Ying Li to Open China Mall in 4Q2011
Ying Li International Real Estate Limited on Monday announced that it will open its prime retail mall, IFC Mall, in Chongqing, China in the last quarter of this year.
With a total gross floor area of approximately 173,500 square metres, Yingli’s IFC Mall is an integrated project consisting of a 58-storey Grade A office building and a nine-storey luxury retail mall, which is expected to be the tallest skyscraper in Chongqing upon completion.Ying Li said it is currently in the final stages of tenancy discussion with some well-known international and local retail brands.
Aside from some key retail tenants, the group said that IFC will also be a financial hub that will house major international financial institutions, offices of consulates and other multinational companies.
“After going through a careful selection process of each brand’s appeal, positioning and retail concepts, we are pleased to introduce quality local and international retailer brands into the mall. We are confident IFC Mall will be the leading retail, leisure and entertainment destination in Chongqing when it is officially launched in (the) fourth quarter this year,” said Ying Li’s chairman and chief executive officer, Fang Ming.
Ying Li International Real Estate Limited closed on Monday at S$0.395.
Tiger Airways Carries 6 million Passengers in 12 months to March
Tiger Airways Holdings Limited on Monday announced that from April 2010 to March 2011, it carried a total of 6 million passengers, an increase of 23 per cent over the 4.9 million passengers in the previous 12 months.
Average load factor for the 12-month period to March 2011 increased to 86 per cent from 85 per cent previously.
For the month of March alone, Tiger Airways carried 576,000 passengers, up 18 per cent compared with the same period last year. The average load factor across Asia and Australia for the month was 85 per cent.
“The consistent growth in passengers throughout the financial year provides strong evidence that our low-cost low-fare model is in demand across the Asia Pacific region. We are determined to satisfy the strong demand for our services by continuing to grow our existing businesses in Singapore and Australia, to develop our partnership with SEAIR in the Philippines and to establish Thai Tiger in Thailand,” said Tony Davis, president and group CEO of Tiger Airways.
Last month, the airline commenced new services between Sydney and the Sunshine Coast. It now serves Sydney from six destinations within Australia.
Tiger Airways Holdings Limited closed on Monday at S$1.490.
Yangzijiang Clinches US$214.2 million in Shipbuilding Deals in March
Yangzijiang Shipbuilding Holdings Limited on Monday announced it has entered into six shipbuilding contracts in March worth a total of US$214.2 million (S$269 million).
The new contracts secured comprise two 82,000 DWT (deadweight tonnes) bulk carriers, two 10,000 DWT bulk carriers and two 4,800 TEU (twenty-foot equivalent unit) container ships.
The vessels are scheduled for deliveries from 2012 to 2013 and are not expected to have any significant impact on the earnings of the group for the financial year ending 31 December 2011.
As at the first quarter of this year, the group has secured a total of 14 shipbuilding contracts with an aggregate value of US$512.3 million.
Yangzijiang Shipbuilding Holdings Limited closed on Monday at S$1.880.
Midas to Build New Plant in China’s Henan
Midas Holdings Limited on Monday announced that its newly incorporated subsidiary, Luoyang Midas Aluminium Industries Co Ltd, will establish a new plant in Luoyang City, Henan, China. This is in line with the group’s strategy to expand its aluminium extrusion capacity in central China to be in closer proximity to its customers.
The group said it intends to invest up to RMB650 million (S$125 million) through Luoyang Midas to cover the capital expenditure requirements for its new plant. These include two aluminium alloy extrusion production lines, one downstream fabrication line, auxiliary machinery, land, buildings and other infrastructure.
Construction of the new plant is expected to be completed in the second half of 2012.
With the addition of new production capacity at Luoyang City, the group’s total annual extrusion production capacity is set to increase by 40 per cent from 50,000 tonnes currently to 70,000 tonnes.
Midas said the new production plant will be funded by proceeds raised from Midas’ Hong Kong secondary listing in October 2010 and internal resources.
Midas Holdings Limited closed on Monday at S$
Tata Chemicals to Acquire 25.1-per cent Stake in Olam’s Gabon Urea Project for US$290 million
Tata Chemicals Limited on Monday announced it will invest US$290 million (S$364.4 million) for a 25.1-per cent stake in the urea manufacturing project in Gabon from Olam International Limited and the Republic of Gabon (RoG).
The port-based ammonia-urea fertiliser complex in Gabon is being set up through a joint venture between Olam and RoG at an estimated project cost of US$1.3 billion.
With Tata Chemical’s 25.1-per cent stake in the project, Olam’s and RoG’s shareholding will decrease from 80 per cent to 62.9 per cent, and 20 per cent to 12 per cent, respectively.
The investment by Tata Chemicals represents an Enterprise Valuation of US$2 billion for the project or a 54-per cent premium over its book value.
As a result of Tata Chemical’s investment, Olam’s share of the total equity investment in the project will decrease from US$364 million to US$146 million. RoG’s share of the equity investment will also decrease from US$91 million to US$19 million.
As a strategic partner to the project, Tata Chemicals will be primarily responsible for project management during the erection and commissioning of the plant as well as the operation and maintenance (O&M) contract of the plant for the first three years after commercial production starts.
The O&M contract may be renewed for a mutually agreed period.
Olam International Limited closed on Monday at S$2.870.
Sound Global Wins US$18-million Water Treatment Project in Henan, China
Sound Global Limited on Monday announced that it has won the bidding and signed an agreement for the waste water treatment of Anyang National Hi-Tech Industrial Development Zone in Henan, China.
Sound Global will invest about RMB120 million (S$23 million) in the Build, Operate and Transfer (BOT) project. The tariff of operational service is RMB1.44 per tonne for the project, which has a designed scale of 50,000 tonnes per day.
When completed, the BOT plant has a concession period of 25 years.
Sound Global Limited closed on Monday at S$0.755.
