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Headliners | 13 August 2010
By: Jade Lee
Articles (97) Profile

Olam Issues $337m 10-Year Senior Unsecured Bonds
Olam International (Olam) has issued US$250m ($337m) in unsecured bonds, the leading global, integrated supply chain manager of agricultural products and food ingredients said in a statement on the Singapore Exchange. The Bonds have a maturity of 10 years, which provides Olam with long term financing, enabling it to further term out its debt maturity profile. The Bonds were priced at par and bear a coupon of 7.5% in line with the pricing guidance. According to Olam, this is the first unrated offering of US-dollar denominated bonds by a Singapore issuer in the international bond market. Olam said it will use the net proceeds of the bond issue for capital expenditure and the financing of potential acquisitions. In the meantime, the bond issue was oversubscribed by more than 80 investors, with 79% from Asia and 21% from Europe. In terms of investor classes, 46% of the allocation was to private banks, 33% to fund managers, 19% to other banks and 2% to others.

Ntegrator Secures 4 Contracts Worth $15.5m
Ntegrator International (Ntegrator), a leading regional communications network specialist and systems integrator, has secured another four contracts worth $15.5m. The deals expand on existing projects with repeat customers including Vietnam’s second largest telco operator, Viettel Corporation; Myanmar’s state-run telco, Myanmar Posts and Telecommunications; a cable TV provider in Myanmar, Forever Group Company Limited; and a subsidiary of Singapore Power, SP Powerassets. The majority of the project work scope is expected to be completed within this financial year. Meanwhile, Ntegrator just reported a 76.5% decrease in its 1H10 earnings in tandem with a 59.8% drop in revenue, largely due to the delay of a major project in Thailand as a result of the recent political unrest in Thailand during 2Q10. Also, due to circumstances beyond the company’s control, formal finalization of some contracts that were scheduled to be signed at the end of the first quarter and delivered by the second quarter of this year were delayed.

Cerebos Chooses Telstra To Manage Network
Mainboard-listed Cerebos Pacific (Cerebos), a leading food and health supplements company, has outsourced the management of its network infrastructure to Australian giant Telstra International, a division of Australian giant Telstra Corp. Under the deal, Telstra will manage 11 of Cerebos’ sites spread across the Asia-Pacific region where Cerebos has operations, these include a disaster recovery site in Singapore, and operational sites in the Philippines, Thailand, Australia, Malaysia, Taiwan, Hong Kong, Shanghai and Indonesia. ‘This is an outsourced solution, where part of our overall wide area network infrastructure management is now handled by Telstra International,’ said Cerebos Group’s vice-president of information systems, Liew Chee Yin. Neither party would reveal the size of the contract, but Cerebos said the deal would help the company save about US$300,000 per annum in IT operations. Meanwhile, Telstra International has replaced one of the biggest network players in Singapore by winning this contract.

Tiong Seng’s 1H10 Bottomline Falls 50%
Singapore-based construction group and property developer, Tiong Seng Holdings (Tiong Seng), has reported a 50% drop in its 1H10 earnings on the back of a 43% decrease in revenue. Compared to the corresponding periods last year, 1H10 revenue and net profit decreased due to lower revenue from both the construction and property development businesses. Construction revenue decreased in 1H10 and 2Q10 were due mainly to lower work done for the Company’s completed and nearly completed construction projects in Singapore. Nevertheless, Tiong Seng has a further $37.5m in revenue for work done on newly commenced projects that it has yet to recognize, in accordance with its revenue recognition policy. On the property development front, its project in Tianjin, Tianmen Jinwan Building was completed in Mar-09, and substantial revenue from the sale of its pre completion units was recorded in that period. In 2Q10, only sales of the remaining completed units of the development were recorded.

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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