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Reports Singapore

Singapore stock market and companies daily report (Advance SCT, EuroSports, SIA) (June 20, 2014)

June 20, 2014, Friday, 06:05 GMT | 02:05 EST | 09:35 IST | 12:05 SGT
Contributed by Shares Investment

Advance SCT has proposed the placement of 1.7 billion new shares at $0.0019 per share, representing a discount of approximately 5 percent to the weighted average price of $0.002 per share as of 19 June. The proceeds for the placement will be around $3.1 million and the bulk of it will be used to fund the company’s growth and expansion plans.

EuroSports Global has acquired a 60 percent stake in the following companies; (1) Autoinc Sports, (2) Autoinc Lifestyle (3) Birel Singapore for a consideration of $1.5 million. The target companies are involved in the trading of sports and luxury automobiles, maintenance and grooming services for luxury automobile and the retail of go-karts and provision of maintenance and storage service for go-karts.

KS Energy’s 80 percent owned subsidiary KS Drilling has sold a rig, KS Orient Star 1, for US$84.9 million ($106.1 million). The deal is carried out by KS Drilling’s subsidiary KS Rig Invest Three and the consideration received represents an excess of US$45.2 million ($56.6 million) above book value of the rig valued at US$39.6 million ($49.6 million) as at 31 March 2014.

Singapore Airlines’ Scoot entered a joint venture agreement with Nok Airlines Public Company Nok Mangkang Company and Pueannammitr Company (PNM) to set up a joint venture airline through the acquisition of the existing Pete Air Company. Scoot and Nok Mangkang will invest 2 billion baht ($80 million) in proportion to their respective shareholdings where they will initially own a 43.75 percent-stake and subsequently increase to 49 percent-stake each after restructuring, with PNM holding the remaining 2 percent. The company believes that acquiring Pete Air will expedite the start-up in Thailand as compared to a green field venture.

Vibrant Group’s wholly owned subsidiary Singapore Enterprise has purchased a 51 percent stake in Shentocil for $51,000. Shentocil will go on to acquire a 100 percent stake in Ececil, the owner of Cecil House, for $110 million less the aggregate outstanding liabilities. Ececil has a net asset value of $50.4 million with outstanding liabilities of $67.8 million. Vibrant intends to upgrade the property to maximise gross floor area and views it as a good investment held for rental and capital appreciation. The aggregate cost to be borne by Vibrant Group adds up to be approximately $56.2 million.