New York: 16:08 || London: 21:08 || Mumbai: 02:38 || Singapore: 05:08

Reports Singapore

Singapore stock market and companies daily report (Heeton, Nam Cheong, Olam) (August 19, 2014)

August 19, 2014, Tuesday, 05:29 GMT | 00:29 EST | 09:59 IST | 12:29 SGT
Contributed by Shares Investment

Global Logistic Properties has signed a new lease agreement for 6,500 square meters at GLP Atsugi in Greater Tokyo, with SENKO Co, one of the firm’s largest customers in Japan. With the new agreement, GLP Atsugi, a newly completed 100,000 square meters multi-tenant logistics facility is 100 percent leased.

Heeton Holdings, KSH Holdings and Lian Beng Group are collaborating via their respective subsidiaries to co-develop a mixed use site in Fortitude Valley, Brisbane, Australia. The three companies will work on a residential development joint venture with Marvel Investments, with Marvel Investments, Heeton, KSH, and Lian Beng having effective interests of 67 percent, 18.15 percent, 4.95 percent and 9.9 percent respectively. Additionally, Heeton and Lian Beng will also enter into a 70:30 hotel development joint venture.

Nam Cheong has entered into a 50:50 joint venture (JV) with Marco Polo Marine, to invest and operate vessels together, through the acquisition of a 50 percent stake in Marco Polo Offshore (IV) for US$2 million. The JV has recently purchased a newly built accommodation work vessel from Nam Cheong and has secured a long-term firmed five-year bare-boat contract estimated to be worth over US$27 million.

OKH Global’s subsidiary, Chronoz Investment Holding, has entered into agreements to acquire a total of 15 percent stake in Pan Asia Logistics Holdings Singapore, a logistics and supply chain solutions provider for $21.5 million. The company hopes to leverage on the strengths of Pan Asia Logistics and to seize opportunities to create new interlinked business opportunities in the real estate market.

Olam International has expanded its strategic partnership with Sanyo Foods Co with the sale of a 25 percent stake in its packaged food business to the latter for US$187.5 million. The deal is aimed at capitalising the potential in the sub-Saharan Africa market and Olam with a 75 percent stake will retain management control of the business. Based on the initial enterprise value of US$750 million, the company expects to record a net cash inflow of US$167.5 million and an addition to reserves of US$80.8 million.

SBI Offshore’s wholly-owned subsidiary, SBI O&M, has secured a US$24 million contract for the design and engineering of a jack-up drilling rig for operating in water depths of up to 110 meters. The contract is in line with the group’s strategy to focus on providing one-stop engineering solutions and drilling equipment for the oil and gas industry and work is expected to commence in 2H14.