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Headliners | 09 September 2010
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By: Jade Lee
Articles (97) Profile

Golden Agri To Invest In US$1.6b Liberia Project
Golden Agri-Resources (GAR)’s supplementary Golden Veroleum (GVL), and the government of Liberia have announced a partnership for the cultivation of sustainable palm oil by the company and by Liberian smallholders and farmers, mill processing and value-added manufacturing. The investment is expected to total US$1.6b, creating more than 35,000 direct jobs and building a whole new economic sector in Liberia’s southeastern counties. GAR is making its investment through the Verdant Fund LLP (Verdant) – a private equity fund and sole shareholder of GVL. The 20-year concession, believed to be one of the biggest investments in Liberian agriculture, will cultivate oil palm in Sinoe, Grand Kru, Maryland, Rivercess and River Gee counties. Under its tentative budget for the operations in Liberia, GVL will set aside US$400m to construct palm mills in the concession areas, US$850m for land and road development; US$250m for housing as well as US$100m for equipment.

RH Petrogas To Invests In Two Indonesian Oil Projects
RH Petrogas, the oil-and-gas exploration and production company has entered sales and purchase agreement to acquire two subsidiaries – Lundin Salawati Basin (LSB) and Lundin Indonesia BV (LIB) of Lundin Petroleum, a Swedish oil-and-gas exploration and production company that is listed on the Nordic Exchange for US$37.1m. It would make a further payment of up to US$3.9m if the fields are developed further. Both LSB and LIB are wholly owned subsidiaries of Lundin. RH Petrogas would pay US$34m for LSB and the remainder for LIB. Through the agreement, RH Petrogas would own a 25.9% participating interest in the Kepala Burung Production Sharing Contract (PSC) that is held by LSB, and another 14.5% interest in the Salawati Kepala Burung PSC that is held by LIB. Both contracts allow the companies to explore for oil in a part of West Papua, Indonesia and contribute an average of 2,100 barrels per day of net oil production to the company.

Tiong Seng Completes Takeover Of Cobiax
Tiong Seng Holdings says it has completed the acquisition of Cobiax Technologies – a Swiss company known for being able to shave off up to 30% of the weight of concrete slabs thereby reducing carbon emissions by about 210 kg per cubic metre of concrete. The acquisition will enable Tiong Seng to cement its position as an innovator in green construction techniques in Singapore. Tiong Seng will achieve this with Cobiax’s technology of ‘void formers’ – hollow spheres or discs that replace the concrete core of slabs ‘which are to a certain extent redundant’, says Tiong Seng Holdings CEO and executive director Pek Lian Guan. Tiong Seng says this reduces dead load without altering the strength of the structure. Meanwhile, less personnel is needed to lift the slabs. It estimates that for its current projects, it will save 755 cubic metres of concrete at The Wharf Residences and 580 cubic metres at Volari @ Balmoral with Cobiax’s technology. As a result, it also cuts carbon emissions by 120 tonnes at Volari@Balmoral, and 160 tonnes at The Wharf Residences.

Wing Tai Remains Positive On Property Sales
The measures announced by the government on last Monday to cool the property market were timely as prices had gone up to unsustainable levels, according to real estate developer Wing Tai Holdings. As such, Wing Tai Holdings will relaunch the remaining apartments in its Oxley Walk luxury Belle Vue Residences at prices between $2,300 and $2,800 per square foot. However, Wing Tai remains positive about sales. “The measures, I think, address the upgraders’ market more. Most of our properties are all high-end, upper-middle and super high-end, so the impact is not much,” said Edmund Cheng, Wing Tai’s deputy chairman. Currently, about 62% of the 176-unit Belle Vue Residences have been sold, with slightly more than half of the apartments snapped up by foreigners. “Wing Tai has the second-highest exposure to the prime luxury residential market, behind SC Global, but 35% of development gains are already locked in with sales, which helps to mitigate risks,” said Nomura, recommended Buy rating on the stock with a target price of $2.05.

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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Golden Agri-Resources  0.210 -- --   
Business: Co is engaged in cultivating & harvesting oil palm trees, processing fresh fruit bunches (FFB) into crude palm oil (CPO) & palm kernel (PK), & refining CPO into industrial & consumer pdts.

Insight: May-19, 1Q19 revenue fell 11% due to softer crude ... Read More
RH Petrogas  0.027 -- --   
Business: Exploration, devt & pdtn of oil & gas resources.

Insight: May-19, 1Q19 revenue fell 28.3% to US$13.2m due to... Read More
Wing Tai Hldgs  2.040 -0.01 -0.49%   
Business: Singapore-based property developer and lifestyle company. [FY18 Turnover] Development properties (51.5%), retail (36.5%), investment properties (9.6%), others (2.4%).

Insight: Feb-19, 1H19 revenue rose 7.1% to $193.9m largely ... Read More

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