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Headliners (Perennial China Retail Trust, Wilmar International, Keppel Corporation, CCM Group, SingHaiyi)
Headliners | 19 April 2013
By: Jade Lee
Articles (97) Profile

Perennial Forms Consortium To Develop Beijing Mixed-Use Project
Singapore property developer Perennial Real Estate Holdings announced that it has formed a second consortium to develop the second phase of the $2.6b Beijing Tongzhou Integrated Development. The newly formed consortium for the $1.4b second phase project brings together members of the first consortium that worked on the first phase of the mixed-use development, as well as Perennial China Retail and Bright Assets Enterprises – an entity controlled by Boustead Singapore’s chairman and CEO Wong Fong Fui. Phase 2 is expected to comprise retail, office and residence components. The 3 plots of land involve in the second phase measure a total of 104,000 square metres (sqm). The total development cost is expected to be Rmb16,000 ($3,200) per sqm of its gross developmental floor area of 426,000 sqm (excluding car park), which works out to $1.4b. The project is expected to be completed in 2016.

 Wilmar Invests US$263m To Expand Sugar Business
Asia’s leading agribusiness group Wilmar International acquired a 27.5% equity interest in Cosumar S.A. from Societe Nationale d’Investissement for around US$263m. In the filing with the Singapore Exchange, Wilmar said that following the transaction, Societe Nationale d’Investissement will sell up to a 26.5% stake to a consortium of Moroccan institutional investors, with whom Wilmar will control a 54% controlling block in Cosumar. Cosumar, a company listed on the Casablanca Stock Exchange, is the sole sugar supplier in Morocco. It is also the third largest sugar producer in Africa, with ownership of one of the largest refineries in the world, as well as seven beet and cane sugar mills situated in 5 regions in Morocco. Currently, Wilmar operates 5 sugar refineries across Australia, New Zealand and Indonesia with an annual production volume of over 1.8m metric tonnes.

Keppel Lands New US$226m Deal From Falcon Energy
Keppel Corporation, through its offshore and marine unit, clinched a contract worth US$226m from first-time client Falcon Energy Group. The deal involves the construction of a KFELS Super B Class jackup rig, which will be customised to Falcon Energy’s requirements. Commenting on the deal, Wong Kok Seng, managing director (Offshore) of Keppel Offshore & Marine and managing director of Keppel FELS said, “Falcon Energy entered the offshore oil drilling business when they ordered 2 jackup rigs from China in 2011. We are delighted that Falcon Energy has chosen the KFELS Super B Class design for their new high specification jackup rig, which will be built at our yard in Singapore.” The latest contract, which came on top of the US$225m deal with Ensco inked earlier this month, boosts Keppel Offshore & Marine’s new orders for 2013 to-date to US$1.8b. While Keppel FELS has already delivered 6 rigs ahead of schedule and within budget year-to-date, the unit also faces the challenge of having a record number of rig deliveries this year.

SingHaiYi’ Chan Heng Fai Invests $3m In CCM Group
CCM Group, a Class-A main contractor which has built numerous residential, commercial and hotel buildings in Singapore, announced that Hengfai Strategic Investment (HSIPL) which is led by Chan Heng Fai, has invested $3m in new CCM shares to emerge as the second-largest shareholder of the home-grown construction specialist. CCM said it has placed out 35m new shares at $0.086 per share to HSIPL, a private investment holding controlled by Chan. The share price represents a discount of 4.4% to the volume weighted average price of CCM shares traded on the SGX between 10 April and 12 April, when the placement agreement was signed. The net proceeds of approximately $2.7m will be used as working capital for the CCM. Born in Hong Kong, Chan is the executive director and deputy managing director of SingHaiyi, formerly known as Singxpress Land. “We warmly welcome Heng Fai to CCM as a strategic investor and as a Board member. His depth of experience in corporate restructuring in the USA and Asia, along with his extensive contacts in international finance circles and among regional developers will be of tremendous strategic value to CCM,” said executive chairman and CEO of CCM, Joseph Liew.

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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