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Stocks In Focus SG (Chiwayland, Miyoshi Precision, Olam) – 05/12/14
Chiwayland International’s Australian subsidiary has entered into a memorandum of understanding with an Australian property firm to explore a possible joint venture (JV) for a project development in Sydney, New South Wales, Australia.
Declout’s JV, Epicsoft Asia, has bought a web and mobile business, Playworks, from its business partner, Choo See Wee, for a cash amount of US$1 million. The business deals with developing web and mobile portals, and marketing services for the technology and gaming industries. Playworks would improve Declout’s vertical domain clouds business, hasten the development process of a gaming platform targeted at premium users, and improve its marketing capabilities to its consumers. As of 13 October, Playworks’ management accounts show a net tangible asset value of $273,000.
Miyoshi Precision is increasing its investment in Green Galaxy, a light electric vehicle (LEV) maker, from 5.13 percent to 55 percent. Miyoshi’s $3 million investment comprises 32 million new shares of $2 million issued to Hong Kong-based JV partner Promise New Energy Development, and $1 million in cash for capital. Miyoshi’s chief executive officer, Andrew Sin, believes there is a strong demand for cheaper alternatives modes of transport in China, especially so when the Chinese government agencies plan to fill 30 percent of their fleets by 2016 with LEVs.
Olam International agreed to buy US-based peanut sheller McClesky Mills for US$176 million. This acquisition will give Olam advancement in the US peanut value chain, and is expected to complete by 3Q15. The acquisition is funded by internal funds as well as existing debt facilities of Olam. Olam also owns US-based Universal Blanchers, which specialises in toll blanching and ingredient manufacturing of peanuts.
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