FSL Trust Takes Redelivery of Remaining Two Chemical Tankers
First Ship Lease Trust (FSL Trust) announced Monday that its two remaining 19,900 DWT stainless steel chemical tankers, previously leased to the subsidiaries of Berlian Laju Tanker Tbk, have been redelivered to FSL Trust.
The chemical tankers namely ‘Pujawati’ and ‘Prita Dewi’ will be renamed ‘FSL London’ and ‘FSL Tokyo’ respectively.
The trust said it intends for all the three redelivered chemical tankers to be deployed on revenue service as soon as possible and the tankers are expected to join the ‘Nordic Siva’ pool after an interim period of commercial management under Nordic Tankers Management A/S.
First Ship Lease Trust closed Monday at S$0.205.
FJ Benjamin to Open Goyard Flagship Store in Singapore
FJ Benjamin Holdings Limited announced Monday plans to open Goyard, a France-based luxury brand, in Singapore.
The opening of the standalone flagship store in Takashimaya Shopping Centre at Ngee Ann City, slated for 4Q2013, comes on the heels of the opening of the brand’s Hong Kong store at The Peninsula in February 2011.
F J Benjamin is the exclusive retailer for Goyard in Singapore and Hong Kong.
FJ Benjamin Holdings Limited closed Monday at S$0.330.
TEE International Clinches Two New Contracts Worth S$58.4 million
TEE International Limited announced Monday that its wholly-owned subsidiaries, PBT Engineering Pte Ltd and Trans Equatorial Engineering Pte Ltd, have been awarded two new projects worth S$58.4 million.
PBT Engineering was awarded the proposed addition and alteration of laboratories and offices at Cleantech Park 1 for Nanyang Technological University for S$12.198 million.
The project will run from March 5 to June 12 this year.
Meanwhile, Trans Equatorial Engineering was given the mechanical and electrical works for P&G Singapore Innovation Centre for S$46.177 million.
The works will run from 12 March 2012 to 22 October 2013.
Including these two new contracts, the group now has an outstanding orderbook of S$350.7 million for its engineering segment.
Sino Grandness Partners with Research Firm for F&B Products in China
Sino Grandness Food Industry Group Limited, a Shenzhen, China-based integrated manufacturer and distributor of bottled juices and canned fruits and vegetables, announced Monday that it has signed a collaboration agreement with China National Research Institute of Food & Fermentation Industries (CNIF) to jointly set up a new research and development centre within the main office building of CNIF in Beijing, China.
Under the five-year agreement, the group said the research centre will conduct research work related to raw materials of loquat juices as well as promoting and establishing national standards and specifications for loquat juices.
“This collaboration is expected to strengthen our competitive edge as it will enable the group to tap on the solid research foundation of CNIF, which includes a strong and highly experienced research team as well as state-of-the-art technologies and facilities,” said Huang Yupeng, Chairman and Chief Executive Officer of Sino Grandness.
The group said all new beverage products that are developed by the jointly set up research centre shall bear a mark to affirm that products are developed and produced by CNIF’s new technical R&D centre.
Sino Grandness Food Industry Group Limited closed Monday at S$0.405.
Lian Beng Incorporates New Subsidiary, Proposes Internal Restructuring
Lian Beng Group Limited announced Monday the establishment of a new subsidiary and unveiled plans for an internal restructuring of the shareholding in two of its subsidiaries.
The new subsidiary, Sin Lian Holding Ltd (SLH), was incorporated in the Cayman Islands in connection with the proposed listing of the group’s engineering and concrete business on the stock exchange in Taiwan.
Lian Beng added that it plans to effect an internal restructuring of the shareholding structure of its subsidiaries, Lian Beng Engineering & Machinery Pte Ltd and Sinmix Pte Ltd, to consolidate all its interests under SLH.
Lian Beng Group Limited closed Monday at S$0.385.
Q&M to Acquire Jurong Gateway Unit for S$3.88 million
Q&M Dental Group (Singapore) Limited announced Monday that its wholly-owned subsidiary, Q&M Dental Surgery (Jurong East Central) Pte Ltd, has received a conditional option to purchase the premises of its dental clinic business for S$3.88 million.
The vendors, Ng Chin Siau and Foo Siew Jiuan, own the Jurong Gateway HDB shop unit, which Q&M rents for S$4,000 a month.
Q&M said the acquisition will enable the group to add another permanent location for the operation of its dental clinic business.
It added that it will enable the group to secure the location of a key performing clinic and ensure continuity of the business in the location.
The group said it will fund the acquisition using its internal funds and bank loans.
Q&M Dental Group (Singapore) Limited closed Monday at S$0.755.
Tiger’s Passenger Volume Falls 19 Per cent in February
Budget carrier Tiger Airways Holdings Limited announced Monday that it carried 384,000 passengers in February, down 19 per cent from the same period last year.
The airline said its Tiger Airways Australia operated at reduced capacity and on a limited schedule in February, which resulted in the decline in passenger numbers.
Average load factor decreased to 81 per cent from 83 per cent in February 2011, with Tiger Airways Singapore increasing its capacity by 13 per cent in February 2012 compared with the same month a year ago.
Tiger Airways Holdings Limited closed Monday at S$0.780.
PCRD Divests India Finance Company
Pacific Century Regional Developments Limited (PCRD) announced Monday that its indirect subsidiary, Pasha Ventures Private Limited, has signed a conditional share purchase agreement to divest Indo Pacific for Rs1.1 billion (S$27.7 million).
Indo Pacific is a wholly-owned subsidiary of Pasha Ventures, which is 74-per cent owned by Pacific Century with Aman Mehta and Akash Mehta holding the remaining 26 per cent.
The India-domiciled company is engaged in the business of providing housing loans and loans against property in India.
PCRD said Pasha Ventures is disposing of the company as it views its future growth and competitive positioning being constrained by its present high cost of wholesale borrowings and small scale of operations.
The purchaser, L&T Finance Holdings Limited, will pay 90 per cent of the consideration on the completion date and 10 per cent of the consideration is to be deposited into an escrow account.
Pacific Century Regional Developments Limited closed Monday at S$0.141.