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Stocks In Focus SG (City Developments, Olam International, Ryobi Kiso Holdings) – 16/12/14
City Developments (CDL) has partnered with Blackstone and CIMB Bank, plus further borrowings from DBS Bank and Oversea-Chinese Banking Corporation, to create a $1.5 billion investment platform that allows investing in the cash flow of CDL’s Quayside Collection in Sentosa Cove. The investment instrument known as a profit participating security will give a fixed 5 percent payout annually for a five-year period. CDL believes the operating strength and solid cash flows of the Quayside Collection will allow CDL to build and deploy capital for its global plans.
Kori Holdings has been awarded two contacts amounting to a total of $52.9 million, from Taisei Corporation and Daewoo Engineering & Construction Co, with regard to the development of the Thomson Line MRT. Works on the two projects are expected to start in 1Q15, and scheduled to be completed in 24 months.
Olam International has proposed to acquire the global cocoa business of Archer-Daniels-Midland Company (ADM) for a base price of US$1,300 million. ADM is an industry leader in cocoa liquor, powder and butter, boasting of a century worth of tradition and a diverse customer base in more than 90 countries. Olam’s decision was based on its strategy stated in its 2014 annual report, to prioritise cocoa as one of the platforms for accelerated investment and growth.
Polaris announced the formation of a joint venture with TechTitan Technology in the Philippines to engage in the wholesale of telecommunication equipment. The joint venture, Polaristitans Philippines, has a paid-up capital of PHP 15 million (approximately $0.4 million), and will allow Polaris to reach into new markets and to improve its margins in support of its regional expansion plans.
Ryobi Kiso Holdings has secured new contracts worth $56.3 million, bringing its total new contracts since 1 January to $235.5 million. Some of these contracts are foundation works for MRT station and tunnel for Thomson Line, a second NEWater plant in Changi, as well as geoservices for Changi Airport’s Project Jewel and Marina One Residence. These projects are expected to be completed by 30 June 2016.
Serial System has disclosed its disposal of 822,923 shares in its associate Bull Will Co, in the open market for NT$28.3 million (US$0.9 million). The disposal comprised of 1.3 percent of the issued and paid-up share capital of Bull Will Co, and gave a gain on disposal of US$0.6 million that will be used in the funding of business operations.
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