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Daily Bulletin – 18/12/08
Daily Bulletin | 18 December 2008
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Wall St Falls As Rate Cut Euphoria Fizzles
The market overall failed to hold gains enjoyed in the previous session on Wednesday, when the Federal Reserve’s historic move to cut rates to virtually zero spurred a 5.1% rally in the benchmark S&P 500 index. The S&P 500 closed down 1% on Wednesday at 904.42 after drifting between positive and negative territory throughout the day. The Dow Jones Industrial Average finished 1.1% lower at 8,824.34 and the Nasdaq Composite index was 0.7% weaker at 1,579.31.

Scorpio East’s Acquisition Of Vividthree Put On hold
Scorpio East’s binding term sheet with the shareholders of Vividthree to acquire the latter has lapsed and both parties are still in discussion as to whether or not to proceed with the acquisition.

Contel Receives Capital Injection Of $2m
Contel Corporation has received capital injection of approximately $2m through private placement of 68.8m new shares at an issue price of $0.0315. The net proceeds will be used for general working capital purposes.

Hyflux Begins Construction On World’s Single Largest Ultrafiltration Desalination Plant
Hyflux has commenced work on the construction of the world’s single largest ultrafiltration desalination plant in Algeria following its ground breaking ceremony graced by the President of Algeria.

Qualitas Medical Signs Training Collaboration Agreement With Masterskill
Qualitas Medical Group has inked a Training Collaboration Agreement with Masterskill under which, students currently pursuing their diplomas at Masterskill and who are in their second year will be placed at the various clinics under Qualitas for their practical training.

Apex-Pal To Gain From Sale And Leaseback Of Headquarters
Apex-Pal International has sold its headquarters at One Irving Road for $12m, with a leaseback of the entire building for a period of 3 years and an option for renewal for the lease thereafter. The company is expected to record gain on disposal of $5.8m over the net book value of the building.

CapitaLand Sells $38.2m Stake In Subsidiary
CapitaLand has sold its 50% stake in Caike Property to CITIC Trust for cash $38.2m.

STATS ChipPAC Retrenches 1,600 Workers
STATS ChipPAC, a leading semiconductor test and advanced packaging service provider, has announced a restructuring plan to better align its operations with business outlook as a result of the global semiconductor downturn. The plan involves a reduction of 1,600 employees, representing 12% of the company’s global workforce.

Junma Tyre Issues Profit Warning
Junma Tyre Cord Company has issued a profit warning for its 4Q09 results ended 31 December 2008 due to worse-than-expected reduction in demand for the company’s products caused by slowdown in trade and consumer spending in PRC.

PSC Corp Diversifies Investment Portfolio With $11.3m Acquisition
PSC Corporation has inked a sale and purchase agreement to acquire 27.85% shareholding in Prime King Holdings (PKH) including its shareholder’s loan for an aggregate cash sum of $11.3m. PKH holds 3 plots of adjoining land in PRC.

Hyflux  -- -- --   
Business: Provides integrated water management & environmental solutions. [FY17 Turnover] Municipal (82.5%), industrial (16%), others (1.5%).

Insight: Mar-19, 9M18 revenue sank 75% due to lower enginee... Read More
Sakae Hldgs  -- -- --   
Business: Singapore-based food & beverage company.

Insight: May-19, 9M19 revenue fell 28.4% to $33.9m due to s... Read More
CapitaLand  3.280 +0.04 +1.23%   
Business: Co develops, owns, and manages real estate properties. [FY18 Geographical] China (41.2%), S'pore (38.5%), Europe & others (18.6%), Vietnam & Others (1.7%).

Insight: Apr-19, 1Q19 revenue fell 23.8% while net profit d... Read More
Hanwell Hldgs  0.225 -0.005 -2.17%   
Business: Supply of provisions and household consumer products. [FY18 Turnover] Packaging (66.4%), consumer essentials (33.5%), others (0.1%).

Insight: May-19, 1Q19 revenue slid 6.8% due to lower revenu... Read More

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