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Stocks In Focus SG (Boustead, Keppel Corp, Tat Hong Hldgs) – 08/10/14
Boustead Singapore via its subsidiary, Boustead Projects, bagged a contract worth more than $20 million to design and build the Airbus Asia Training Centre that will be located at Seletar Aerospace Park (SAP). The facility is the 15th aerospace project undertaken by Boustead Projects and its 7th aerospace project at the 320-hectare SAP. The latest contract win will raise the group’s order book to over $315 million.
Chasen Holdings agreed to purchase the remaining 49 percent interest to the net proceeds from the sale of a factory located at No. 6 Tuas Avenue 20, Singapore 638820 for $5.4 million. The proposed acquisition not only provides the group with a hedge against rising industrial property rental but also an opportunity to fully own the rights to the net proceeds from the sale of the factory premise in a strategic industrial location. The group intends to finance the acquisition with a combination of equity and bank borrowings.
Keppel Corporation has secured contracts worth $153 million from repeated customers. Expected to be completed by 2Q16, the first contract involves the conversion of a floating production storage and offloading vessel for a subsidiary of Bumi Armada. The second contract which is expected to be completed by 2H15, is for the construction of a submersible barge for a subsidiary of Royal Boskalis Westminster Group. Works for these contracts have already begun.
Tat Hong Holdings announced a possible spin-off of part or all of its tower crane rental business in China via a listing of shares on a “reputable” stock exchange. The group is in the view that the move would provide access to an additional source of funding to capitalise on growth opportunities for the capital-intensive tower crane rental business in China, as well as strengthen the financial strength of its other strategic business units in ASEAN and Australia.
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