New York: 15:45 || London: 18:45 || Mumbai: 00:15 || Singapore: 02:45

Reports Singapore

Singapore stock market and companies daily report (Hyflux, Q&M Dental Group, Yoma) (March 11, 2014)

March 11, 2014, Tuesday, 06:17 GMT | 03:17 EST | 11:47 IST | 13:17 SGT
Contributed by Shares Investment

- China Print Power Group (CPP) has formed a joint venture (JV), known as Brightjet Globe, with Huang Dianqing. The JV will explore a possible acquisition of a 55-percent stake in a firm engaged in the implementation and utilisation of a natural gas project in Hubei Province, China. CPP considers the acquisition as an opportunity to diversify into the servicing industry for the natural gas exploration and exploitation sector.

- Hyflux’s subsidiary, Hyflux Consumer Products (HCP), has entered to an agreement for the sale of its 49-percent interest in Marmon Hyflux Investments (MHI) to Marmon Water (Singapore) for US$6.7 million ($8.5 million) in cash and US$3.1 million in dividends from MHI. HCP has been a passive investor in MHI and the disposal is part of Hyflux’s ongoing rationalisation of its partnerships.

- International Healthway Corporation (IHC) marks its maiden entry into Australia by acquiring a freehold commercial property in Melbourne for A$45 million (approximately $51.8 million). Located next to Alfred Hospital, the seven-storey building has a net leasable area of 10,170 square metres (sqm) and is currently fully occupied. IHC intends to reposition the property over the next few years, in line with its business, to provide both integrated healthcare services and facilities.

- Q & M Dental Group (Singapore) has agreed to acquire a 60-percent interest in Nanjing Sucoronal Dentistry Technique Center from Mr Zhang Haiquan for Rmb21 million ($4.4 million). Q & M will receive a profit guarantee of Rmb38.7 million over 12 years starting from 2014. The proposed purchase is in line with firm’s expansion plans into China.

- Sysma Holdings’ subsidiary, Sysma Construction, was awarded a contract for the erection of a two-storey detached dwelling house at Sundridge Park Road. The contract, worth $6.8 million, will commence in March 2014 for a period of 16 months. With the win, Sysma’s current net order book is close to $80 million.

- United Engineers’ subsidiary, WBL Corporation, has agreed to dispose its 78-percent stake in Suzhou Industrial Park Jian Wu Heng Ye Property Development (JWHY) to SIP Genway Group for Rmb490 million. JWHY owns a 147, 238 sqm land site in Qingjianhu, Suzhou, China, of which only 53,497 sqm is currently being developed into a residential project. The divestment, expected net gains of approximately $14 million, would unlock shareholder value and manage risks involved with the residential project.

- Yoma Strategic Holdings and First Myanmar Investment (FMI) have agreed to jointly develop two plots of land at FMI City, Yangon, into a mixed-use commercial and residential development. Given the maturity of the estate and limited land for development, the project will be in an established community with proven demand. Additionally, Yoma has formed a new investment holding firm, Yoma Agricultural & Logistics Holding to form various partnerships and expand into four businesses: coffee production, dairy supplier, food products storage and logistics as well as commercial vehicle leasing.