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Reports Singapore

Singapore stock market and companies daily report (Polaris, Unionmet, Vallianz) (July 04, 2014)

July 4, 2014, Friday, 03:06 GMT | 23:06 EST | 07:36 IST | 10:06 SGT
Contributed by Shares Investment

Pan Hong Property Group’s subsidiary Nanchang Dingxun Co has obtained a loan facility amounting to Rmb200 million for the development of Nanchang Sino Harbour Kaixuan City Phase 1. The loan is secured using corporate guarantee from the group’s other subsidiary, Jiangxi Asia City Real Estate Development Co and the land use rights of Nanchang Dingxun at book value of Rmb134.4 million.

Polaris will acquire 504.4 million shares representing 10.6 percent stake in PT Trikomsel Oke Tbk for $65.8 million from Sugiono Wiyono Sugialam and PT SL Trio, to be satisfied by the issuance of shares at $0.023 apiece. The acquisition will enable it to gain access to an extensive brand portfolio, opening up new market opportunities in Indonesia. Separately, Polaris is raising proceeds of $150 million from a subscription agreement with Tres Maria Capital, wholly owned by Sugiono, for the expansion of its distribution of mobile communications devices.

Unionmet (Singapore) has inked a deal with the Institute of Chemical & Engineering Sciences (ICES) to partner on the research and development in the oil blending business. ICES will be providing highly skilled research scientists and engineers to the company, with the SPRING Singapore bearing up to 70 percent of the costs of the manpower. The company believes the partnership will provide the technical skill sets and expertise to assist in the development of its oil blending business.

Vallianz Holdings has sealed a three-year collaboration agreement with Offshore Oil Engineering (OOE), the largest offshore engineering and construction company in China. The deal comprises of providing offshore support vessels, to support OOE’s offshore construction operations, by charter, or through the award of a project sub-contracted to the company. The deal presents a great opportunity for the company to enter the vast offshore oil and gas industry in China.