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Singapore stock market and companies daily report (S’pore GDP, Olam, ST Engg) (May 20, 2014)

May 20, 2014, Tuesday, 06:51 GMT | 01:51 EST | 10:21 IST | 12:51 SGT
Contributed by Shares Investment

- Singapore’s 1Q14 gross domestic product grew 4.9 percent on a year-on-year basis, led by a 9.8 percent expansion in the manufacturing sector. The figure was marginally lower than the government’s initial estimate of 5.1 percent and the median estimate of 5.5 percent by 10 economists polled by Thomson Reuters.

- Olam International has secured a US$2.2 billion revolving credit facility to refinance its existing debt as well as meeting working capital and general corporate funding purposes.

- Singapore Technologies Engineering (ST Engg) has acquired Aviation Academy of America, a US flight school, for US$0.8 million ($1 million). The move is part of ST Engg’s strategy to grow its pilot training capacity and capabilities to support the growing worldwide demand.

- Saizen REIT has entered into an agreement for the divestment of Saumur Meinohama II to an independent private investor for 60 million yen ($0.7 million), a 19-percent premium to its valuation of $0.6 million. The proceeds from the divestment may be deployed towards Saizen REIT’s work capital and/or for property acquisitions.

- MYP proposed to acquire Affreton and the remaining 80-percent stake of Grace Shine, which it does not own, for $193.5 million. The target firms own two commercial buildings, ABI Plaza and MYP Plaza, as well as three condominium units. The combined market value of the properties is $504.5 million.

- Vard Holdings has secured a contract for the design and construction of one platform supply vessel for Carlotta Offshore, with delivery scheduled in 3Q15. With the contract win, Vard currently has three vessels under construction for Carlotta Offshore.