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Singapore Daily Bulletin – 30/03/10
Daily Bulletin | 30 March 2010
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C&G Enters MOU To Sell PET Chips/Yarn Business For Minimum US$49m
C&G Industrial (C&G) said yesterday that it had inked a memorandum of understanding (MOU) to sell its textile business for at least $49m to Hou Shiqing, a major shareholder of Shishi City Gangyi Dyeing Manufacture Co Ltd. The sale price is subject to further negotiations, taking into account the financials of C&G’s textile arm, CHGU Group Technology Holdings International. Proceeds from sale will be channeled to more lucrative and stable Waste-To-Energy (WTE) business.

‘The textile industry has become more competitive and the group would otherwise have to make substantial investments to stay ahead,’ said C&G group chief executive Cai Junyi. Cai added that prospects were also brighter in the clean energy sector that C&G had ventured into, through its recent acquisition of WTE firm C&G Environment Protection International. Including two latest built-operate-transfer contracts worth RMB600m ($123m), C&G Environment has a total of nine WTE projects. Based on its secured capacity, it will be one of the top three WTE operators in China, with an annual treatment capacity of 3.3m tonnes.

SGX Requests Immediate Replies From China Milk Regarding Audit Delay

The Singapore Exchange(SGX) is requesting clarification from China Milk Products Group, after weeks of delay in the debt-laden company’s cash audit process and appointment of a chief financial officer, among various things.

Yesterday, the exchange called for the company to address a list of several issues ‘immediately via public announcement on SGXNet’. After China Milk failed to meet the March 15 deadline for a cash audit directed by the exchange, it told SGX that its auditors (Grant Thornton) had not finalised their audit report because the auditors did not have ‘certain executed documentation’ required for the audit.

In yesterday’s statement to the firm, SGX asked China Milk to disclose the reasons for the failure to furnish the auditors with the documents in question, to produce a timeline for the completion of the cash audit and release of its findings, alongside the company’s measures for safeguarding its cash. SGX also sought confirmation from the board of China Milk on whether its statement late last month about having enough funds to meet its bonds’ obligation is still true. Last but not least, SGX turned its attention to the company’s search for a CFO and to confirm that the result of 3Q10 will be announced by 5th April 2010.

Stamford Land May Sell Perth Tower For A$140m

Stamford Land Corporation could be selling its Grade A office tower in Perth’s central business district for at least A$140m ($179m). According to The West Australian, the 13-storey Dynons Plaza at Hay Street is under construction and Stamford Land is ‘gearing up to place the asset on the market’. Industry sources told the Australian paper that the building has a value of A$130-140m. Chevron will be leasing the entire place – which has 13000 square metres of office space – when it is ready in the next few weeks.

According to Business Times, Stamford Land is expecting offers of more than A$140m. This could reap a considerable profit for the company given that the total cost of buying, holding and developing the land could have come up to some A$80-90m. Also, it understands that Chevron’s lease for Dynons Plaza lasts for ten years, and its rents are set to escalate every year. Despite this, Stamford Land is said to be selling the site to focus on its core business of running luxury hotels.

C&G Environmental Protection Hldgs  -- -- --   
Business: Co develops and operates waste to energy plants in China.

Insight: Mar-19, FY18 Co remains a cash company and no rev... Read More
Stamford Land Corp  0.485 -- --   
Business: Owner and operator of luxury hotels and developer of top-tier, landmark residential and commercial ppties. [FY19 Turnover] Hotel owning & mgt (57.7%), ppty devt & invs (41.7%), trdg & others (0.6%).

Insight: May-19, FY19 revenue fell 32.9% to $304.2m mainly ... Read More

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