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Headliners | 18 June 2010
By: Jade Lee
Articles (97) Profile

Noble Expands Into Palm Oil Business In Indonesia

Noble Group, the global supplier of agricultural, energy, metals and mineral products, has acquired a 51% stake in PT Henrison Inti Persada to develop about 32,500 ha of land for palm oil production in Sorong Regency, West Papua Province, Indonesia. The transaction is Noble’s first project in the oil palm sector and enables Noble to expand its edible oil supply chain and secure a continuous flow of crude palm oil. PT Henrison Inti Persada is to be registered as a member of the Roundtable on Sustainable Palm Oil (RSPO). RSPO is an organization whose membership is made up of, amongst others, palm growers, palm oil producers, retailers, investors in the sector and environmental/conservation non-governmental organizations to promote the production of palm oil in a sustainable manner based on economic, social and environmental criteria.

SGX Inks $110m IT Infrastructure Agreement With HCL Tech

The Singapore Exchange (SGX) signed a $110m five-year outsourcing and services contract with Indian IT company HCL Technologies (HCL Tech) as part of its move to introduce the world’s fastest trading system by the first quarter of 2011. Earlier this month, SGX announced a $250m Reach initiative to boost trading speed and enhance connectivity with global financial markets. Of which the exchange plans to spend $180m for infrastructure outsourcing services and data centres. ‘HCL is an important partner for SGX in enabling the Reach initiative to provide customers with the fastest access to Asia and ensuring SGX to keep its goal of 90 microseconds’ response time,’ said SGX executive vice-president and chief information officer Bob Caisley.

Moya Dayen Clinches US$13.4m Water Project In Cambodia

Catalist-listed, Moya Dayen has won a US$13.38m contract with Phnom Penh Water Supply Authority in Cambodia. The contract is for the supply, delivery and construction of an Intake Tower around 25 metres high located in the Mekong River. It also covers the construction of a raw water pumping station with a capacity 135m litres per day and a raw water transmission main connecting the station to the water treatment plant site, as well as other ancillary works. The contract is scheduled to start in June 2010 and is expected to take 30 months to complete.

China Flexible Packaging Posts 89% Rise In 2Q10 Bottomline

China Flexible Packaging Holdings posted a 89% jump in its 2Q10 earnings on the back of higher sales and gross profit margin. China Flexible Packaging saw its revenue rise 41% during the quarter to Rmb235m, driven by increased market demand for its products as well as the recovery of the food and beverage industry and consumer spending in China. Meanwhile, the company’s net profit for the first half of its financial year nearly tripled, rising 195%, to Rmb38.6m on higher sales volume. The company said it expects to seek more business opportunities, given that the continued growth of the Chinese economy may improve demand for packaging material products. The company added that a new metalised CPP film production line will be launched in 2H10.

Jade manages and oversees a portfolio of stocks which are mainly focused on the mining and property sectors at Shares Investment.

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