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Reports Singapore

Singapore stock market and companies daily report (Low Keng Huat (S), SGX, SIIC Envt Hldgs) (July 09, 2014)

July 9, 2014, Wednesday, 04:42 GMT | 23:42 EST | 08:12 IST | 10:42 SGT
Contributed by Shares Investment

Low Keng Huat (Singapore) has exercised options pertaining to the agreement signed to purchase 15 commercial units and 1 residential unit at Balestier Tower in August 2013, to purchase the remaining 36 balance units in the property. The company intends to redevelop the property into a mixed residential and commercial development. The purchase consideration of the 36 balance units is $63.9 million.

Oriental Group proposed the disposal of its subsidiary, OGL Energy, for a sale consideration of Rmb3 million (approximately $0.6 million). OGL’s subsidiary, Xinghua Oriental Gas holds a contract for the installation of gas piping in nine villages in North Eastern Xinghua, China. After assessing the initial outlay required for the contract, the company is of the view that the disposal will allow it to better focus on its core steel business.

Singapore Exchange (SGX) launched its liquidity hub at Hong Kong Exchanges and Clearing’s data centre, following a memorandum of understanding which was signed in December 2013. As of the announcement, five firms have already signed up to connect to SGX’s liquidity hub in Hong Kong. The closer collaboration between the two exchanges will benefit SGX’s customers in Hong Kong, granting them a cost effective and convenient way to access Asian equity futures at SGX.

SIIC Environment Holdings proposed to issue up to 1 billion new shares at $0.158 per share to raise up to $154.8 million after deducting expenses. The new shares will represent 10.4% of the enlarged share capital. The company intends to use the net proceeds for the purpose of financing for its business expansion, enlarging the general working capital of the group, repaying existing borrowings, as well as for general corporate purposes.