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Reports Singapore

Singapore stock market and companies daily report (Rowsley, Chip Eng Seng, HanKore) (June 03, 2014)

June 3, 2014, Tuesday, 06:19 GMT | 01:19 EST | 09:49 IST | 12:19 SGT
Contributed by Shares Investment

HanKore Environment Tech (HanKore) – The reverse takeover deal with China state owned enterprise China Everbright Water Investments (CEWI) has been inked by HanKore. HanKore has agreed to acquire the entire issued and paid up share capital in CEWI for $1.2 billion, and will pay for the acquisition with the issuance of 1.94 billion new shares. This deal will enhance HanKore’s financial strength, and raise its competitiveness when bidding for public tenders.

Chip Eng Seng – Chip Eng Seng has secured a $165 million contract from the Housing & Development Board for construction works at Sembawang Neighbourhood. The project is slated to be carried out over a course of 36 months, which comprises the construction of eight residential blocks, housing a total of 1,220 dwelling units together with other community facilities and is tentatively expected to be completed in 2Q17.

Rowsley – Billionaire Peter Lim’s takeover of Spanish football club Valencia could give Rowsley a potential shot at redeveloping the old stadium which sits on prime land. Mr Lim, largest shareholder of Rowsley will reportedly pump in 170 million euros to complete work on Valencia’s new stadium by 2019. Rowsley sees consultancy and real estate opportunities that may open up for Rowsley, and is submitting a proposal for a feasibility study to get involved in the project to Mr Lim.

Sembcorp’s subsidary Sembcorp (China) Holding has signed a joint venture agreement with Shenghai Wastewater Treatment Plant in the proportions of 80:20 to acquire and upgrade an existing wastewater treatment plant in Lianyungang Lingang Chemical Industrial Park (LCIP). This allows Sembcorp to expand its wastewater treatment business in China’s JiangSu Province.

China Essence Group posted a 89 percent drop in revenue from RMB397.5 million in FY13 to RMB45.1 million in FY14, underpinned by limited working capital available, coupling with the low potato yield and low starch yield caused. Consequently, losses narrowed in FY14 by 19 percent.

Straits Trading has disposed of 50.2 million stapled securities in Far East Hospitality Trust for a consideration of $42.7 million excluding transaction costs. Based on the book value of the Sale Units the loss on disposals is approximately $4.0 million. The company has decided to gradually divest its stapled securities in FEHT with a view to strengthen its real estate eco-system which is currently anchored by a 89.5 percent stake in Straits Real Estate and its 20.1 percent in ARA Asset Management.

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