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Reports Singapore

Singapore stock market and companies daily report (K-Green Trust, Enviro-Hub Hldg, Tigerair) (March 24, 2014)

March 24, 2014, Monday, 05:27 GMT | 02:27 EST | 10:57 IST | 13:27 SGT
Contributed by Shares Investment

- K-Green Trust (KGT) is proposing an expansion of its investment mandate to cover a wider range of infrastructure assets. In May 2013, KGT’s sponsor, Keppel Integrated Engineering, was reorganised under Keppel Infrastructure (KI). KI has three core business platforms in Gas-to-Power, Waste-to-Energy and X-to-Energy. To better reflect the proposed nature and scope of assets it may acquire with the expanded investment mandate, KGT proposed to change its name to Keppel Infrastructure Trust.

- Enviro-Hub Holding’s subsidiary, Leong Hin Piling, has secured a $19.2 million contract from Kranji Development. The contract involves piling works for a proposed seven-storey multi-user warehouse/general industrial factory, temporary staff canteen with ancillary facilities building in Jalan Lam Huat.

- Hotel Royal proposed the purchase of 186-room Burasari Resort in Phuket, Thailand, for THB1.3 billion. The proposed acquisition is expected to provide synergy to Hotel Royal’s hotel operations in Thailand through sales referrals, joint marketing and management time.

- Tiger Airways Holdings (Tigerair) inked an agreement to order 37 Airbus A320neo aircraft powered by Pratt & Whitney, to be delivered from 2018 to 2025. The agreement provides Tigerair the option to increase its order by up to 13 additional aircraft and convert the A320neos to into the A321neo model. The agreement will nullify Tigerair’s existing order of nine Airbus A320 aircraft.

- Tritech Group won a contract to provide professional engineering, expert and technical advice, skills and services for the Thomson Line. The contract, worth $6.7 million, will lasts from March 2014 to April 2016.

- Vibrant Group proposed the acquisition of a 50-percent stake in Celestine Management for $2.5 million. Celestine is intended to be the proposed manager of a proposed real estate investment trust to be established and authorised in Singapore.

- Yuexiu Property Company’s FY13 turnover rose 75 percent to Rmb14.2 billion, driven by steady growth in property sales. However, changes in product mix and geographical composition led to a decline in gross profit margin from 47.5 percent to 28.9 percent. Nonetheless, earnings for the year ended 31 December 2013 grew 16.1 percent to Rmb2.9 billion. The firm has declared a final dividend of HK$0.035 per share.