Stocks In Focus SG (Fragrance, GLP, Yangzijiang) – 18/06/14

Ace Achieve Infocom has secured a new IT project worth Rmb48 million from China Unicom, one of the three largest telecom operators in China. The company will be supplying and installing IBM storage devices and servers in Beijing, Anhui and Xinjiang. The project is expected to be completed within 18 months and will help increase the company’s presence in the China market.

Fragrance Group’s subsidiary Fragrance Vic-Mel (Spencer) has acquired a 1,800 square meters property located in Spencer Street, Melbourne, Victoria, Australia for A$44.5 million. The group intends to redevelop the property into a high-rise mixed-used development, as the property is strategically located in the Melbourne CBD directly opposite Southern Cross Station, a central hub for business and retail.

Global Logistic Properties (GLP) inked a built-to-suit agreement with Japan Logistic Systems Corporation (Logitem) for GLP Yoshimi, a 62,000 square meters facility in Greater Tokyo. The facility is 100 percent pre-leased to Logitem and will commence development in 2Q15.

Yangzijiang Shipbuilding (Holdings) has clinched a shipbuilding contract for four 260,000 deadweight tonnage very large ore carriers from an Australian based ore company, breaking into the Australian market for the first time. The company is looking to redirect attention from non-core businesses into its core shipbuilding related businesses. In the future, the company will expand its shipbuilding capabilities and devote attention towards research and development to improve vessel design and shipbuilding processes.

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