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Reports Singapore

Singapore stock market and companies daily report (Nam Cheong, Olam, Soilbuild) (June 24, 2014)

June 24, 2014, Tuesday, 06:04 GMT | 01:04 EST | 09:34 IST | 12:04 SGT
Contributed by Shares Investment

Hu An Cable Holdings’ chairman and chief executive Dai Zhi Xiang has purchased an additional 6.1 million of the company’s share from the open market, raising his stake in the company from 17 percent to 17.6 percent. Dai commented that he is positive about China’s growth potential despite current market conditions and is confident about the prospects of the company. The company’s backlog currently stands at Rmb900 million.

Nam Cheong inked a deal with Perdana Petroleum (Perdana) worth a total of US$84 million ($105 million) for the sale of two units of accommodation work barges (AWB), with the option for Perdana to purchase another two vessels. With the new contract, the company’s order book stands at approximately RM1.5 billion ($581.7 million).

Novo Group has reported a 5.8 percent year-on-year increase of revenue to US$74 million in 4Q14. Due to pilot production cost incurred by the new Jiangsu tinplate manufacturing plant the group reported a gross loss of US$0.96 million in 4Q14 as compared to gross profit of US$2.3 million in 4Q13. The group reported a 87.8 percent year-on-year increase in net losses to US$6.5 million in 4Q14, driven mainly by higher finance and administrative costs. The group reported a 136.9 percent increase in net losses to US$13.2 million in FY14.

Olam International has formed a 20:80 partnership with Mitsubishi Corporation (MC) to grow its Australian grains business. MC will invest US$64 million for an 80 percent stake in Olam Grains Australia (OGA) and the transaction is expected to be completed in early FY15.

SIIC Environment Holdings has acquired a 30 percent stake in SIIC Environment (Dalian) Company through its 75.5 percent owned subsidiary SIIC Environment Holdings (Weifang) for Rmb6.9 million ($1.4 million). After the acquisition, the company will effectively hold over 90 percent stake in SIIC Environment (Dalian). Subsequently, SIIC Environment Holdings (Weifang) will inject an additional capital of Rmb12 million ($2.4 million) as its proportionate 30 percent equity contribution into SIIC Environment (Dalian).

Soilbuild Construction Group’s subsidiary, Soil-Build, secured a $38.6 million contract by Pepperl+Fuchs (Manufacturing) for the construction of a five-storey global distribution center at Pioneer Turn. Construction will commence in June 2014 and is expected to complete by the third quarter of 2015. This marks the fifth construction contract won by the company in 2014 and updates the company’s book order to $531.5 million.

United Envirotech’s wholly owned Malaysian subsidiary, Dataran Tenaga (Malaysia), has secured a new RM45 million ($17.5 million) engineering procurement and construction project. The contract entails the construction of a sewer network in the Southern area of Johor Bahru and the project will commence immediately with expected completion by the end of 2015.