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Stocks In Focus SG (Lum Chang Hldgs, OUE, Ziwo Hldgs) – 29/09/14
Lum Chang Holdings proposed the acquisition of the remaining 49 percent of share capital in Kemensah Holdings for RM38.3 million (approximately $14.9 million). Along with the acquisition, a loan of RM95.1 million granted previously to Kemensah, will be paid off by Lum Chang. The aggregate consideration to be paid is RM133.4 million.
Marco Polo Marine (MCP) has entered into a binding heads of agreement with Nam Cheong for an investment in MCP’s subsidiary, PT Pelayaran Nasional Bina Buana Raya (BBR). Under the agreement, Nam Cheong will subscribe to a rights issue of up to 1.6 billion new shares in BBR at an issue price of IDR230 per share, amounting to a consideration of approximately US$30.7 million. BBR intends to use the proceeds generated from the investment to fund its fleet expansion as well as for the purpose of working capital.
Nam Cheong secured contracts worth US$41 million ($52.1 million) for the sale of three anchor handling towing supply vessels to three repeat customers. In tandem with the latest contracts win and five vessels which were sold in September 2014, the company’s order book is lifted to RM1.9 billion.
OUE proposed the investment in Nuvest Real Return Fund via the subscription of 2 million shares in the fund for US$200 million. In tandem with the company’s intention of optimising returns of its available funds, the target fund with a portfolio of diversified assets while leveraging on the fund manager’s expertise for risk management will not only allow the company to fulfill the stated objective but also to enhance its shareholder value.
Ziwo Holdings proposed the acquisition of a 25 percent stake in Xisheng (Quanzhou) Investment Co for Rmb160 million. Xisheng and CMTCC Shanghai Shisanye Construction Co have jointly won a bid in 2011 to develop the infrastructure construction project of Guanqiao Park in Quanzhou Economic and Technological Development Zone in Quanzhou City, China. Adhering to Ziwo’s long term plans of diversifying and seeking new areas of growth, the proposed acquisition allows the company to enter the industrial reconstruction industry.
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