Stocks In Focus SG (Pacific Radiance, Vard Hldgs, Yongnam Hldgs) – 07/10/14

Pacific Radiance has entered into a 50:50 joint venture with Daiho Energy Services to co-own the share capital of SDM Marine. The principal activity of SDM is in the owning, chartering and leasing of specifically-designated offshore vessels.

Vard Holdings secured a contract worth NOK300 million from Island Offshore for the construction of one offshore support vessel. The vessel is expected to be delivered from Vard Brevik in Norway in 1Q16, while the vessel’s hull will be delivered from Vard Braila in Romania. Including the newest contract win, Island Offshore has five vessels under construction at the group.

Yongnam Holdings proposed the sale and lease-back of a land and building located in Nusajaya, Malaysia, for RM153.5 million (approximately $60 million). The consideration is at a 8.4 percent discount to the property’s valuation of RM167.5 million. Under the scheme, Yongnam Malaysia will remain as the tenant of the proposed sale property for a term of 15 years. The group intends to redeploy the proceeds generated from the proposed sale into its working capital as well as to fund potential investments in infrastructure developments in the region. The sale is expected to be completed by 31 December 2014.

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