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Stocks In Focus SG (Sembcorp Marine, Singtel, WE Holdings) – 12/09/13
Sembcorp Marine Secures US$346m Deal
Sembcorp Marine’s subsidiary, Jurong Shipyard, and Helix Energy Solutions Group, a market leader in subsea well intervention services, has signed a US$346 million contract whereby Jurong Shipyard will construct a semi-submersible well intervention rig for Helix. This is the second contract signed between both parties involving the construction of a rig. The latest deal, which is scheduled for delivery in mid-2016, is built based on a design jointly developed by Sembcorp Marine Technology, a fully-owned research & development subsidiary of Sembcorp Marine and Helix. Featuring the latest technology, the rig would be an efficient purpose-designed platform with capabilities to perform a wide variety of tasks. Upon confirmation of the deal, Sembcorp has mentioned its commitment to improvement on its partnership with Helix and to meet their stringent standards of quality, safety and reliability.
Significance: The latest deal marks the on-going partnership and potential business opportunities between Sembcorp and Helix to provide larger and high-tech subsea rigs in future.
SingTel Inks A$530m contract with ANZ
Singapore Telecommunications (SingTel) and Optus Business announced that they have signed a A$530 million agreement with Australia and New Zealand Banking Group (ANZ) to provide telecommunication and managed services for a further five years. The scope of services of the agreement includes domestic and international data network services, mobility, collaboration, contact centre services and managed services to support ANZ’s business operations. The ANZ deal would reinforce Optus Business’ ability to deliver end-to-end managed telecommunications services across Australia and the Asia Pacific region, leveraging SingTel’s extensive international network reach and capabilities.
Significance: The agreement represents ANZ’s largest managed services relationship and strengthens SingTel’s position as a leading ICT service provider in the region. The contract is in line with SingTel’s business strategy to expand its market leading enterprise services domestically and internationally.
WE Holdings To Place Out $18.5m For Acquisition Of Myanmar Cement Business
WE Holdings announced that it has entered into share placement agreements with 12 private investors, and will allot and issue an aggregate of 204.1 million new ordinary shares in the capital of the company at an issue price of $0.04302 per placement share, for an aggregate amount of approximately $8.8 million. The placees are also granted the option to subscribe for an aggregate amount of 204.1 million additional shares at the issue price of $0.047322 per option share, for an aggregate amount of approximately $9.7 million which may be exercised within three months from the date of the placement agreements. The net proceeds from the proposed placement will be used to fund the acquisition of 20-percent stake in Dragon Cement. Dragon Cement is principally engaged in the business of cement manufacturing in Myanmar, and is majority-owned by His Excellency Nay Win Tun, a prominent Myanmar businessman and the chairman of the Ruby Dragon group of companies.
Significance: With the economic transition in Myanmar providing vast prospects for economic development and business opportunities, WE aims to tap on growth in Myanmar’s infrastructure and construction sectors with the acquisition of Dragon Cement. This is also in line with its strategy to diversify and broaden its income streams into the resource-abundant Myanmar.
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