Sembcorp Signs Three MOUs to Expand Utilities Business in Liaoning, China
Sembcorp Industries Limited Wednesday announced that it will be signing three memorandums of understanding (MOUs) to expand its utilities projects in Liaoning, China.
The first of the MOUs that will be signed is a strategic cooperation framework between Sembcorp and the Liaoning Provincial Bureau of Foreign Trade and Economic Cooperation. The group said the MOU will help it explore the provision of utilities, including energy and water solutions, to industrial customers, particularly in the petrochemical industry, across various cities within the Liaoning Coastal Economic Area and the Shenyang Economic Zone.
The group’s second MOU will be with the Dalian Chang Xing Island Economic and Technological Development Zone to explore the development of world-class centralised utilities facilities on Dalian Chang Xing Island.
Finally, the group said its third MOU will be signed with the Fushun Hi-tech Industrial Area Administration Committee to explore forming a joint venture company to develop a centralised utilities project for the provision of energy, water and on-site logistics to the Fushun Hi-tech Industrial Development Area.
Sembcorp Industries Limited closed on Wednesday at S$3.500.
GLP Refinances JPY47.0 billion of Debt
Global Logistic Properties Limited (GLP), a modern logistics facilities operator in China and Japan, Wednesday announced that it has completed the refinancing of JPY47.0 billion (S$789.8 million) worth of debt, representing 19.4 per cent of GLP’s overall debt in Japan.
The group said that it has also restructured its interest cost, bringing it down to 1.42 per cent from the previous 1.94 per cent. In addition, the group has extended the maturity of the debt to March 2016 from September 2012.
“We are very pleased to have completed the refinancing of this debt one year ahead of its maturity. Besides achieving interest savings, the refinancing further strengthens our robust capital structure by extending our debt expiry profile. GLP continues to have significant financial flexibility in the current economic environment with low leverage of 22 per cent net debt to gross asset value,” said Heather Xie, CFO of the group.
Global Logistic Properties Limited closed on Wednesday at S$1.640.
Eucon Warns of Net Loss for 3Q2011
Eucon Holding Limited Wednesday announced that it expects to report a net loss for the third quarter ending September 30 (3Q2011) compared with a profit for the same period last year.
The group said that the expected loss for 3Q2011 is largely due to a decline in sales volume of its products affected by a slowdown in market demand.
Eucon said it will disclose its 3Q2011 financial results in due course.
800 Super Inks MOU to Develop Waste to Energy Project
800 Super Holdings Limited Wednesday announced that its wholly-owned subsidiary, 800 Super Waste Management Pte Ltd, has entered into a memorandum of understanding (MOU) with FutureNRG Asia Limited and Solutions Using Renewable Energy Pte Ltd for the development of one or more projects involving the utilisation of biomass wastes, stable wastes, wood wastes and food or kitchen wastes.
Under the terms of the MOU, the parties have agreed to jointly undertake an evaluation of the project’s feasibility, which is expected to be completed within the next six months.
The group said the MOU is non-binding in nature, and is subject to the entry into definitive agreements and the results of the feasibility evaluation of the project.
800 Super Holdings Limited closed on Wednesday at S$0.154.
Lian Beng to Launch Sale of Freehold Building at Mandai in 4Q2011
Lian Beng Group Limited Wednesday announced that it will launch the sale of a freehold ramp-up industrial building at its Mandai plot in the fourth quarter of 2011.
Located at Mandai Estate along Woodlands Road measuring about 18,700 square metres, this freehold land parcel was acquired by the group’s subsidiary, Lian Beng-Centurion (Mandai) Pte Ltd, in January this year.
The group has divided the land parcel into three plots for different developments, of which the first two plots will be used for development of the ramp-up industrial building and workers’ dormitory. Development of the third plot is not yet finalised.
The 141-unit freehold industrial building will come with convenient ramp-up facilities to each of the 10 floors, suitable for companies engaged in heavy, clean and light industries.
The average selling price of the units is expected to range between S$650 per square foot and S$700 per square foot.
Lian Beng said the construction of the industrial building is expected to commence in the fourth quarter of 2011 and will likely complete in 15 to 18 months.
“We are pleased to make good progress into industrial property development and workers’ dormitory operation with our joint venture partner. These new business ventures will open new sources of income for us; in particular, the operation of the workers’ dormitory will provide us long-term recurring income,” said Ong Pang Aik, Executive Chairman of Lian Beng.
Lian Beng Group Limited closed on Wednesday at S$0.360.
L.C. Development to Invest in Knight Frank Singapore
L.C. Development Limited Wednesday announced that it intends to invest in 80 per cent of the issued and paid up voting share capital of Cheong Hock Chye & Co (CHC).
CHC owns a 55-per cent stake in Knight Frank Pte Ltd in Singapore (KFS), one of Singapore’s leading real estate consultancy services firms.
With the investment, the group said this not only adds a profitable business to its investment portfolio but also a reputable firm with a long-standing track record.
“Our intention is to be a long-term investor in KFS. We have full confidence in the management team which has built a strong track record over the years. Hence, we would like for the key management and staff to continue with the day-to-day management of the business, with no change in corporate direction or strategy,” said Kelvin Lum, Managing Director of L.C. Development.
L.C. Development Limited closed on Wednesday at S$0.360.
LionGold Commences Gold Production in Ghana
LionGold Corp Limited Wednesday announced that it has started gold production in its Kashmir project in Ghana.
“The team in Ghana has met our target of rolling out gold production within three months from the time of site identification to equipment commissioning,” said Tan Sri Dato’ Nik Ibrahim Kamil, Executive Chairman and CEO of the group.
The group said it expects a “potential mining volume of 30 million (cubic metres) of gravel” and an “estimated production of one million ounces of gold” over five years.
LionGold Corp Limited closed on Wednesday at S$0.865.
