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Stocks In Focus SG (Matex Intl, Keppel Corp, Cosco) – 01/04/15
JES International’s losses widened to RMB222.5 million ($49.3 million) in the 4Q14, compared to a loss of RMB182.3 million in 4Q13. Revenue for 4Q14 fell 1.5 percent to RMB50.1 million, compared to RMB50.9 million in 4Q13, attributable to a slowdown in production activities, and the reversal in revenue following the cancellation of two contracts in 1H 2014. For FY14, the company managed a narrowed loss of RMB290.5 million compared to RMB552.2 million in FY13, while FY14 revenue plunged 67.5 percent to RMB176.3 million from 542.9 million yuan in FY13. The company plans to restructure its subsidiaries to improve the group’s positioning, along with its debts and facilities, to maximise the value of the company and its assets for creditors and shareholders.
Keppel Corp failed to meet the compulsory acquisition threshold required its Keppel Land buyout, an unexpected result as the market was confident of reaching the threshold, especially after the second offer extension. As of 31 March 2015, Keppel Corp owned 95.1 percent of Keppel Land, 0.4 percent short of the 95.5 percent threshold despite the offer being opened for 47 days.
Matex International has announced its plans to buy Blackgold Holdings Hong Kong in a $475 million reverse takeover, which will see the company become an operator of four underground thermal coal mines in Chongqing, China. Metax will also own four mines, which is 100.7 million tonnes worth of combined ore reserves, proved and probable. The proposed acquisition will provide an opportunity for the group to venture into the energy sector, and participate in coal mining and trading in the PRC.
COSCO Corps announced that COSCO (Dalian) Shipyard, a 51 percent owned subsidiary of the company’s subsidiary COSCO Shipyard has agreed to reschedule to the delivery dates of two LeTourneau Super 116E jackup drilling rigs. The delivery dates will take place in December 2016 and June 2017, nine months after their original delivery date following negotiations with the ship owner.
Wee Hur Holdings reported that the three wholly-owned subsidiaries (Wee Hur Buranda 1, Wee Hur Buranda 3 and Wee Hur Australia) will be acquiring the three plots of land located at Woolloongabba, Brisbane, Australia for a total purchase consideration of AUD51.3 million ($55 million), wholly satisifed in cash and funded by internal resources. The plots of land are expected to develop into a mixed development with predominantly residential components, complemented with retail and commercial components, in line with the company’s strategy to venture into overseas property development.
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