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Stocks In Focus SG (Chasen, Renewable Energy Asia, TEE Land) – 08/01/14
Chasen Bags $10.6m New Contracts And Introduces New Service
Chasen Holdings secured $10.6 million of new contracts which include a $7.4 million, cross-border relocation works for a Korean company to China.
The other contracts involve providing refurbishing works for a Japanese original equipment manufacturer (OEM), equipment installation for an aluminium manufacturing plant in Vietnam as well as providing metal scaffolding works for building retrofits and construction projects.
In addition, the company has set up its first facilitised refurbishment and testing centre (FRTC) which will open new opportunities to provide one-stop service to OEMs by merging its new refurbishment facility into its integrated logistics value chain.
Significance: Chasen is positive about its relocation business to continue growing for the rest of FY14. By merging its new refurbishment facility into its integrated logistics value chain, the new FRTC establishment can potentially add new opportunities for the company.
Renewable Asia Energy Group Leases Factory Premises In Haimen City, PRC
Renewable Asia Energy (REA) Group agreed to lease the factory premises at No. 1 Zhuhai Road, Binjiang Sub-district, Haimen City, Jiangsu Province, People’s Republic of China, including other facilities from Oceantec Industries.
Other facilities within the factory premises include an ancillary office, dormitory and workshops, which total up to a built-in area of 71,009 square meters (including the factory).
The lease agreement spans for a period of one year from 1 November 2013 to 31 October 2014 at an annual rental of Rmb10 million, with effect from 26 December 2013.
Significance: The move will enable REA Group to continue the manufacturing of wind turbine components through the lease of existing factory premises of Oceantec Industries without having to incur heavy capital expenditures and lead time arising from the acquisition of land and the construction of new factory premises.
TEE Land Acquires Long House At Upper Thomson Road
TEE Land via its subsidiary, TEE Ventures, inked an agreement for the purchase of a freehold site with building at 183 Upper Thomson Road, Singapore 574332 for a total purchase consideration of $45.2 million.
With a maximum plot ratio of three, the aforementioned site occupies a land area of approximately 1,575.6 square metres and is zoned under the 2008 urban development master plan for commercial and residential use
The company will finance the acquisition through the use of proceeds from its initial public offering and bank borrowings.
Significance: By re-developing the property into a commercial cum residential development, the move is in line with TEE Land’s strategy to further expand its local real estate footprint.
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