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Headliners (COSCO Corp, Keppel Corp, Far East Orchard, Petra Food)
Headliners | 21 December 2012
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By: Jade Lee
Articles (97) Profile

COSCO Inks Deal To Build FPSO Unit
COSCO Corporation (S) bagged a contract valued over US$370m from a European firm to construct a floating production, storage and offloading (FPSO) unit. Slated for delivery in Jun-15, the order will have a storage capacity of up to 400,000 barrels of oil. A stream of orders has been flowing in for the leading ship repair, shipbuilding & marine engineering and dry bulk shipping group. So far, the fourth quarter saw 2 other deals worth over US$241m being clinched by COSCO. These included the construction of 2 bulk carriers and a harsh environment semi-submersible accommodation rig. The latest contract will add to COSCO’s order book which stood at US$5.7b as at 30 Sep-12. Shares of COSCO opened 1.7% higher at $0.885 on 18 Dec from previous day’s close of $0.87 in reaction to the news.

Keppel Corporation Bags US$420m Rig Order Deal
Orders from Mexico is currently flowing into Singapore at a rampant pace. Keppel Fels (KepF), subsidiary of Keppel Offshore and Marine has won an order for 2 proprietary KFELS B Class jack-up rigs worth US$420m from Pemex, a Mexican oil company, which is also the world’s fourth largest crude producer. KepF will be building both the rigs in Singapore before delivering them to Pemex Exploracion y Produccion, subsidiary of Pemex, in 1Q15. The rigs, which are of top notch specification, were developed to operate in water depths of up to 400 feet and drill to depths of 30,000 feet. In addition to bagging this order, KepF had also delivered a KFELS B Class jack-up christened Primus to Oro Negro. Pemex estimates that it has invested up to US$2.4b in 2012 in exploration and expects to have 40 rigs eventually operating in Mexican waters. At present, some KFELS B Class jack-ups are already operating in Mexican waters.

Far East Orchard Expands Footprint Beyond Singapore; Signs MOU With Australia Toga
Far East Orchard has signed a non-binding memorandum of understanding (MOU) with Toga to explore the establishment of a joint venture (JV) company in Australia which will own the hospitality management business of the Toga Group and hospitality assets in Australia. Established in 1963, the Toga Group is one of the largest hospitality operators in Australia with hospitality management contracts to operate approximately 6,700 rooms across 50 hotels and serviced apartments in Australia, New Zealand, Germany and Denmark. This move enables the firm to expand its footprint beyond Singapore and to manage third party hospitality assets. More importantly, this JV platform will bring together 2 leading hospitality operators with combined resources and synergies in the hospitality industry. Meanwhile, the JV Company will also explore the acquisition from the Toga Accommodation Fund of 100% interest in 2 hotels and three serviced apartments in Australia. These 5 properties, with a total inventory of more than 700 units, are located in Sydney, Adelaide, Brisbane and Darwin.

Petra Food To Sell Cocoa Ingredients Division For US$950m
Petra Food, a manufacturer of cocoa ingredients and branded confectionary products, has proposed to sell its entire cocoa ingredients division for US$950m. Specifically, the company inked a conditional sale and purchase agreement with Zurich-based Barry Callebaut AG. Petra Food will realize a disposal gain of approximately US$106m from the divestment. It intends to utilise the net sales proceeds to reduce all debt facilities, with the balance retain to finance future growth of its branded consumer division and possibly distributing part of the proceeds to its shareholders. The sale will comprised of seven factories in Malaysia, Indonesia, Thailand, Brazil, Mexico, Germany and France as well as major sales offices in Singapore, Netherlands and USA. In conjunction with the divestment, a long-term supply agreement has been entered to purchase cocoa ingredients from Barry Callebaut to ensure minimal disruption to its branded consumer division.

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

Please click here for more information about this author.

COSCO Shipping Int'l (S)  0.275 -0.005 -1.79%   
Business: Engaged in shipping and other logistics services. [FY18 Turnover] Logistics (69.7%), property management (11.9%), Shipping (9.5%), ship repair and marine related activities (8.9%).

Insight: Mar-19, FY18 revenue jumped 340% to $163.7m and gr... Read More
Keppel Corp  5.860 -0.10 -1.68%   
Business: [FY18 Turnover] Infrastructure (44.1%), offshore & marine (O&M) (31.4%), property (22.5%), investments (2%).

Insight: Apr-19, 1Q19 revenue rose 4.1% underpinned by high... Read More
Far East Orchard  1.160 -- --   
Business: Co engages in the investment and development of real estate properties.

Insight: Feb-19, FY18 net profit jumped 51.4% to $32.9m, li... Read More
Delfi  1.000 -- --   
Business: A leading regional player in branded consumer confectionery products. [FY18 Geographical] Indonesia (72.3%), regional (27.7%).

Insight: Feb-19, FY18 revenue rose 12% to US$427m on growth... Read More


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