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Reports » Singapore

Singapore stock market and companies daily report (Olam Int’l, Otto Marine) (May 19, 2014)

May 19, 2014, Monday, 05:42 GMT | 01:42 EST | 10:12 IST | 12:42 SGT
Contributed by Shares Investment

- Olam International will invest US$61 million to establish a new cocoa processing facility in Indonesia. The facility will primarily grind Indonesian beans sourced through Olam’s traceable cocoa network to produce cocoa butter, cocoa cake and high quality cocoa powders. The investment aims to leverage on the company’s Indonesian cocoa sourcing network and participate in the growth of Asian cocoa consumption.

- Singapore Post registered a 5.9 percent gain in revenue to $193.3 million, for the quarter ended 31 March 2014. The revenue increase was mainly attributed to growth in the company’s e-commerce related businesses. Total expenses expanded 3.8 percent to $170 million on the back of higher labour and administrative expenses arising from more labour headcount and higher property and related expenses respectively. As a result, earnings soared 17.7 percent to $30.7 million. For the full year period, revenue rose 24.6 percent to $821.1 million, while earnings increased 4.8 percent to $143.1 million.

- Otto Marine has entered into an agreement to acquire 10 percent of Go Marine Group (GMG) from M Squared Nominees (M Squared) for an aggregate value of US$5 million. The consideration will be satisfied by new share issuance to Garrick James Stanley, the company’s executive director and group chief executive officer. Upon the completion of the Acquisition, GMG shall become a direct wholly-owned subsidiary of Otto Ventures (OVPL), Otto Marine’s wholly-owned subsidiary which has previously owned a 90 percent stake in GMG.

- TIH‘s indirectly wholly owned subsidiary, Lilydale International has invested a sum of US$1.76 million to acquire a 44 percent stake in Batavia Enterprise which will undertake property development in Taiwan. Argyle Street Management’s subsidiaries Albany Road and Harcourt Road will subscribe to the remaining 56 percent for US$2.24 million. TIH entered into this transaction due to the attractive commercial valuation of the assets in this transaction and the potential to participate in the future development of the assets.