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Singapore stock market and companies daily report (Wilmar Int’l, Ezra Hldgs, Lian Beng) (April 11, 2014)

April 11, 2014, Friday, 05:29 GMT | 00:29 EST | 08:59 IST | 11:29 SGT
Contributed by Shares Investment

- Wilmar International has agreed to purchase Huntsman Corporation’s European commodity surfactants business. The move enables Wilmar to expand its existing network in Europe and strengthen its integrated chain to better serve its clients.

- Cacola Furniture International proposed the acquisition of a firm engaged in livestock breeding, meat processing and related trading businesses, tourism and property development for Rmb1.3 billion ($267.4 million). As Cacola had recorded pre-tax losses for the three most recent financial years and was subsequently placed on the SGX Watch-List in March, the proposed purchase of a profitable business would aid in its bid to be removed from the Watch-List.

- Ezra Holdings’ subsea division secured an award from Noble Energy to perform the offshore installation of pipelines, umbilicals and ancillary equipment for the Gunflint Project in the Gulf of Mexico. Ezra has registered subsea contracts in excess of US$300 million year-to-date, with subsea backlogs standing at more than US$1.4 billion as of 11 April.

- Grand Banks Yachts has agreed to buy Palm Beach Motor Yacht Co for A$10 million (approximately $11.7 million). Palm Beach manufactures and sells quality motor yachts in Asia, Australia, Europe and North America. The purchase allows Grand Banks to expand beyond its existing three series of yachts.

- Lian Beng Group’s turnover for the quarter ended 28 February 2014 more than doubled to $257.5 million, largely driven by revenue recognised for its industrial development property, M-Space, which attained its Temporary Occupancy Permit in January. Coupled with a rise in gross profit margin, from 15.9 percent to 28.7 percent, net profit more than tripled to $33.6 million. For the nine-month period, top line and earnings rose 67 percent each to $585.6 million and $50.3 million respectively.

- Triyards Holdings posted $74.5 million in turnover, a 6.2 percent decline, for the three months ended 28 February 2014, attributable to lower revenue recognised, under the progressive method, for work on one self-elevating unit. However, contributions from ship repair projects and completion of one unit of turret lifted gross profit margin from 14.7 percent to 18.1 percent. This led to a 9.2 percent increase in net profit to $7.8 million. For the half-year period, top line gained 24 percent to $164.6 million while bottom line grew 11 percent to $15.1 million.