Global Logistic, Hyflux) – 03/06/15
Singapore’s manufacturing activity expanded in May, for the first time in six months. May’s purchasing managers’ index (PMI) rose to 50.2 from 49.4 in April. The improvement was attributed to new orders, production output and inventory. However, new orders for the electronics sector continued to decline even though production and imports returned to growth, resulting in the electronics sub-index registering a contraction at 49.8.
8Telecom International has entered into a conditional sale and purchase agreement to acquire 51 percent of the issued and paid up capital of Arete M, an information-communications services company, for a total consideration of $2.2 million. The agreement will include a put option granted to 8Telecom, which gives the group the right to require each of the vendors to purchase the acquired shares for a total consideration of $2.2 million, should Arete M fail to achieve the agreed net profit levels. The put option lasts 20 months from the date of completion. The acquisition is complementary and ancillary to the group’s existing business, and also part of the group’s strategy to expand its presence in Singapore.
Global Logistic Properties has signed new lease agreements totalling 146,000 square meters with six leading third-party logistics providers in China, of which five of the new leases are signed with repeat customers. The group said that repeat customers continue to drive demand for its modern logistics facilities, boosted by growing domestic consumption.
Hyflux’s wholly owned subsidiary, Hydrochem Saudi, has been awarded a contract worth US$48 million from the state-owned Saline Water Conversion Corporation to design, build and supply a containerised desalination system with a total designed capacity of 30,000 cubic metres per day to the Kingdom of Saudi Arabia. The project is expected to be completed in approximately eight months.
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