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Stocks In Focus SG (Digiland International, KrisEnergy, Lian Beng Group) – 30/12/14
Digiland International announced entering into a subscription agreement with Lee Soek Shen to issue 7.3 billion new shares at price of $0.001 per share, raising a total of $7.3 million for general working capital usage. The new shares will represent approximately 14.54 percent of the Company’s Enlarged Share Capital and approximately 14.5 percent of the Resultant Share Capital.
KrisEnergy has received thumbs up from the Indonesian government with regards to its plans to develop Lengo gas field in the Bulu production sharing contract offshore East Java. The approval opens the door for more gas sales agreements with potential offtakers as demand for gas grow strongly across Indonesia. The plan will bring the group’s product mix to 52 percent gas versus 48 percent oil.
Lian Beng Group has announced a disposal of indirectly owned Epic Land (19-2), to an unrelated third party for a consideration of $16.7 million. Upon completion of the disposal, Epic Land (19-2) will no longer be an associate company of its parent company Epic Land, as well as Lian Beng Group, which holds a 32 percent stake in the latter.
Sino Construction confirmed a sales and purchase agreement with Zhou Xing Zhong to dispose all of its equity interest in Daqing Nafi Le Consulting Co for a consideration of Rmb0.1 million ($21,276). Daqing Nafei Le Consulting Co has not been able to secure construction contracts since incorporation due to challenging business environment and competition in China.
United Engineers has signed a conditional sales agreement with Asia Facility Solutions to dispose its 51 percent stake in UE Managed Solutions and 100 percent stake in UE Service Corp (Taiwan). UE Managed Solutions is an investment holding company having four wholly owned subsidiaries, while UE Service Corp (Taiwan) provides facilities management services. The total consideration of the sale was derived at $12.7 million, after taking into account net asset value and prospect of the two businesses.
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