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Reports » Singapore

Singapore stock market and companies daily report (Sembcorp Marine, JES Int’l Hldgs, Vard Hldgs) (March 12, 2014)

March 12, 2014, Wednesday, 05:41 GMT | 01:41 EST | 10:11 IST | 12:41 SGT
Contributed by Shares Investment

- Sembcorp Marine’s shipyard unit secured a contract to perform extensive revitalisation of Royal Caribbean International’s passenger-ship, Voyager of the Seas. The contract, worth $25 million, is expected to commence in 4Q14.

- JES International Holdings won a contract for the construction of a 95,000 deadweight tonnage Post-Panamax bulk carrier plus options for three other similar vessels with the same design. The contract and options are worth up to US$120 million. The delivery of the first vessel is expected to take place in September 2015 while the others, if the options are exercised, are expected from November 2015 onwards.

- Miyoshi Precision has disposed its entire stake, or 69.9 million shares, in Giken Sakata (S) in a deal worth $3.8 million. As part of its corporate restructuring exercise, Miyoshi does not intend to inject more funds into Giken and is of the view that maintaining its equity interest in the Giken is not expected to generate significant value to Miyoshi’s shareholders.

- Stamford Tyres Corporation’s turnover for the quarter ended 31 January 2014 fell 3 percent to $71.5 million dragged down by weaker export sales of Sumo Firenza tyres and mining tyres. Coupled with allowances for doubtful receivables and inventory obsolescence as well as foreign exchange losses, net profit for 3Q14 tumbled 62.7 percent to $0.8 million. For the nine-month period, revenue came in 7.7 percent lower at $219.3 million while bottom line inched up 0.4 percent to $6.1 million due to a disposal gain and better gross profit margin.

- The Straits Trading Company’s subsidiary, Malaysia Smelting Corporation, has agreed to acquire an 80-percent interest in SL Tin for RM0.5 million. SL Tin has a mining lease over an area of 267.3 hectares in Pahang, Malaysia, which lasts for 15 years. SL Tin intends to explore the area for tin deposits and will begin mining operations upon confirmation of commercially mineable tin reserves.

- Vard Holdings has inked a letter of intent with Solstad Offshore for the design and construction of a large offshore subsea construction vessel. The vessel, scheduled for delivery in 2Q16, will be the largest single vessel order in Vard’s history.

- Viking Offshore and Marine has agreed to acquire a 30-percent stake in Quick Booms Investments in a transaction worth US$5.4 million. Quick Booms has a contract with China Merchants Industry Holdings for the construction of a drilling jack-up rig. The rig is expected to be completed in 4Q15. Viking views the purchase as part of its plans to diversify into the ownership and chartering of rigs, vessels and other marine and offshore assets.