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Reports Singapore

Singapore stock market and companies daily report (SIA, Swiber, GuocoLeisure) (June 02, 2014)

June 2, 2014, Monday, 05:26 GMT | 01:26 EST | 09:56 IST | 12:26 SGT
Contributed by Shares Investment

Kim Heng Offshore and Marine (Kim Heng) – Kim Heng is exploring some merger and acquisition deals to expand its business, with a focus to grow its supply-chain services to the offshore sector. Revealed by Thomas Tan, Kim Heng’s chairman and CEO, the deals in the pipeline would strengthen and also increase its market share in the supply-chain segment, both locally and overseas.

Singapore Airlines (SIA) – SIA will spend $400 million buying stock in Scoot, which will boost the capital of its subsidiary which plans to buy Boeing 787s. Scoot was set up by SIA to compete against budget carriers that account for more than 50 percent of the seats in Singapore.

GuocoLeisure – GuocoLeisure’s stock jumped and closed at a multi-year closing high of $1.155 on the back of speculation that GuocoLeisure could be privatised. This prospect was deemed to be brightened with its imminent removal of its secondary listing from the New Zealand Stock Exchange on June 24.

Swiber has clinched an Engineering, Procurement, Installation and Construction (“EPIC”) contract worth US$80 million in Latin America for subsea development work including pipeline that will commence immediately. Expected to be completed in 2015. Swiber’s contract wins year to date rose to US$315 million.

TT International’s revenue fell 10.7 percent from $355 million in FY13 to $315 in FY14, underpinned by lower sales and exchange impact arising from the rise the weakening of domestic currencies in the countries the group operates in. In line with revenues, gross profit fell 5.3 percent from $74.5 million in FY13 to $70.6 million in FY14. Consequently, as a result of lower overall expenses, net loss was reduced from $3.8 million in FY13 to $2.3 million in FY14.

SembCorp Marine (SembCorp) has acquired a 12 percent stake in GraviFloat AS for US$4 million, with a right to increase its stake up to 20 percent. GraviFloat was formed to design deliver and operate re-deployable, gravity-based, modularised LNG and LPG Terminals for installation in shallow waters. The investment is in line with SembCorp’s strategy to stay ahead and actively participate across a broad spectrum of the offshore oil and gas value chains.