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Reports Singapore

Singapore stock market and companies daily report (DBS, Huan Hsin, Koh Bro) (June 17, 2014)

June 17, 2014, Tuesday, 06:16 GMT | 01:16 EST | 09:46 IST | 12:16 SGT
Contributed by Shares Investment

DBS Group Holdings’ subsidiary DBS Bank (Hong Kong) has acquired 50 percent stake in Hutchison DBS Card for HK$546 million ($88 million). After the acquisition, the company will have a 100 percent stake in Hutchison DBS Card which has a book value of HK$728 million at the end of 2013. The move is consistent with the company’s direction as cards are a strategic part in DBS’s consumer banking segment.

Huan Hsin Holdings has disposed its entire 30 percent stake in Li Sheng Electronic (Kunshan) Co. (LSE) for US$3.5 million, representing a gain of $0.5 million over book value. Holding only a 30 percent stake, Huan Hsin is unable to exert any significant influence over LSE and hence has decided to dispose its stakes. The proceeds for the disposal will be used to boost the company’s current internal capabilities to manufacture steel moulds for notebook computers.

Koh Brothers will be tapping on its construction expertise and in-house precast capabilities for a new condominium project in Jurong West. The contract, worth $126.5 million was awarded to the company by its joint venture company KBD Westwood.

Vallianz Holdings has proposed a placement of up to 230 million shares at $0.13545 per share, representing a 10 percent discount to the weighted average price of $0.1505 per share recorded on 11 to 12 June. The company will also issue 170 million in subscription shares at the same issue price. The bulk of the proceeds of $52.2 million will be utilised for fleet expansion.