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Reports Singapore

Singapore stock market and companies daily report (SIA Engrg, Global Invacom, Otto Marine) (February 04, 2014)

February 4, 2014, Tuesday, 05:16 GMT | 00:16 EST | 09:46 IST | 12:16 SGT
Contributed by Shares Investment

- SIA Engineering Company posted a 2 percent rise in turnover to $283.8 million, from $278.2 million a year earlier for 3Q14 while expenditure hiked by a larger margin of 4.7 percent to $258.6 million, up from $247 million a year ago, due to higher staff costs, subcontract and material costs. As a result, earnings for the quarter dipped 9.7 percent to $60.5 million.
- Global Invacom Group is considering a potential secondary listing on the London Stock Exchange and an issuance of new shares. The firm’s board believes that the potential transactions would enhance the firm’s profile internationally, provide additional capital and open an additional channel to raise capital and reach out to a wider range of investors.
- Otto Marine sold two 61-metre work maintenance vessels to Charterers, Go Marine Services for US$30 million. The board is of the view that the estimated net gain, approximately US$12.6 million, from the sale would improve Otto Marine’s liquidity.
- Rex International Holding’s unit, Masirah Oil, has discovered hydrocarbons within several formations in the second exploration well in Block 50 Oman with good oil sample extracted. The discovery confirms the high quality and value of the Oman asset.