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Reports Singapore

Singapore stock market and companies daily report (Singapore GDP, GSH Corp, Sembcorp Marine) (January 02, 2014)

January 2, 2014, Thursday, 05:28 GMT | 00:28 EST | 09:58 IST | 12:28 SGT
Contributed by Shares Investment


Singapore’s 4Q13 GDP Estimated To Have Grown By 4.4%

- The Ministry of Trade and Industry (MTI) has released advance estimates of Singapore‘s economy, where it has grown by 4.4 percent year-on-year in 4Q13, 150 basis points lower than the previous quarter.

- On a year-on-year basis, the manufacturing sector grew 3.5 percent in 4Q13, lower than the 5.3 percent growth in the preceding quarter. The moderation in growth was mainly due to lower biomedical manufacturing output and a slower pace of growth in transport engineering output.

- The construction sector grew by 4.7 percent on a year-on-year basis, moderating from the 5.8 percent growth in the previous quarter. The slowdown was primarily due to a moderation in the growth of private sector construction activities.The services producing industries grew by 5.5 percent on a year-on-year basis, easing slightly from the 6.5 percent growth in the preceding quarter.

Significance: Singapore’s GDP is estimated to have grown by 3.7 percent for the year of 2013, which is in line with MTI’s growth forecast of 3.5 to 4 percent. MTI will release the preliminary GDP estimates for the fourth quarter and the whole of 2013 in February 2014.


GSH Corp Acquires Properties And Land In Sutera Harbour

- Global Strategic Holdings Corporation (GSH) via its subsidiary, Borneo Ventures, and the investment vehicle of the company’s executive chairman, Sam Goi, have jointly acquired a 77.5 percent stake in The Sutera Harbour Group for a purchase consideration of RM700 million.

- Sutera Harbour Group owns Sutera Harbour Resort and other prime properties in Kota Kinabalu, Sabah, where the Sutera Harbour Resort comprises of two five-star hotels, the 500-room Pacific Sutera and 456-room Magellan Sutera, and other recreational facilities. The resort is a 10 minutes boat ride from the popular scuba diving destination of Tengku Abdul Rahman Marine National Park.

- GSH’s other subsidiary, Ocean View Ventures and Ocean View Point, have agreed to acquire stakes in two separate land parcels measuring 12.1 acres and 13.1 acres respectively within the 384-acre Sutera Harbour property.

Significance: Fuelled by strong tourism growth from Northeast Asian countries, Kota Kinabalu is a rising property hotspot in Malaysia. With the latest acquisition of Sutera Harbour Resort and its surrounding properties, GSH will be well-positioned to tap on this growth.


Sembcorp Marine Secures Third Jackup Rig From Perisal (L)

- Sembcorp Marine through its subsidiary, PPL Shipyard, has secured a repeat order to build a third Pacific Class 400 jack-up rig worth US$211.5 million from Perisal (L).

- Scheduled for delivery in 3Q16, this third jack-up rig will be built based on PPL Shipyard’s proprietary Pacific Class 400 design, with similar specifications as the first and second jack-up rigs secured earlier this year.

- Incorporating the latest drilling equipment for improved drilling efficiency, offline handling features and simultaneous operations support, this high specification rig is capable of operating in deeper waters, drilling at high pressure and temperature wells. The rig will be equipped with full hotel services for a complement of 150 persons on board in one-man and two-man cabins.

Significance: Since the launch of its Pacific Class 400 series jackup rigs in 2010, the latest contract win will lift Sembcorp Marine’s orderbook for this model of jackup rigs to 15, where seven have been delivered and in operation till date.