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Stocks In Focus SG (Singapore Windsor Hldgs, Swissco Hldgs, Yoma Strategic Hldgs) – 05/12/13
Singapore Windsor Disposes Subsidiary In Hong Kong
• Singapore Windsor Holdings (SWH) has agreed to dispose its subsidiary, Windsor Manganese. Windsor Manganese was incorporated in Hong Kong at the end of 2007 and owns the entire registered capital of Windsor Manganese (Yongzhou) (WMY) worth HK$105 million ($17 millon).
• WMY’s primary business activities involve the manufacturing and sale of silicon manganese. However, the silicon manganese factory operated by WMY has ceased operations since 30 December 2011 due to losses incurred.
• The sale consideration amounts to HK$45 million ($7.3 million) which the acquirer will fully fund the purchase with cash. The net proceeds generated from the disposal will be used to repay existing bank loans used for financing the silicon manganese business of SWH.
Significance: The proposed disposal will allow the Company to consolidate resources and re-calibrate focus on its remaining business in the manufacturing and sale of moulds and printed circuit boards, which is currently profitable.
Swissco Adds $42m Worth Of Vessels
• Swissco Holdings has placed an order for two anchor handling tug supply (AHTS) vessels and a fast utility/crew boat with a one plus one option. These vessels, excluding the owner supplied equipment, are worth $42 million and are expected to add onto the company’s fleet capabilities.
• The latest order is aligned with the company’s continuous efforts in renewing its fleet to maintain a low age profile, thus maintaining a competitive and modern fleet of vessels available for charter. This is complemented by expanding its fleet to include a larger range of vessels and enhancing vessels’ capabilities.
• The AHTS and fast utility/crew boats which will be built at Chinese shipyards are expected to be delivered in 2015.
Signifiance: As of 30 November 2013, Swissco has 32 present vessels where the company believes that the heightened demand for offshore support vessels will remain sustainable driven by the oil and gas industry, while tapping on this demand growth by enhancing its fleet.
Yoma Strategic Enters JV In Myanmar
• Yoma Strategic Holdings via its subsidiary, Yoma Strategic Investment (YSI), has entered into a joint venture (JV) with LCT Investment Holdings and First Myanmar Investment (FMI) to build and operate a steel mesh products manufacturing plant in Yangon.
• Within the JV company, as the major shareholder, LCT will own 60 percent of shareholdings while YSI and FMI will each own 20 percent. The aggregate investment for the JV amounts to US$6.5 million.
• YSI’s pro rata contributions to the JV are US$1.3 million and will be financed through internal resources.
Significance:The recent agreement to develop telecommunications towers coupled with the proposed JV, Yoma Strategic has established a firm foothold in Myanmar not only as a property developer but a conglomerate of businesses.
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