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Reports Singapore

Singapore stock market and companies daily report (Addvalue Tech, Boustead, SMRT) (March 26, 2014)

March 26, 2014, Wednesday, 05:37 GMT | 02:37 EST | 11:07 IST | 13:37 SGT
Contributed by Shares Investment

- Addvalue Technologies has proposed the disposal of its subsidiary, Addvalue Commuications (AVC), for $330 million. The disposal will unlock the value of the company, particularly the value attributable to its China operations. The disposal consideration is a substantial premium over AVC’s net asset value of approximately US$12.9 million. The gain recognised from the proposed sale is about US$234.7 million.

- Boustead Singapore’s subsidiary, Boustead Salcon Water Solutions, has secured a contract to design and supply water and wastewater treatment facilities in Indonesia. The latest contract has raised the company’s order book backlog (as at 31 December 2013 plus new orders since then) to $400 million.

- Mandarin Oriental intends to expand its hotel in Munich with the construction of a mixed use complex on an adjacent site. The proposed complex, measuring about 23,000 square meters, will include new hotel rooms, facilities, retail units and commercial offices. The project, which includes the refurbishment of the existing hotel’s rooms, is estimated at €124 million, and is expected to open in 2021.

- SMRT Corporation has signed a memorandum of understanding with Huawei Enterprise Business Group to jointly develop and market products and solutions in the international market. Some of the products and services include SMRT’s automatic fare collection or passenger information system.

- TPV Technology has moved to acquire the remaining 30-percent stake in TP Vision, a joint venture (JV) with Philips, from the latter. The JV relates to Philips TV business in Europe and some South America countries. Upon completion, the minimum annual royalty payable by TP Vision to Philips under a trademark license agreement will be reduced from €50 million to €40 million.