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Headliners | 19 December 2008
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By: David Lee
Articles (57) Profile

Transcu’s Placement Of New Shares Affected By Poor Market Sentiment

Poor market sentiment is slowing Transcu Group’s compliance placement exercise and trading in the counter will stay suspended until the placement of up to 148m shares, representing approximately 8.22% of the issued and paid-up capital of the company, at up to $0.50 per share is complete.

Shares of the Japanese biotech group, which underwent a reverse takeover (RTO) deal with Eng Wah Organization, have been suspended since 14 November. The RTO had led to a loss of public float and Transcu needs to conduct the placement exercise to comply with the one of the listing requirements that at least 15% of a listed company’s issued share capital must be held by public shareholders.

However, bearishness in equity markets is delaying the process. The lack of interest for the shares could also signal a natural sceptism about new technologies that, in Transcu’s case, allow medicine to be transferred to the patient through the surface of the skin rather than orally or via injections. Transcu could now be looking for strategic investors independently.

SIA Cargo To Defend Against NZ Cartel Charges

Singapore Airlines Cargo, a wholly-owned subsidiary of Singapore Airlines, will vigorously defend allegations by the New Zealand Commerce Commission that it, together with several other global airlines, have engaged in cartel conduct.

The New Zealand’s competition authority has begun legal action against SIA Cargo and a dozen other carriers, and seven airline staff, for alleged “extensive and long-term cartel activity in the air cargo market”. The authority alleges that these carriers colluded to raise the prices of freighting cargo by imposing fuel surcharges for seven years.

The Commerce Commission alleged that these airlines first entered into an illegal global agreement in 1999/2000 and that they imposed the fuel surcharges between 2000 and 2006. Reports cite analysts estimates that airlines earned more than NZ$400m each year from transporting air cargo to and from New Zealand, and that during the more than seven years that the agreement was in place, the total revenue was about NZ$2.9b.

SIA Cargo has consistently played down its involvement, but said that it would cooperate with the authorities.

Keppel Unit Wins $120m Contracts For Environmental Projects

Keppel Corp has, through its unit, Keppel Integrated Engineering (KIE), secured two contracts worth $120m for environmental projects based in Guadeloupe, France and Honduras.

These contracts follow Keppel’s announcement late last month that it was reviewing some $1.2b worth of orders placed with Keppel’s offshore and marine division. These represent nearly 10% of its order book. Keppel has said that it was in talks with their customers to arrive at “mutually acceptable arrangements”.

Low Keng Huat 3Q09 Net Profit More Than Doubles

Property and hospitality group Low Keng Huat (Singapore) has reported a net profit of $23.36m for its 3Q09 results – more than double the $11.41m for the previous corresponding quarter. The higher earnings were mainly due to higher development profit from associated companies. Contributions from projects such as the one-north Residences and Regency Suites had increased, while those from Domain 21 had dropped. The company also benefited from lower construction losses, partly because it managed to recover some cost increases.

Its 3Q09 revenue soared 66% from a year ago to $148.09m, driven largely by an increase in construction revenue. There was a higher percentage of completion for ongoing projects and new projects, the Hardrock Hotel at Sentosa and Meritus Mandarin Hotel, had also started. The company said that it is “in a strong financial position” with net gearing as at 31 October being 15.4% which is lower than the 24.2% at end-January. The company has recently won a $295m project last month to construct a shopping mall cum bus interchange complex at Serangoon Central. Its order book as at November was $900m.

Low Keng Huat (S)  0.445 -- --   
Business: [FY19 Turnover] Development (78.8%), hotels (11%), investments (10.2%).

Insight: Apr-19, FY19 revenue jumped 135.9% due to increase... Read More
Keppel Corp  5.960 -0.02 -0.33%   
Business: [FY18 Turnover] Infrastructure (44.1%), offshore & marine (O&M) (31.4%), property (22.5%), investments (2%).

Insight: Apr-19, 1Q19 revenue rose 4.1% underpinned by high... Read More
Singapore Airlines  9.170 +0.01 +0.11%   
Business: Co provides air transportation services to destinations spanning a network spread over 6 continents. [FY19 Turnover] SIA (80%), Budget Aviation (10.5%), SilkAir (6.2%), SIAEC (3.1%), others (0.2%).

Insight: May-19, FY19 revenue edged up 3.3% to $16.3b. Pass... Read More

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