New York: 17:14 || London: 22:14 || Mumbai: 01:44 || Singapore: 04:14

Reports Singapore

Singapore stock market and companies daily report (Advanced Systems, Rotary Engineering, Singapore Post) (September 03, 2014)

September 3, 2014, Wednesday, 05:35 GMT | 00:35 EST | 09:05 IST | 11:35 SGT
Contributed by Shares Investment

Singapore’s Purchasing Managers’ Index fell 1.8 points to 49.7 in August in tandem with lower levels in new orders, inventory and stockholdings of finished goods. After expanding for seven consecutive months in 2014, the contraction is the first time this year. The results have led economists to believe that there are significant headwinds in the manufacturing sector despite the run up to the peak Christmas season.

Advanced Systems Automation proposed the disposal of its property located in Penang, Malaysia, for RM6 million (approximately $2.4 million). Subsequently, the company will rent a part of the disposed property measuring 32,000 square feet for three years at a monthly rental of RM48,000, with an option to renew another three years. When completed, the company intends to utilise the proceeds from the disposal to repay bank loans and for general working capital.

Rotary Engineering won several contracts worth $80 million. These include a contract in Rayong, Thailand, which represents the firm’s entry into the liquefied natural gas space. In addition, it has added a new customer, Croda International, a global manufacturer of specialty chemicals for personal care, health care and industrial products into its customer list and at the same time, won various construction packages for Croda’s Alkoxylation plant located on Jurong Island, Singapore.

Singapore Post has been granted approval for a postage rate revision that represents the first effective domestic postage rate increase in eight years, despite costs increases of nearly 50 percent since the last postage rate revision in 2006. The rate revisions will partially mitigate cost increases.

Sunningdale Tech proposed the acquisition of the entire share capital in Anchorage Singapore Holdings for US$66.1 million (approximately $82.7 million). Anchorage owns a subsidiary, First Engineering that is involved in the manufacture and sale of precision moulds and precision engineering components. The proposed acquisition is both a strategic fit and attractive opportunity for the company to further strengthen its leadership position in the industry.