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Stocks In Focus SG (Cambridge Industrial Trust, Fortune REIT, Xpress Hldgs) – 08/12/14
ASL Marine Holdings’ subsidiary has reached mutual agreement to unwind a ship building contract for two offshore support vessels with its customer. The company is confident about selling the two vessels, both of which will be ready for operation in 2015, and is in the midst of discussion with potential buyers. The company also announced that the outcome of the current negotiation will not impact its earnings per share significantly.
Cambridge Industrial Trust announced an acquisition proposal of 16 International Business Park, Singapore, for a consideration of $28 million. The three-storey building located within International Business Park in Jurong has a gross floor area of approximately 69,258 square feet (sqf) and remaining land tenure of 41.6 years. Upon completion of the acquisition, the property will be leased to M+W Singapore for 11.6 years, with the option to renew for two consecutive five-year terms.
Fortune REIT announced plan to acquire Laguna Plaza, as well as existing borrowings of the company that owns the property. The acquisition is worth HK$1.9 billion, which completion is expected by 9 January 2015. Valued at HK$2.1 billion with estimated net property yield of 4.3 percent, the target property has a gross rental area of 163,203 sqf, a 150-slot parking facility and 77 tenants as of 31 October. The committed occupancy rate of the target property as at 8 December is approximately 96.7 percent.
Halcyon Agri Corporation’s turnover rose 140 percent to US$113.7 million for the third quarter ended 30 September, underpinned by contributions from the newly acquired Anson Company. However, gross margin narrowed 9.1 percentage points to 4.7 percent due to lower average selling price. Coupled with surges in administrative and finance expenses, Halcyon sank into the red with a loss of US$12.2 million. For the nine months, revenue climbed 26.5 percent to US$191.6 million while a loss of US$11.2 million was incurred.
PNE Micron Holdings proposed to acquire a 50 percent stake in SMC Industrial for $11.3 million. SMC is engaged in the trading of commodities including copper, stainless steel and other special alloy. The move is in line with PNE’s strategy to diversify into the trading business related to coal, commodities and other products within the energy, minerals and resource sector
Technics Oil & Gas’ subsidiary, Technics Offshore Engineering, has entered into a memorandum of understanding to sell Vina Offshore Engineering for $11 million to Y.H.H Marine Engineering. Incorporated in Vietnam, Vina produces, processes, maintains and repairs ports, materials and equipment for the oil and gas industry.
Xpress Holdings and its founder Fong Kah Kuen have signed a memorandum of understanding (MOU) with Ma Wei Dong, chairman of Kunming LuChen Group Co, to raise $23 million by the issuance of 1.1 billion new shares of Xpress at an issue price of $0.007 per subsciption share to Ma. Funds raised will be used for expansion purposes and working capital to settle its outstanding debt. Ma will also grant an interest-free loan of Rmb10 million to the company, secured by a second mortgage over a property owned by Fong and his wife. Following the subscription, Ma will become Xpress’ single largest shareholder with more than 31 percent of shareholding.
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