Novo Group Posts Higher Topline, Lower Bottomline in FY2011 Novo Group Limited, a global steel trading and distribution group, Tuesday reported a 62.5-per cent decline in net profit despite recording a 24.5-per cent growth in revenue for FY2011 (ending April 30). The group’s topline grew to US$501.6 million (S$620.0 million) in FY2011 from US$403.0 million...

CCM Inks MOU to Develop Holiday Resort in Chongqing, China Catalist-listed CCM Group Limited Monday announced that its wholly-owned subsidiary, CCM Development Pte Ltd, has signed a non-legally binding Memorandum of Understanding with the government of Dianjiang county, China’s Chongqing municipality, to develop an eco-tourism holiday resort in the area. The resort project, to be...

Dukang Signs MOU with TTL for Sake Products Dukang Distillers Holdings Limited, a producer and seller of baijiu products based in China’s Henan province, Friday announced that it has entered into a Memorandum of Understanding (MOU) with Taiwan Tobacco & Liquor Corporation (TTL). The MOU relates to the proposed production of sake products by TTL...

Ezion’s JV Secures US$73-million Contract to Build Accommodation Jackup Rig Ezion Holdings Limited Thursday announced that its joint venture company, Atlantic Labrador Pte Ltd, has secured a charter contract worth US$73.0 million (S$90.0 million) over a four-year period to provide a North Sea Class accommodation jackup rig for a European oil major player. Atlantic Labrador...

ST Marine Wins S$171-million Contract to Build Offshore Supply Vessels Singapore Technologies Engineering Limited Wednesday announced that its marine arm, ST Marine, has won a shipbuilding contract worth about S$171.0 million from Swire Pacific Offshore Operations (Pte) Ltd (SPO), a wholly-owned subsidiary of Swire Pacific Limited. The contract entails the building and outfitting of four...

k1 Ventures Invests US$100 million in Guggenheim Capital k1 Ventures Limited Tuesday announced it has made a US$100.0-million (S$123.7-million) investment in Guggenheim Capital LLC, a US-based, privately held financial services firm. The group’s investment is in the form of series A preferred units and series A preferred warrants issued by Guggenheim. “We are delighted to...

Keppel to Build New Generation Rig Worth US$260 million for Floatel Keppel FELS Limited, a unit of Keppel Corporation Limited, Monday announced that it has been awarded a contract worth about US$260 million (S$321.5 million) by returning customer, Floatel International Ltd, to build a new generation accommodation semisubmersible (semi) for delivery in 1Q2014. This new...

Dapai to Issue Up to 248 million New Shares to Acquire Luggage Business Dapai International Holdings Co Limited announced it has proposed a rights issue of up to 248 million new shares to raise funds for the acquisition of a luggage business. The company said it will issue one share for every four existing shares...

NOL to Issue S$300 million in Bonds Due 2021 Neptune Orient Lines Limited (NOL) Thursday announced that it will issue S$300.0 million worth of bonds under its US$1.5-billion Euro medium-term note programme. NOL said it plans to use the proceeds to partially finance the purchase of new container ships. The notes, expected to be issued...

A-REIT Wins Business Park Site at Fusionopolis for S$110 million Ascendas Real Estate Investment Trust (A-REIT) Wednesday announced that Jurong Town Corporation has awarded it a 6,523-square metre site at Fusionopolis, Singapore, for S$110.0 million. “We are pleased to be awarded the site which will be developed into a modern suburban business space facility. Upon...

SingPost Acquires 30-per cent Stake in Integrated Logistics Service Provider ITL Singapore Post Limited (SingPost) Tuesday announced it will acquire a 30-per cent stake in Indo Trans Logistics Corporation (ITL) through its wholly-owned subsidiary, Singapore Post Enterprise Private Limited, for US$10.8 million (S$13.3 million). Vietnam-based ITL offers integrated logistics solutions with businesses in air and...

Dukang Strengthens Distribution Network in China Dukang Distillers Holdings Limited, a producer and seller of baijiu products based in Henan, China, Monday announced that it has inked agreements with more than 60 new distributors at the annual trade fair for its Dukang brand of baijiu products. With the addition of the new distributors, the group’s...