New York: 23:07 || London: 04:07 || Mumbai: 07:37 || Singapore: 10:07

Reports Singapore

Singapore stock market and companies daily report (Keppel Corp, Cortina Hldgs, AsiaPhos) (April 10, 2014)

April 10, 2014, Thursday, 05:34 GMT | 00:34 EST | 09:04 IST | 11:34 SGT
Contributed by Shares Investment

Keppel Corporation’s offshore and marine services arm has signed a management services agreement with Titan Petrochemicals Group and Titan Quanzhou Shipyard (TQS) for the management of TQS’s shipyard. Valid for a 30-year period and renewable, under the agreement, the yard will undertake projects using Keppel’s proprietary designs.

AsiaPhos has temporarily suspended mining activities due to a landslide that took place in the vicinity of Mine 1 mining area in Sichuan, China. As at 7:32 a.m. 10 April 2014, none of the company’s staff, property or equipment has been injured or damaged as a result of the landslide. Barring any unforeseen circumstances, mining operations are expected to resume next week.

Etika International Holdings proposed the disposal of its dairies and packaging business. The disposal would also include its subsidiaries and intellectual property along with a sale consideration of US$328.8 million. Etika views the disposal as an opportunity to unlock value in the business, while the proceeds are expected to go towards the payment of bank borrowings, finance the growth of its other business segments as well as distributions back to its shareholders.

TSH Corporation proposed for the diversification of the company’s business to include property development and investment in certain parts of Australia. Further announcement on the company’s rationale for the move can be expected in due course.

Cortina Holdings agreed to divest two strata lot properties, namely 1 Coleman Street, #05-07 and #05-08 for a sale consideration of $6.5 million excluding goods service tax. The company will channel proceeds from the divestment to reduce its bank borrowings and strengthen its working capital.