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Reports Singapore

Singapore stock market and companies daily report (ICP, IPCO, Olam) (June 30, 2014)

June 30, 2014, Monday, 04:10 GMT | 23:10 EST | 07:40 IST | 10:10 SGT
Contributed by Shares Investment

ICP’s unit, AceA Resources (AceA), has agreed to the purchase 22.6 million shares, representing 19.9 percent stake in Tiaro Coal at A$0.135 per share and the sale of 10 million shares representing a 17.2 percent stake in Mount Adrah Gold for A$0.20 per share. The total consideration for the acquisition is A$3.1 million and the consideration of the sale is A$2 million. The company views the acquisition as an opportunity to participate in the Australia coal exploration and mining industry.

IPCO International has reported a 24.5 percent year-on-year increase in revenue to $33.2 million for FY14. The rise in turnover was mainly attributable to higher income from the company’s subsidiaries ESA Electronics and China Environmental Energy Protection Investment. However, the company slipped into the red with net losses of $155.2 million on the back of a substantial increase in total expenses as well as a fair value loss of $169.7 million in financial assets and $14.8 million loss on disposals of such assets.

OIam International has agreed to the sale of its wholly-owned timber subsidiary in Gabon, Compagnie Forestière des Abeilles SA for a consideration of US$6 million. The divestment is in line with the company’s strategy to restructure its wood products portfolio, with a full exit from the timber business in Gabon to focus on the forestry business in the Republic of Congo.

Otto Marine’s subsidiaries have disposed three vessels, namely GO AVIOR, GO HAWK and GO HARRIER to Go Marine Services (M), a company in which the group has a 49 percent stake, for US$37.5 million. The deal would generate an estimated net gain of approximately US$1 million which will be used to improve its working capital.

Popular Holdings has recorded a 5.3 percent year-on-year growth in turnover to $551.9 million for FY14, in tandem with the increase in income from all divisions of the Group. In particular, revenue from the retail and distribution division, and the property division increased by $6.6 million and $14.9 million respectively. However, net profits dropped 54.5 percent to $10.6 million mainly due to the increase in administrative expenses caused by higher manpower, office and warehouse costs.

Stamford Tyres Corporation has reported an 8.5 percent decline in revenue to $290.6 million for FY14. The decrease in turnover was mainly due to softening demand for Sumo Firenza tyres in Europe, and mining tyres in Indonesia and South Africa. Consequently, coupled with a drop in the share of results of joint ventures which returned a net loss of $0.7 million, compared to a net profit of $13.2 million in FY13, net profits shrunk 13.3 percent to $10 million in FY14.