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Headliners | 05 December 2008
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By: David Lee
Articles (57) Profile

SATS Acquires SFI For $334.5m To Expand Business
Singapore Airport Terminal Services (SATS) has inked a conditional sale and purchase agreement with Ambrosia Investment (Ambrosia), a wholly-owned subsidiary of Temasek Holdings, to acquire a 69.68% stake in Singapore Food Industries (SFI) for an aggregate cash consideration of $334.5m at $0.93 per share.

The acquisition will enable SATS to provide immediate scale to its existing food services business and allow it to access wider customer segments as well as to compete effectively in new market segments, thereby accelerating the implementation of its strategy to grow its food services business. In addition, SFI’s significant UK operations will strengthen SATS’ overseas platform to serve its existing customers in a new geographical market.

Upon completion of acquisition, SATS will make a mandatory conditional cash offer for all the remaining ordinary shares of SFI at an offer price of $0.93 per share which could amount to an aggregate payable sum of $174.7m. SATS has stated that it will not revise the offer price and the offer will not be subjected to any minimum acceptance condition.

Ban Joo & Firstlink Put On SGX Watch-List
Ban Joo & Company and Firstlink Investment Corp have been placed on the SGX’s watch-list as they have been making pre-tax losses for the latest three consecutive years and their average daily market capitalisation over the past 120 trading days have dipped below $40m. They face the risk of being delisted if they are unable to return to the black or do not have enough market capitalisation within two years on the watch-list.

In the latest financial year ended 30 September, Ban Joo’s net loss widened to $17.4m from $15.05m due to impairment on trade and other receivables, fair value losses, forex losses and interest expenses. Its market capitalisation as at 28 November, the last market day on which trading was not suspended or halted, was $30.68m.

Firstlink Investment, on the other hand, suffered $3.09m in pre-tax losses for FY07, compared to $6.94m in FY06. The company’s market capitalisation as at 2 December was $9.85m, down from $34.46m as at 29 February.

Koh Brothers Clinches Largest Ever Contract Worth $582m From LTA
Koh Brothers, a well-established construction, property development and specialist engineering solutions provider, together with its joint venture partner Soletanche Bachy, a major civil engineering contractor from France, has been awarded a $582m contract by the Land Transport Authority (LTA) for the construction and completion of Downtown Line 1 Bugis Station and its associated tunnels.

Construction of the contract is scheduled to commence in the first quarter of 2009 and is targeted for completion in 2013. With this contract, the company’s total order book to date will be raised to $549.7m.

NeteLusion Signs US$236m Reverse Take-Over Deal
NeteLusion has signed a US$236m reverse take-over deal with Agni Inc, a renewable energy company which designs, develops, manufactures and operates efficient and environment-friendly power generation projects, by way of issuing Agni shareholders new shares in the company in two tranches at $0.066 per share.

The company said that the acquisition is in the best interests of the firm as it has “historically reported losses” and has not been able to turn around its performance. The company added that it was a good opportunity to acquire a viable business with a profitable track record and that the proposed acquisition will increase the market capitalisation of the company significantly and these factors will help raise the profile of the company and generate renewed investor interest in the shares of the company. For the six months ended 30 September 2008, net loss jumped by more than six-fold to US$3.42m from a loss of US$0.5m during the same period a year earlier.

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Business: Engaged in the business of providing satellite-based services to a variety of industries.

Insight: Feb-19, 9M19, Co did not register any revenue for ... Read More
SATS  4.920 -0.03 -0.61%   
Business: Asia's leading provider of gateway services and food solutions. [FY19 Turnover] Food solutions (54.1%), gateway svcs (45.8%), others (0.1%).

Insight: May-19, FY19 revenue rose 6% to $1.8b driven by hi... Read More

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