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Stocks In Focus SG (Transcu, POSH, Tiong Seng) – 28/05/14
Transcu Group – A net profit of US$4.53 million was reported for the financial year ended March 31, 2014, effectively sweeping it back into the black from a loss of US$64 million. This was largely boosted by a US$15.9 million gain on disposal of subsidiaries. Transcu mentioned in April that it is planning a reverse takeover of contractor Straits Construction in order to give Transcu a new lease of life.
Tiong Seng Holdings – Tiong Seng announced that the joint venture between its subsidiary, Tiong Seng Contractors, and Dongah Geological Engineering Co has been awarded a $316 million contract. The contract was awarded by the Land Transport Authority for the construction of the Great World Station and tunnels for the Thomson line. Work is stipulated to commence this month.
PACC Offshore Services Holdings (POSH) – POSH posted a 76.3 percent increase in first quarter net profit, primarily driven by the sale of vessels and lower cost of sales. The group feels that with the expected robust levels in oil which could stay elevated in the longer term, it is expected that there will be continued spending on exploration and production activities.
Singapore Windsor Holdings(SWH) has entered into a joint venture agreement with Golden Infrastructure Group(GIG) for the establishment of a joint venture in Myanmar. Myanmar Infrastructure Group and Myanmar Infrastructure Service Group will serve as the joint venture companies for SWH and GIG in the proportion of 97:3 and 51:49 respectively. The businesses of MIG and MISG shall be to, amongst others, engage in the business of owning and operating and providing services for telecommunication and wireless networks in Myanmar.
CapitaMalls Asia’s (CMA) subsidiary Menang Investment has acquired a total of 3,250,700 units in CapitaMalls Malaysia Trust (CMMT) from CapitaMalls Malaysia REIT Management for a cash consideration of $1.7 million. Following the acquisition, CMA’s effective interest in CMMT has increased from 36.1 percent to 36.2 percent.
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