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Listco News: Mainboard

Structural Steel Firm TTJ Wins Three New Projects Worth S$15 million

Riding on the growth momentum in the construction industry, structural steel specialist TTJ Holdings Limited has secured three new contracts totalling S$15 million in Singapore and Malaysia, boosting its order book to S$172 million as at January 16.

One of the group’s contracts, secured by its subsidiary MTTJ Engineering Sdn Bhd, is for Tokuyama Corporation’s JPY65 billion (approximately S$1 billion) polycrystalline silicon solar cell manufacturing plant in Sarawak, Malaysia.

TTJ’s subsidiary will supply and install structural steelwork and metalwork for two factory buildings and a piperack with an approximate steel tonnage of close to 3,000 tonnes. The target completion period for this project is in 1Q2012.

The second contract was awarded by Sumitomo Mitsui Construction Co Ltd for the supply, fabrication, delivery and installation of structural steelworks for factory buildings located on the Lanxess butyl rubber facility on Jurong Island, Singapore. Work for this project is expected to be completed by end-2011.

The third contract was awarded by Syncrolift Inc, a Rolls-Royce company. This contract includes the supply, fabrication, delivery and installation of pallet assembly for a shiplift platform that was previously built by TTJ. A shiplift is a modern alternative for a slipway and graving dry dock, which is used to dry dock and launch ships.

TTJ’s chairman and managing director, Teo Hock Chwee, said: “Based on the latest order book’s position, it would appear that it is going to be a busy year for TTJ in 2011. Furthermore, the Building and Construction Authority of Singapore has recently projected a robust outlook in the construction sector this year and we hope to ride on the strong growth momentum and continue to tender for such projects whenever opportunities arise.”

TTJ Holdings Limited closed on Tuesday at S$0.195.

Memstar, UOL Bag Wastewater Treatment and Recycling Project in China

Memstar Technology Limited on Tuesday announced that it has signed a concession agreement for a Transfer-Operate-Transfer (TOT) project with Nanpu Economic Development Zone Management Committee to acquire, upgrade and operate the centralised wastewater treatment and recycling plant in Nanpu Economic Development Zone at Tangshan city, China’s Hebei province.

Under the TOT agreement, the company will acquire an existing wastewater treatment plant and a wastewater recycling plant, then upgrade and operate them over a concession period of 30 years.

The total investment of the project is approximately RMB280 million (approximately S$54.3 million), which will be funded by internal resources and bank borrowings.

Memstar said it will form a 50:50 joint venture with United Envirotech Limited to undertake the project. It is expected to be completed by the end of June 2011.

The company added that the project will contribute positively to its revenue for the financial year ending 30 June 2012.

Memstar Technology Limited closed on Tuesday at S$0.070

United Envirotech Limited closed on Tuesday at S$0.450

OKP Secures S$28.5 million Contract from Land Transport Authority

OKP Holdings Limited, an infrastructure and civil engineering firm, on Tuesday announced that it has secured a S$28.5 million contract from Singapore’s Land Transport Authority to undertake the widening of Old Choa Chu Kang Road.

The latest project, which involves the upgrading of the road from an undivided dual one-lane carriageway to a two-lane carriageway in the eastbound direction and three-lane carriageway in the westbound direction, will be undertaken by OKP’s wholly-owned subsidiary, Or Kim Peow Contractors (Pte) Ltd.

Work is scheduled to commence on 14 February 2011 and is targeted to be completed by 13 February 2014.

OKP netted a total of seven construction projects last year, of which six were public sector contracts. Some of the government jobs it is currently working on include a S$14.5 million contract from Jurong Town Corporation for the construction of roads, drains, sewers and ancillary works at Cleantech Park (Phase 1), road widening works at Nanyang Avenue and sewage works along Jalan Bahar, as well as a S$22.2 million contract from the Public Utilities Board for proposed road raising works along Orchard Road.

As at 25 October 2010, the group’s total gross order book stood at S$327.6 million based on secured civil engineering and construction contracts, with projects stretching up to 2013.

OKP Holdings Limited closed on Tuesday at S$0.615.

Lexicon to Buy 51-per cent Stake in Electric Vehicle Charger Maker

Publishing company Lexicon Group Limited plans to transform into a ‘green’ power network company as it announced its proposal to buy a 51-per cent stake in UK-based Elektromotive Limited, one of the leading providers of technology and engineering solutions for electric vehicle (EV) recharging stations.

In December 2010, Lexicon entered into a purchase agreement with six vendors of Elektromotive, comprising Pengiran Muda Abdul Hakeem, Gregory Carlyon Simmons, Michael Earl, Calypso Holdings & Investments Ltd, Rehan Velmi and Eileen Ong Ching Yi, to acquire a 51-per cent interest in Elektromotive for S$15.3 million.

Founded in 2003, Elektromotive’s main product is the Elektrobay, one of the world’s first globally-compatible recharging stations for electric and plug-in hybrid vehicles.

“As car manufacturers introduce more and more attractive electric car models, the demand for publicly available electric car chargers is expected to surge. Elektromotive, being a proven and profitable infrastructure player for the industry, is well placed to tap into the growing EV industry,” said Ricky Ang, Lexicon’s executive vice chairman and managing director.

“The proposed acquisition of Elektromotive will provide Lexicon with an excellent opportunity to be a major ‘green’ power player in the burgeoning EV industry worldwide. When the acquisition is completed, Lexicon intends to divest its existing businesses and focus on this promising sector,” he added.

The transaction is expected to be completed in March 2011 and is subject to the approval of Lexicon’s shareholders and the SGX, among other conditions.

Cerebos Divests Sauce Distributor Unit for S$2 million

Cerebos Pacific Limited on Tuesday announced that it is selling its wholly-owned unit, Woh Hup Food Industries Pte Ltd, to Mr Fu Guoping for S$2 million.

Established in 1971, Woh Hup distributes, markets and sells Asian sauces and condiments.

“The company has made a strategic decision to focus its attention on its main brands in the food business. As a consequence of this decision, the company has decided to exit from the non-core Asian sauce business and divest all its shares in Woh Hup,” Cerebos said in a statement.

Cerebos Pacific Limited closed on Tuesday at S$5.230