Reports » Singapore
Singapore stock market and companies daily report (ST Engrg, Pacific Radiance, Yoma Strategic Hldgs) (December 19, 2013)
ST Engrg To Launch Manufacturing Programme In Brazil
- Singapore Technologies Engineering’s (ST Engrg) land systems arm, Singapore Technologies Kinetics via its subsidiaries, SDG Kinetics and Autonomous Technology, has established a subsidiary in Canoas, Brazil.
- The newly established subsidiary, LeeBoy Brazil is established with the intention of beginning manufacturing operations in Brazil. The company has agreed to acquire the manufacturing assets, intellectual property and relevant manufacturing expertise from Ticel Equipamentos, a Brazilian construction equipment company, for a total purchase consideration of BRL17.1 million (approximately $9.2 million).
- LeeBoy Brazil is injected with a paid-up capital of BRL20 million (approximately $10.8 million) and comprises 20 million new shares at BRL1 per share.
Significance: The setup of a manufacturing base in Brazil via LeeBoy Brazil is to further grow the market presence of ST Kinetics’ brand of road construction equipment in Brazil and over time, throughout South America, on the back of Brazil’s robust economic growth and its government’s commitment to enhance the country’s infrastructure.
Pacific Radiance Boosts Fleet With 2 Newbuilds
- Pacific Radiance has expanded its offshore fleet by adding two high-specification platform supply vessels (PSV) to its newbuild programme.
- The latest order, scheduled to be delivered in 4Q15, was in conjunction to the order placed for two PSVs in September 2013 with a Chinese shipyard, where the company has exercised the option to build two more PSV of the same design.
- The acquisition will be financed by the net proceeds of $150.6 million raised through its initial public offering in November and lift the company’s newbuild programme to 19 vessels in total.
Significance: In line with its expansion plans, the latest vessel orders will widen Pacific Radiance’s foothold in the high-growth markets of Malaysia, Indonesia, Africa, Australia and Latin America.
Yoma Strategic Enters Vehicle Operation And Distribution JV In Myanmar
- Yoma Strategic Holdings (YSH) has inked a joint venture (JV) agreement with Sumitomo Corporation and First Myanmar Investment (FMI) to distribute Hino-made trucks and buses as well as the operation of authorised service centres for these vehicles.
- Hino Motors, a subsidiary of Toyota Motor, is the largest manufacturer of heavy and medium-duty trucks in Japan where its vehicles are renowned for their quality, durability and reliability.
- The initial issued and paid-up capital of the JV company will be US$3 million and comprises three million ordinary shares. YSH will subscribe for 20 percent of the issued share capital of the JV company for a cash consideration of US$0.6 million, while Sumitomo will hold 60 percent and FMI will hold the remaining 20 percent of the issued share capital.
Significance: YSH views the proposed joint venture as a timely opportunity to strengthen its exposure to the automobile sector in Myanmar where the demand of trucks and buses is expected to rise in tandem with increased economic and tourism activities.
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