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Stocks In Focus SG (Wilmar Int’l, MoneyMax Financial Svcs, Loyz Energy) – 23/06/14
HLH Group’s 49 percent-owned associate D’Lotus Development proposed to acquire 13,541 square metres of freehold land worth US$14.9 million in Cambodia. D’Lotus Development aims to develop office towers, luxury condominiums and F&B and retail buildings on the land situated in the heart of Phnom Penh City Centre.
Loyz Energy’s subsidiary, Interlink Petroleum (IPL), has agreed to a binding memorandum of understanding with Hong Kong-based Enso Oil & Gas (Enso). Under the agreement, Loyz Energy is to pay off a loan of US$9 million and accrued interest for IPL. Loyz Energy will also modify the repayment terms of a loan previously given to IPL worth US$1.3 million to be satisfied by cash and issuance of new shares. Further to the agreement, Enso shall propose certain exploration and production assets in the Irkutsk region of Russia to be acquired by IPL as well as to subscribe for securities in IPL and to repay IPL’s loan of US$0.5 million from a financial institution due in December 2014.
MoneyMax Financial Services’ subsidiary, Cash Online, has entered into an investment agreement to hold 51 percent stake in a new holding company dealing in the business of pawn broking, to be incorporated in Malaysia. The aggregate consideration of the investment is RM15.6 million and will offer the opportunity for MoneyMax to expand its business overseas, since its current pawnshops and retail outlets operate solely in Singapore.
Innopac Holdings proposed a rights issue on the basis of two new shares and one detachable warrant for every one existing share. The company intends to issue up to 6.9 billion new shares at an issue price of $0.01 per share and up to 3.5 billion free detachable warrants at an exercise price of $0.012 per share. The expected proceeds of $68.9 million after deducting expenses, will be used to fund the expansion and growth plans of the company as well as for general working capital.
ISDN Holdings’ hydropower business is expected to be a beneficiary from Indonesian government’s recent upward revision of electricity tariff rates paid to mini-hydropower developers. The Indonesian energy authority will pay electricity producers with capacity of 10 megawatts or less from the current base rate of Rp656 (US$ 0.06) to Rp1,075 (US$0.09) per kilowatt-hour.
Universal Resources and Services’ subsidiary, SKY Petroleum Technology Development (Tianjin) Company (SKY (Tianjin)) has entered into a contract to purchase Rmb232.5 million worth of “measuring while drilling equipment” (MWDs) which will be financed by the group’s internal resources. At the same time, SKY (Tianjin) inked two new equipment leases to lease out all new MWDs purchased in the contract.
Wilmar International has entered into a 50:50 joint venture with Repi Soap and Detergent S. The joint venture includes plans to upgrade an existing manufacturing facility in Kolfe Karenio Sub city and to build an integrated manufacturing complex in the Oromia region of Ethiopia. The new complex will consist of an edible oil refinery and packaging plant, production plants for specialty fats, soaps and detergent as well as a sesame seed processing facility.
Yamada Green Resources’ wholly-owned subsidiary, Fuzhou Wangcheng Foods Development (Wangcheng) has agreed to acquire a 19 percent stake in Zhangzhou Meisei Foods Company (Meisei) for Rmb36.4 million. Meisei has a net asset value of Rmb190.8 million as of December 2013. The acquisition will allow closer partnership between Wangcheng and Meisei, and allow the company to have more influencing power in the raw materials market.
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