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Stocks In Focus SG (Innopac Hldgs, Q&M Dental, Vard Hldgs) – 02/12/13
Innopac Holdings Diversifies Into Natural Gas
Innopac Holdings had agreed to acquire an 81.8 percent stake in Extera, an investment holding company incorporated in Singapore, from Rubic Prize for a purchase consideration of $17.1 million.
Extera currently holds 90 percent interest in Dezhou Sheng Rong Gas, a company that engages in the ownership and operations of compressed natural gas (CNG) filling stations and natural gas supply as well as distribution business in the Shangdong province, PRC.
The purchase consideration will be financed through the use of cash and issuance of 300 million new shares at an issue price of $0.033 per share. The cash consideration is $7.2 million while the consideration shares amount to $9.9 million.
Significance: Leveraging on Extera’s experience in CNG distribution, the acquisition marks Innopac Holding’s foray into the fast growing CNG distribution industry in the PRC, which has high barriers of entry for foreign investors due to stringest regulations.
Q&M Dental To Acquire Dental Clinic In Rongcheng City
Q&M Dental Group (Singapore) via its subsidiary, Q&M Dental Holdings (China), had inked a non-binding memorandum of understanding (MOU) to acquire a 51 percent stake in the dental hospital known as Rongcheng City Shidao Meichen Hospital and also a 51 percent stake in the dental polyclinic known as Rongcheng City Meichen Stomatology Polyclinic.
Under the MOU, Q&M Dental Holdings (China) will purchase 51 percent of shares in a management company to be incorporated for the acquisition of the dental hospital and dental polyclinic. The share purchase consideration of Rmb17.9 million ($3.6 million) will be paid with shares in Q&M Dental Group (Singapore).
A separate 9 percent stake in the management company will be purchased for Rmb3.2 million ($0.6 million) in cash by Dr Shao Yongxin, current owner of the Aoxin Dental Group located in Shenyang, PRC.
Significance: The acquisition will enhance the company’s plan to increase its presence in Northern China. Furthermore, Dr Shao, who is a key partner for the company’s expansion plans, will provide dental training support to the new acquisitions.
Vard Holdings Secures Advanced Offshore Support Vessel Contract
Vard Holdings has secured a new contract worth NOK400 million with Island Offshore, for the construction of one advanced offshore support vessel.
The Island Offshore Group, a service provider to the offshore industry, manages a fleet of 28 vessels that are currently operating in Brazil, Gulf of Mexico, West Africa and in the North Sea.
The vessel, designed by Rolls-Royce, will have its hull delivered from Vard Braila in Romania and is scheduled for delivery from Vard Brevik in Norway in 1Q15.
Significance: Having established a long-term relationship, Vard Holdings has delivered more than 30 vessels to Island Offshore. Meanwhile, the company currently has five vessels under construction for Island Offshore.
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