Noble Group’s Subsidiary Appoints New Directors
Gloucester Coal Ltd, a subsidiary of Noble Group, Thursday announced the appointment of two new directors, Julie Beeby and Brendan McPherson.
Dr Julie Beeby will be an Independent Non-Executive Director of Gloucester Coal.
James MacKenzie, Chairman of Gloucester Coal, said: “I have no doubt Julie will make an enormous contribution to the board of Gloucester Coal. She has deep, relevant sector experience and her change management expertise will be highly valuable as Gloucester Coal continues its development as a significant coal sector player.”
Julie Beeby is a development and change management leader with extensive experience in the energy sector in general management, business development and specialist project management roles. Her career includes 22 years in the Australian coal mining, petroleum and gas industries.
Brendan McPherson has been appointed Managing Director and is currently the Chief Executive Officer of Gloucester Coal.
Shareholder approval for the election of Julie Beeby and Denis Gately (who was appointed as a director of Gloucester Coal earlier this year) will be sought at Gloucester Coal’s Annual General Meeting on 30 November 2011.
As part of the board of director rotation requirements, David Brownell and Ricardo Leiman will retire at the Annual General Meeting. Ricardo Leiman will be standing for re-election, while David Brownell has elected not to stand for re-election.
Noble Group Limited closed on Thursday at S$1.380.
Hotel Royal’s Subsidiary Completes Acquisition of Thai Hotel
Hotel Royal Limited announced that its wholly-owned subsidiary, Hotel Royal (Thailand) Private Limited (HRT), has completed the proposed acquisition of White Orchid Hotel from Lucky Hotel Co, Ltd on Thursday via a newly incorporated Thai subsidiary, Ace Hotel (Thailand) Co, Ltd.
Hotel Royal said Ace Hotel has a share capital of THB10 million (about S$419,000) divided into 100,000 ordinary shares at a par value of THB100 each.
The ordinary shares in Ace Hotel are divided into Class A and Class B with the following voting rights:
(1) Class A ordinary shares, carry one vote for each share held
(2) Class B ordinary shares, carry one vote for every 10 shares held
Ace Hotel has two Thai shareholders holding Class B ordinary shares representing 60 per cent of the total paid up share capital with 13-per cent voting rights. HRT holds Class A ordinary shares representing 40 per cent of the total paid up share capital with 87-per cent voting rights.
Hotel Royal said the shareholder of Class A ordinary shares shall be responsible for all liabilities, assets and retained earnings of Ace Hotel, while shareholders of Class B ordinary shares shall only be entitled to an annual fixed dividend.
STX OSV Secures Platform Supply Vessel Contract
STX OSV Holdings Limited, a major global designer and shipbuilder of offshore and specialised vessels, Thursday announced that it has secured a new contract for the design and construction of one Platform Supply Vessel (PSV) for Troms Offshore Supply AS.
The Platform Supply Vessel will be of STX OSV’s PSV 08 design, and will be approximately 81 metres long with a deadweight of 3.800 tonnes. The hull will be built at STX OSV Braila in Romania, and towed to STX OSV Brevik in Norway for outfitting, commissioning and delivery. The vessel is scheduled for delivery in 1Q2013.
STX OSV already has one PSV 09 under construction for Troms Offshore Supply.
This vessel will be delivered from STX OSV Søviknes, Norway, in 2012.
Troms Offshore is a Norwegian private shipping company operating offshore service vessels and other special vessels related to research and subsea activities worldwide.
STX OSV Holdings Limited closed on Thursday at S$0.895.
CAO to Invest in Malaysian Greenfield Oil Storage Terminal
China Aviation Oil (Singapore) Corporation Ltd (CAO), a major physical jet fuel trader in Asia-Pacific, Thursday announced that it has entered into a joint venture with a Malaysian company, Centralised Terminals Sdn Bhd (CTSB), to construct, develop and operate an oil storage terminal for jet fuel, gasoil and fuel oil located at the Port of Tanjung Langsat in Johor, Malaysia (“Terminal Three Facility”).
Terminal Three Facility is located 32 nautical miles from Singapore Changi International Airport and 42 nautical miles from Jurong Island. CAO said it will acquire a 26-per cent equity stake in Langsat Terminal (Three) Sdn Bhd (“Langsat Three”), a special purpose vehicle to be established by CTSB in Malaysia to develop, manage, operate and maintain Terminal Three Facility, with a total storage capacity of 380,000 cubic metres on 21.905 acres of land.
CTSB will own the remaining 74-per cent equity stake in Langsat Three. Based on an estimated total cost of investment of RM370 million (about S$150.4 million) and a debt to equity ratio of 70:30 for Terminal Three Facility, CAO’s equity investment amount is approximately RM29 million (about S$11.8 million) over the next two years.
The construction of Terminal Three Facility is expected to commence by the end of this year and the facility is scheduled for completion by 2013.
Meng Fanqiu, Chief Executive Officer of CAO, said: “Having access to storage facilities in the greater Singapore region (Singapore, Malaysia and Indonesia) is fundamental to CAO’s oil trading business. Given the current limited access to storage facilities in the greater Singapore region and considering the attractive geographical location of Terminal Three Facility and that this storage terminal will be developed for the exclusive use of CAO, the strategic value of this investment is high to CAO.”
“Not only is this investment expected to provide CAO with a steady stream of income, it is also highly synergetic to CAO’s jet fuel trading business. In addition, this investment will provide a platform for CAO to expand its gasoil and fuel oil trading businesses,” Meng added.
China Aviation Oil (Singapore) Corporation Ltd closed on Thursday at S$0.855.
