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Stocks In Focus SG (Amplefield, Sapphire Corp, Yuexiu Property) – 25/11/14
Amplefield has been awarded a contract worth $233 million for the design, execution and completion of main infrastructure works including not limited to earth filling, road works, street lightings and landscaping works, on a 300-hectare parcel of land in Ho Chi Minh, Vietnam. The main infrastructure construction shall be completed within 36 months from the date of handover of the relevant parcels of land.
Sapphire Corporation proposed the acquisition and further subscription of shares in Ranken Infrastructure for an aggregate consideration of Rmb360.4 million (approximately $75.9 million). Ranken mainly specialises in the design, civil engineering and construction of railway transport infrastructure and is the second largest privately-owned company of its type in China. The acquisition is in line with the company’s plan of diversifying and exiting the steel business. The company intends to finance the acquisition by cash and in the form of a private placement to the vendor.
Singapore Kitchen Equipment proposed the disposal of a property located at No. 1 Commonwealth Lane for $730,000. Valued at $770,000, the property is a ramp-up factory leasehold unit with a 30-year lease which commenced in 2008 and yields a gross floor area of 132 square metres. Net proceeds from the disposal will be deployed as general working capital requirements.
Yuexiu Property Company acquired a land parcel measuring 0.6 million square metres in total gross floor area (including underground) for Rmb6.5 billion. Located in the city center of Guangzhou, China, in Baiyun District, the land parcel is expected to be developed for residential use. Including the latest tender, the company’s total land bank is approximately 15.7 million square metres.
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