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Reports Singapore

Singapore stock market and companies daily report (Cambridge Industrial Trust, Otto Marine, United Engineers) (August 26, 2014)

August 26, 2014, Tuesday, 05:02 GMT | 00:02 EST | 09:32 IST | 12:02 SGT
Contributed by Shares Investment

Consumer price inflation eased to 1.2 percent in July, driven by lower car prices and reflecting a high base a year ago. However, core inflation, which strips out accommodation and private road transport costs, inched up to 2.2 percent in July as compared to 2.1 percent in June, attributable to higher services inflation. Meanwhile, the Monetary Authority of Singapore and the Ministry of Trade and Industry reiterated their forecasts of 1.5 to 2 percent headline inflation and 2 to 3 percent core inflation in 2014.

Cambridge Industrial Trust has entered into an agreement to acquire a six-storey purpose-built light industrial building located at 12 Ang Mo Kio Street 65, for $39.8 million. The property, which has remaining land tenure of approximately 36 years, has a gross floor area of about 16,762 square metres. The acquisition will be funded using cash and debt facilities.

HanKore Environment Tech Group recorded a 63.3 percent rise in revenue to Rmb522.2 million in FY14, mainly attributable to increase in revenue from construction services from service concession arrangement and income from engineering, procurement and construction projects. However, a drop in other income coupled with substantial increases in administrative and other operating expenses caused earnings to slip into the red, with a net loss of Rmb114.7 million in FY14.

Otto Marine has sealed time charter contracts with two oil majors for its deep water anchor handlers, worth AUD57 million. The two 16,300 BHP DP2 AHTS vessels, GO Sirius and GO Spica will be deployed in July and August 2014 respectively.

United Engineers’ indirect 67.6 percent owned subsidiary, WBL Corporation and WBL’s associated company, Rank PT O’Connor’s Co, have entered into agreements to dispose the entire issued and paid-up share capital of Wearnes Automotive and Associated Motor Industries, as well as certain assets related to the automotive business and trade marks for $455 million. The disposal is in line with the company’s strategy of streamlining its businesses and proceeds will be used to repay borrowings.