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Headliners | 01 August 2008
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By: David Lee
Articles (57) Profile

Keppel Subsidiary Wins $181m Shipbuilding Order

Keppel Singmarine, a wholly owned subsidiary of Keppel Offshore & Marine Limited (Keppel O&M), has secured a $181m contract to build a multi-purpose heavylift/pipelay vessel for Romanian drilling contractor, Grup Servicii Petroliere SA (GSP).

According to Hoe Eng Hock, Keppel Singmarine’s executive director, the vessel would be classed by the American Bureau of Shipping and will be designed and built to meet international environmental standards. Completion is scheduled to be in 3Q11.

Hoe said, “Customers are seeking more sustainable means for mining oil and gas and we are seeing a gradual increase in orders for specialised ships that are environmentally safe. Our strength in designing and building large offshore construction support vessels and our understanding of global environmental standards will put us in good stead to create value for our new customers.”

Thai Village In $296m RTO Deal With China Stationery

Restaurant operator Thai Village Holdings has entered into a proposed $296m reverse takeover (RTO) deal that could make it a Chinese plastic stationery supplier.

Thai Village will issue to China Stationery about 1.48b Thai Village shares at $0.20 each. In return, China Stationery will inject two subsidiaries – Sunwealth Group and Campus Developments – into Thai Village. Both are in the plastic stationery business. China Stationery will hold 87.7% of Thai Village.

When asked about the reason for the proposed deal, Thai Village said the operating environment for restaurant business is challenging, in contrast to the bigger potential in China’s recyclable plastic stationery market.

HG Metal 3Q Profit Soars On Steel Boom

The boom in Singapore’s construction and marine sectors has rubbed off on HG Metal Manufacturing Ltd, the mainboard-listed steel product stockist and manufacturer. Riding on the robust demand and higher steel prices, HG Metal’s net profit in the 9 months to date more than trebled to $55.8m and revenue climbed 58%.

Major upcoming developments in the form of integrated resorts, hotel projects and new expressways, as well as government spending in new MRT lines will continue to prop up steel prices, the company said. In the marine sector, high demand for steel is coming from record rig and ship building order books with visibility of projects till 2011 and the regional yards operating almost at full capacity.

HG Metal said that it is aiming to keep adequate levels of inventories in tandem with the strong demand in the construction and marine industries. It added that it is “seriously considering merger and acquisition opportunities and is in the midst of discussions with specific parties”.

FSL To Grow Assets By US$300-350m A Year

Singapore’s First Ship Lease Trust (FSL) said that it aims to buy up to US$350m worth of vessels a year and that borrowing costs remain reasonable despite the credit crunch. This could double its portfolio within several years, as FSL aims to tap growing global trade and a trend of shipping firms leasing a larger portion of their fleet.

FSL, which leases liquid tankers, container ships and dry bulk carriers to firms has acquired US$280m worth of assets so far this year to boost earnings and revenue. Cheong Chee Tham, the CFO of FSL said that he expects shippping firms to lease a larger proportion of their fleet to reduce capital expenditure and free up funds for other operations. He also mentioned that the trust favoured smaller ships as these were easier to sell in the second-hand market or lease out once the original leases expired.

The trust has gained around 8% since the start of the year, beating the benchmark index’s 16% fall.

Pavillon Hldgs  -- -- --   
Business: Co is an investment holding company, operates, manages, and franchises restaurants. It was previously known as Thai Village Hldgs.

Insight: Aug-18, 1H18 revenue declined 8% to $7.4m mainly d... Read More

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