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Stocks In Focus SG (Loyz Energy, Chip Eng Seng, Low Keng Huat) – 30/03/15
Chip Eng Seng sold a vacant development site in Melbourne for A$64.8 million ($69.3 million) plus goods-and-services tax (GST) as at 27 March 2015. The 2,927 square meter site near the edge of the Melbourne central business district was bought in 2013 for A$32 million plus GST and it included a planning permit obtained in 2014 and marketing material for a 72-storey, 1,305 apartment mixed-use high-rise development.
Low Keng Huat (Singapore) recognised sales from two projects to produce a steep increase in its fourth quarter net profits despite declines in every other business segment, where net profit for the three months ended January 2015 rose to $61.4 million, compared to $6.7 million last year. Net profits also tripled to $144.9 million for the full financial year. Having completed its develop, build and sell scheme project Parkland Residences in October 2014 and its Paya Lebar Square retail and commercial building in November, the sales from the two projects contributed $1.1 billion of revenue in financial year 2015, helping to offset losses from other segments. Low Keng Huat expects a soft market after the cooling measures introduced by the Singapore government and release of more land for development.
Loyz Energy reported two memorandum of understanding (MOUs) with India’s Sun Petrochemicals as a strategic move to manage its concession portfolio. The first MOU allows Loyz to jointly bid for potential upstream exploration and production (E&P) projects and enjoy a carried participating interest, showing more potential to add producing assets to its portfolio. The second MOU allows its 51.8 percent-owned Interlink Petroleum (IPL) to assign Indian assets to Sun Oil & Natural Gas (SONG), receiving 7.5 percent of the monthly net profits and 50 percent of the recovery cost once certain criteria are satisfied. The transfer and assignment of assets to SONG is expected to be completed within two months from the date of the second MOU.
Sino Construction entered into share subscription agreements with four subscribers, who have agreed to subscribe a total of 262 million new ordinary shares at $0.0248 per share. The new shares will produce an estimated net proceeds of approximately $6.5 million, representing a rough 6.4 percent of the existing issued share capital of the company. The proceeds will be used to enhance the company’s current financial position, allowing the company to further fund the construction of modular power plants in South Korea.
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