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Reports Singapore

Singapore stock market and companies daily report (GSH, SIA Engg, Unionmet) (July 10, 2014)

July 10, 2014, Thursday, 03:29 GMT | 22:29 EST | 06:59 IST | 09:29 SGT
Contributed by Shares Investment

GSH Corporation has agreed to sell its trading and distribution business to Serial System, through the sale of the entire stake in Global Strategic Holdings Franchising and GSH Corporation (Far East), as well as all the assets and liabilities (excluding a warehouse and office in Dubai) of GSH (Middle East). The consideration for the sale is US$2.4 million plus the net asset value as at 30 June 2014, of the three entities sold.

Miyoshi Precision has agreed to the sale a factory cum office building located at Senai III Industrial Estate 81400 Senai Johor Malaysia for RM4.7 million (approximately $1.8 million). The property is a non-core asset held by the company’s subsidiary Miyoshi Precision (Malaysian) and is currently vacant. The company intends to use the net proceeds for working capital and funding for future business plans.

SIA Engineering Company (SIAEC) has formed a 49:51 joint venture based in Singapore with The Boeing Company (Boeing), to provide a customised, comprehensive and integrated suite of fleet management services to airlines in the Asia-Pacific and beyond. The joint venture, which is subjected to regulatory approvals, will be able to leverage on the expertise of Boeing and SIAEC.

Technics Oil and Gas has been awarded contracts worth a total of $6.2 million through its subsidiaries. The contracts comprise the supply of gas booster compressor for production facilities and gas compressor skid for FSO vapour recovery project in Vietnam. The company believes that its excellent technical proposal, experience and proven track record in the related field has helped edged out its competitors.

Unionmet (Singapore) has reported a 9.5 percent year-on-year increase in revenue to US$6 million in 2Q14. The rise in turnover was mainly due to higher trading in aluminium and zinc and their related products. However, the company recognised a net loss of US$2.2 million in 2Q14 compared to a net profit US$300,000 in 2Q13 caused by the one-off loss on a disposal, amounting to US$1.9 million, largely due to a write-down in assets of the entities against the disposal price.