Reports » Singapore

Singapore stock market and companies daily report (Marco Polo Marine, ST Engineering, CSE Global) (January 08, 2013)

Contributed by Shares Investment

Marco Polo Marine Completes IPO Of Indonesian Unit
Marco Polo Marine’s 49 percent owned unit PT Pelayaran Nasional Bina Buana Raya Tbk has successfully concluded its initial public offering (IPO) with listing on the Indonesian Stock Exchange. Slated for listing on 9 January 2013, PT BBR Tbk will be deemed a subsidiary of Marco Polo Marine and its financial results will be consolidated with the group. “In view of Indonesia’s growing market demands and the restricted supply of Indonesian-flagged vessels prompted by the Indonesian Cabotage Principle, we will continue to develop PT BBR Tbk as our established Indonesian platform and entrench our market presence by investing in more offshore vessels coupled with being even more discerning with respect to customers’ needs,” said chief executive officer Sean Lee Yun Feng.
Significance: According to Marco Polo Marine, the IPO had been well-received by the investment community in spite of the uncertain global macroeconomic environment. Notably, the IPO managed to raise total gross proceeds of 138 billion rupiah (US$14.3 million), with 600 million new shares issued at 230 rupiah per share.

ST Engineering Secures $192m Worth Of Contracts
ST Engineering’s electronic arm, Singapore Technologies Electronics has secured about $192m worth of contracts for rail electronics, intelligent transportation, satellite communications (Satcom) and smart utility projects in 4Q12. Notably, ST Electronics’ rail electronics and intelligent transportation wins include a $35.4 million one for Singapore’s Land Transport Authority expressway monitoring and advisory system on major arterial roads. Meanwhile, ST Electronics’ Satcom and Sensor business secured contracts worldwide totalling about $70 million, while its smart utilities solutions continue to make headway with its subsidiary, Telematics Wireless being awarded a US$28m (about $34.3m) contract by Arad Technologies.
Significance: The last quarter of 2012 saw ST Electronics making progress into Malaysia, a new territory for its rail electronic solutions. Together with the wins in Taiwan (Taichung MRT Line) and Singapore (LTA’s EMAS project), ST Electronics said it is well positioned to expand other road and rail transportation projects in Singapore and overseas.

CSE Global Inks 2 Projects Worth $26m
CSE Global’s subsidiaries have secured two new projects worth about $26 million in total. The first project was secured by its wholly owned subsidiary Singapore unit, CSE Transtel (Singapore) for a customer in the resources sector in Australia. Meanwhile, its wholly owned UK subsidiary, CSE-Controls was also recently awarded a contract in the UK defence sector. The contract was “secured due to our ideal locations and capability to provide a full turnkey solution to meet the client requirements,” said CSE Global.
Significance: These projects will have a positive impact on CSE Global’s profit for FY13 and FY14. The latest contracts will also add to CSE Global’s order book which stood at $358.8 million as at 30 September 2012.