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Stocks In Focus SG (City Developments, Pacific Radiance, Wee Hur Hldgs) – 23/09/14
City Developments agreed to purchase Anting Investments for US$22.6 million. Anting Investments, an investment company incorporated in Mauritius, owns a subsidiary, Shanghai Anting Waratah Real Estate Development Co which comes with a paid up capital of US$12.5 million. The proposed acquisition will provide City Developments an opportunity to expand and enhance its presence in China.
Pacific Radiance has acquired another 40 percent of equity interest in CrestSA Marine & Offshore for $2 million. When completed, the target company will be a wholly owned subsidiary of Pacific Radiance.
Tritech Group was awarded a consultancy contract worth $13.8 million by the Land Transport Authority. Under the contract, the group will provide consultancy services for the construction, supervision and review of services for contracts T227 and T228. The T227 and T228 contracts are in relation to the construction of mass rapid transit stations for the proposed Thomson Line.
Wee Hur Holdings bagged a housing building works project worth $157.7 million from the Housing & Development Board for the construction of 10 residential blocks, a multi-storey car park, linkways, roof gardens, driveways, service roads and landscaping works at Punggol West. Estimated to take 2.5 years to complete starting October, this newly-acquired contract strengthens the group’s order book to an estimated $404.9 million.
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