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Stocks In Focus SG (GLP, Olam Int’l, ST Engg) – 10/09/14
Global Logistic Properties (GLP) signed three new lease agreements totalling 87,000 square metres (sqm) with three third-party logistics companies in Eastern and Midwestern China. The agreements extend GLP strategic partnerships with two of its existing clients – Sinotrans and Best Logistics.
Neo Group posted a turnover growth of 21.2 percent to $28 million for the six-month period ended 31 July, mainly attributable to the better performance at its food catering business due to an increase in both social catering events and its market share for corporate and government sectors. However, earnings dropped 9.1 percent to $2.5 million due to a hike in overall expenses. Subsequently, the group has declared a dividend per share of $0.0105.
Olam International via its subsidiary, New Zealand Farming Systems Uruguay (NZFSU), proposed the establishment of a new dairy processing facility in Uruguay with an investment of US$80 million. The project enables Olam to fully integrate its dairy supply chain and further improves NZFSU’s dairy farming operations by leveraging on its global trading and distribution network. The proposed facility, expected to commence operations in 2017, will have an initial processing capacity of 0.6 million litres of milk per day, going up to one million litre per day upon reaching steady state.
Sim Lian Group has been awarded the tender for a land parcel at Choa Chu Kang Drive for the development of an executive condominium. At a winning bid of $207.4 million, the land parcel has a site area of 19,058 sqm and a maximum gross floor area of 53,362.4 sqm.
Singapore Technologies Engineering via its subsidiary, VT Mobile Aerospace Engineering (VT MAE), inked an agreement to set up an aircraft maintenance, repair and overhaul facility at Pensacola International Airport in Pensacola, Florida. Under the agreement, the City of Pensacola will construct an aircraft hangar complex on 18.7 acres of land, and lease it to VT MAE for 30 years. Expected to be ready for operations in mid-2016, the hangar will be able to accommodate two wide-body aircrafts.
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