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Stocks In Focus SG (Lian Beng Group, Pan-United Corp, Sembcorp Marine) – 11/09/14
Lian Beng Group’s associate, Millennium Land, together with its joint-venture (JV) partner, Billion Land, proposed the disposal of their investments in a 50:50 JV company, 122 Middle Investment, for $270 million. 122 Middle Investment only owns one property, a hotel with commercial facilities, with a carrying cost value of $146.4 million and building construction cost of $70 million.
Pan-United Corporation acquired a 60-year leasehold industrial land in Johor Bahru, Malaysia, from Johor Corporation for RM10.6 million (approximately $4.2 million). The group intends to develop the property over the next two years, and subsequently use it to manufacture readymade concrete (RMC) and slag, a cementitious material used in the group’s Singapore RMC business.
See Hup Seng proposed a one-for-two bonus issue of 304.2 million warrants at an exercise price of $0.20 per share to its existing shareholders (existing shareholders will be issued a free warrant for holding every two ordinary shares of See Hup Seng). Assuming that all issued bonus warrants are exercised, the net proceeds of $60.3 million will be used to fund the group’s existing and potential projects in the near future and other business development opportunities.
Sembcorp Marine agreed to acquire all business assets belonging to SSP Offshore for US$21 million. The key assets of SSP include its flagship SSP Floater technology and the company’s entire portfolio of proprietary SSP® solutions encompassing deepwater drilling, production and storage as well as logistic hub applications. The proposed acquisition is in line with the group’s strategy of diversifying its product offerings and expanding into new market segments in order to further grow its offshore and marine business.
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