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Reports Singapore

Singapore stock market and companies daily report (Geo Energy Res, GLP, Tiger Airways) (June 19, 2014)

June 19, 2014, Thursday, 05:34 GMT | 01:34 EST | 09:04 IST | 11:34 SGT
Contributed by Shares Investment

- Asia Fashion Holdings via its subsidiary, Rich Circles Enterprise, agreed to purchase China Construction Material, an investment company incorporated in Hong Kong, whose primary business activities include the manufacture and sale of different types of building panels. The purchase consideration of the acquisition is expected to be at Rmb100 million.

- CNA Group proposed a private placement of 16.7 million shares, representing 4.6 percent of the existing share capital in the company. The net proceeds of $1.2 million after deducting expenses will be placed in deposits with banks or financial institutions, while waiting for plans on their utilisation.

- Geo Energy Resources agreed to acquire shareholding interest in Borneo International Resources for a purchase consideration of US$55 million. The target company does not have business operations currently but possesses two mining business licenses in South Kalimantan, Indonesia that are valid till 2015 and 2022. The move will grant the company access and control over the coal deposits in the area where the mining permit has specified.

- Global Logistic Properties (GLP) inked new lease agreements in China totalling 47,000 square meters with three leading retailers including Walmart and All three retailers are existing clients of GLP and are tapping on GLP’s network to meet strong growth in domestic consumption and e-commerce in China.

- Tiger Airways Holdings announced that one of its airlines Tigerair Mandala (Mandala) will cease operations with effect from 1 July 2014. After months of deliberation with the other major partners, it was concluded that operations of Mandala, in which the company has a 35.8 percent stake were not sustainable and thus the decision to cease its operations. Going forward, the company will focus its strategy on fleet consolidation, strategic alliances and an asset-light growth model.