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Stocks In Focus SG (Keppel Corporation, Nam Cheong, Sheng Siong Group) – 29/12/14
Keppel Corporation’s unit, Keppel Offshore & Marine has secured a more than US$100 million contract to build one of the world’s largest land drilling rigs for a major operator. The drilling rig is scheduled for delivery in mid-2016.
Nam Cheong has secured a sales contract of two vessels worth US$45 million, selling an anchor handling towing supply vessel to Netherlands-based Vroon BV, and a platform supply vessel to EA Temile Development Company of Nigeria. Both are repeated customers. With the above contracts, Nam Cheong’s order book stands at RM1.7 billion.
Otto Marine has sold an anchor handling tug supply vessel to a renowned unrelated third party for US$100 million. The vessel is still under construction in Batam, Indonesia, and is expected to be completed in 2Q15. Upon completion of the vessel, Otto Marine’s subisidiary GO Offshore (L) will charter it for eight years. As at 30 September 2014, the company’s net order book stood at approximately US$500million.
OUE has entered into a conditional agreement with Gemdale Properties and Investment Corporation to subscribe for HK$1.5 billion ($256.4 million) worth of shares, representing approximately 23 percent of its enlarged issued share capital. As a real estate developer with projects in China, the acquisition target will allow OUE access into China’s real estate, and provide OUE the opportunity to leverage on future potential collaborations and partnerships.
Parkway Life Real Estate Investment Trust has entered into a purchase and sales agreement with Lycia Godo Kaisha to sell seven of its nursing homes in Japan for an approximate total of JPY8 billion ($88.3 million). The sale price is 28.1 percent higher than the original purchase price and 8.3 percent higher than the latest independent valuation. The trust is expected to recognise an estimated divestment gain of approximately $12.3 million over the net book value.
Polaris has entered into an agreement with certain investors to form a joint venture in Thailand. Polaris Gold (Thailand) Co will have an initial registered share capital of THB3 million ($0.1 million). The joint venture will deal in the business of telecommunication equipment.
Sheng Siong Group has executed a US$10 million joint venture effort with Kunming LuChen Group Co to operate supermarkets in China. Sheng Siong will contribute to 60 percent of the venture’s equity, followed by 30 percent from LuChen Group and 10 percent by Tan Ling San, Sheng Siong’s executive director. The conditional agreement is still subject to the Chinese authority’s approval.
Stamford Land Corporation announced the signing of an option agreement with an Australian real estate fund to sell wholly owned subsidiary SLC Campsie’s two properties in New South Wales for a consideration of AUD51 million. The disposal was decided upon the attractive property market condition in Australia, gave an after-tax gain of AUD15.7 million.
TEE Land announced on behalf of its subsidiary, TEE Hospitality, of a joint venture effort with Peter & Jan Clark (Levey Street) and Kenmooreland to establish Potts Point Hospitality, with the respective parties holding 55 percent, 10 percent and 35 percent of stakes. The joint venture effort will see an acquisition of an existing four-star boutique hotel in Sydney for a price of AUD23.2 million, to be completed by 27 February 2015.
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