KLW Secures Three New Orders Worth S$4.1 million
KLW Holdings Limited announced Friday that it has secured three orders worth a total of S$4.1 million.
Two of the orders are for Singapore’s residential developments Coralis and Foresque Residences by Tiong Aik Construction Pte Ltd. The group said these two new projects will add to its current stable of six projects on hand.
Meanwhile, the third project is for Dubai named Burj Dubai (Downtown Dubai) Development.
This is KLW’s second project with Carillion Construction Limited, a UK company, after both parties’ collaboration for the Al Muneera Development in Abu Dhabi.
KLW Holdings Limited closed Friday at S$0.010.
Q&M Signs MOU with National Taxi Association
Q&M Dental Group (Singapore) Limited announced Friday that it has signed a memorandum of understanding (MOU) with the National Taxi Association to provide dental care to its members and their families.
The pact, which will take effect immediately, will allow some 11,000 taxi drivers and their immediate family members to enjoy dental care for two years with savings on basic dental treatments.
“Taxi drivers are the first few faces of Singapore that many tourists encounter. We aim to help you to show happy smiles to your customers,” said Dr Ng Chin Siau, Q&M founder and group chief executive officer.
Currently, Q&M has approximately 300 corporate clients. The group said this segment is expected to grow significantly into a sizeable chunk of the group’s revenue in the near future.
“With the rising cost of dental care, we are now talking to various organisations to provide affordable basic dental care programmes to (their) members,” added Ng.
Q&M Dental Group (Singapore) Limited closed Friday at S$0.770.
YHI Sets Up JV in Vietnam
YHI International Limited announced Friday that its wholly-owned subsidiary, YHI Corporation (Singapore) Pte Ltd, has entered into a joint venture (JV) agreement with Chu Duong, a Vietnamese resident, to form a JV company, YHI (Vietnam) Company Limited.
The JV firm will be engaged in the distribution and marketing of automotive and industrial products in Vietnam.
“Our directors believe that this proposed joint venture is synergistic and beneficial to our group as the joint venture will enable us to expand our network in Vietnam,” YHI said in a statement.
YHI International Limited closed Friday at S$0.350.
Mapletree Logistics Expands Presence in South Korea
Mapletree Logistics Trust (MLT) announced Friday that it has entered into separate sale and purchase agreements to acquire two cold storage warehouses in Gyeonggi-do, South Korea.
The Jungbu cold warehouse will be acquired from Chungbu The First Logistics Co Ltd for KRW33.5 billion (S$37.6 million). Comprising three blocks of cold storage warehouses with three auxiliary buildings, the property has a gross floor area of approximately 20,800 square metres.
Meanwhile, the Dooil cold warehouse will be acquired from Dooil Cold Store Co Ltd and Woosung Cold Store for a total consideration of KRW30.0 billion. Comprising three single-storey cold storage warehouses with three auxiliary buildings, the property has a gross floor area of approximately 18,000 square metres.
Located in Gyeonggi-do, the largest logistics cluster in South Korea where about 70 per cent of warehouses and distribution centres are sited, the properties are served by major highways to other parts of South Korea, including the Greater Seoul Metropolitan Area.
The group said each property will be leased back for a term of 10 years to the respective vendors, being Chungbu The First Logistics Co Ltd and Dooil Cold Store Co Ltd, which are engaged in the cold storage logistics business and operations.
“With built-in rental escalation of 3 per cent per annum, the long-term leases provide stability in income as well as organic growth,” MLT said.
The acquisitions are expected to be completed by April 2012.
The group said it intends to fund these acquisitions with the proceeds raised from a recent issuance of Singapore dollar-denominated perpetual securities.
These recent acquisitions will increase MLT’s portfolio to 109 properties with a book value of approximately S$4.1 billion.
Mapletree Logistics Trust closed Friday at S$0.925.