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Daily Bulletin – 07/04/09
Daily Bulletin | 07 April 2009
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HK Court Allows PCCW Buyout By Pacific Century
A Hong Kong Court has ruled in favour of Pacific Century Regional Developments’ US$2.2b plan to take PCCW private. An appeal has been submitted by the Securities and Futures Commission though and has been approved by the Court of Appeal, hence putting off the deadline for the plan pending the outcome of the appeal.

AEI Corp Loans $3m For Potential Diversification Of Business
AEI Corporation has inked a 9-month term loan of $3m agreement with Well Global Investments for the purpose of financing the working capital of An-Yang United Cooking Oil, with the view of converting the loan into an 30% equity interest in An Yang at a later stage if it is in the interest of the company. The deal presents an opportunity for company to divest into the rapidly growing edible oil industry in PRC, reducing the sustainability risk of its current single business model. The company has also inked a call option agreement to acquire a further 20% stake in An Yang which will run within the loan period.

EnGro Corp Signs MOU To Co-Build New Manufacturing Plant In PRC
EnGro Corporation has inked a MOU with Hebei Iron & Steel Group to form a 40:60 JV company for establishment of a plant producing Ground-Granulated Blastfurnace Slag in Hebei province in PRC. The company is expected to invest Rmb32m for its proportionate 40% shareholding and the plant will be built with a long term annual production capacity of 2.4m tons in two phases, with the target market being the southern and northern Hebei province.

First REIT Secures 3-Year $70m Multi-Currency Transferable Loan Facility
First REIT has secured a 3-Year $70m Multi-Currency Transferrable Term Loan Facility from OCBC. The bank will also provide a notional amount of $50m as part of an Interest Rate Derivative Facility for interest hedging on the loan of up to 3 years, hence limiting the REIT’s exposure to possible upward fluctuations in interest rates. The loan will be used to refinance the company’s outstanding loans of $50.8m, with the balance for future redevelopment and asset acquisitions uses.

Sembcorp Marine Wins US$247.3m Rig Order
Sembcorp Marine has secured a rig order worth US$247.3m from SeaDragon Offshore to complete and deliver a Moss Maritime Full Dynamically Positioned Semi-submersible drilling unit with an option for an additional unit. Scheduled for delivery by end 2010, the contract is expected to contribute positively to company’s FY09 and FY10 earnings.

Fabchem China Issues Profit Warning
Fabchem China expects its FY09 profits ended 31 March 2009 to be significantly lower than that of FY08 due to decrease in global mining activities, the deteriorating ammonium nitrate prices as well as the impact of 2008 Beijing Olympics during the company’s 2Q09 results.

More Companies Clouded By ‘Emphasis Of Matter’
Bright Orient (Holding), CarrierNet Global, Star Pharmaceutical and AEM Holdings have become the latest casualties to join the increasing list of companies issued with ‘emphasis of matter’ by their independent auditors. Bright Orient incurred a net loss of approximately Rmb31.2m for FY08, which was significantly in excess of previous years’ retained earnings, raising doubts over its future viability as a ‘going concern’. Star Pharmaceutical was faulted for not having included any adjustments in its FY08 report that might arise from uncertainties faced by the company as a result of the current global economic slow down. Both CarrierNet and AEM have impending debt payments of $10.9m and $35.6m due by end 2009 respectively and the sustainabilities of their business operations will be highly dependent on their abilities to raise capital from the markets.

Pacific Century Regional Developments  0.365 +0.010 +2.82%   
Business: Co provides business management and consultancy services.

Insight: May-18, 1Q18 revenue declined marginally by 2.4% t... Read More
EnGro Corp  0.820 -0.030 -3.53%   
Business: Co manufactures and sells cement and building materials, and specialty polymers. [FY18 Turnover] Cement and building materials (81.9%), specialty polymer (15.8%), food & beverage (1.3%).

Insight: Feb-19, FY18 revenue rose 1.8% to $144.3m due o pr... Read More
First REIT  0.980 +0.005 +0.51%   
Business: Co is a healthcare real estate investment trust. [FY18 Geographical] Indonesia (96%), Singapore (3.4%), Korea (0.6%).

Insight: Jan-19, FY18 gross revenue increased by 4.7% to $1... Read More
Sembcorp Marine  1.690 -0.040 -2.31%   
Business: Co is a leading global marine & offshore engineering group. [FY18 Turnover] rigs & floaters, repairs & upgrades, offshore platforms (98.8%), ship chartering (1%), others activities (0.2%).

Insight: Feb-19, FY18 revenue jumped 61.1% to $4.9b attribu... Read More
Polaris  0.002 -0.001 -33.33%   
Business: Provider of a spectrum of telephony svcs ranging from prepaid communication svcs to wholesale voice traffic.

Insight: May-18, 1Q18 revenue decreased by 36.4% to $14.5m ... Read More


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