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Reports Singapore

Singapore stock market and companies daily report (Nam Cheong, Second Chance Ppties, Swissco Hldgs) (March 31, 2014)

March 31, 2014, Monday, 05:47 GMT | 00:47 EST | 10:17 IST | 12:47 SGT
Contributed by Shares Investment


- Nam Cheong has secured two contracts worth US$43.1 million for the sale of an anchor handling towing supply vessel and a platform supply vessel. Both vessels are scheduled for delivery in 2014. The latest contract will lift the company’s order book to RM1.4 billion (approximately $539.8 million).

- Second Chance Properties reported a modest 3.9 percent gain in revenue to $10.5 million from $10.1 million, for the quarter ended 28 February 2014. The increase was mainly due to better performance from its securities business while performances of all other business segments were weaker.  Earnings slumped 9.9 percent to $2.7 million from $3 million. For the six-month period, revenue remained flat at $19.7 million and earnings was up 3.2 percent to $6.6 million.

- Swissco Holdings purchased a property in the Tuas district for a purchase consideration of $16.2 million. The property is a leasehold property which has a total land area of approximately 26,248 square metres, a water front of about 107 metres and a 30 by 100 metres slipway. The latest acquisition is in view of the company’s expanded fleet which requires an additional water front yard facility to house them.

- Sinopipe Holdings reported an 11.7 percent rise in revenue to Rmb235.3 million from Rmb210.6 million for the quarter ended 31 December 2013, as a result of higher contributions from its water-saving irrigation and telecommunication and electrical business segments. Subsequently, losses shrank 42.3 percent to Rmb95.1 million. For the full year, revenue and losses declined 3.3 percent to Rmb795.1 million and 33.9 percent to Rmb162.7 million respectively.

- Zagro Asia has proposed to acquire Orion Crop Protection, a company incorporated in New Zealand which distributes agriculture chemicals, for an estimated purchase consideration of NZ$8.4 million (approximately $9.2 million), depending on the subsequent three-year performance of target company. The company sees this as a strategic fit to its business which grants a foothold in the crop protection business in New Zealand.

- IPCO International proposed a private placement to issue 1 billion new shares at an issue price of $0.0108 per share. The placement is expected to raise $11 million and will be used for working capital, repayment of bank loans, short-term investments, business expansion in China and real estate development in the US. The placement shares will represent 16.7 percent of the enlarged share capital of the company.

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