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Olam’s CFO Resigns

Olam International Limited Wednesday announced the resignation of its Chief Financial Officer, Krishnan Ravi Kumar, who is leaving the group to pursue a new career outside the agricommodity sector.

The group also announced that Shekhar Anantharaman will be moving into a new and enhanced role as Executive Director for finance & business development.  In this role, he will lead the company’s overall strategy and new business development activities.

Olam International Limited closed Wednesday at S$1.960.


Nam Cheong Secures Orders Worth US$130 million

Nam Cheong Limited Wednesday announced that its wholly-owned subsidiary, Nam Cheong Dockyard Sdn Bhd, has been awarded a Letter of Intent from Bumi Armada Navigation Sdn Bhd for the sale of four Multi-Purpose Platform Supply Vessels (MPSVs), with an option to build four additional units.

The contract, worth US$130.0 million (S$164.7 million), is one of the largest wins in Nam Cheong’s corporate history.

“We are delighted to be awarded an LOI for a significant order, which is a major corporate milestone for us. In just the first six months of this year, the contract value of our order book is expected to soar to RM874.0 million after conclusion of the sale, surpassing last year’s orderbook of RM638.0 million,” said Leong Seng Keat, Nam Cheong’s Executive Director.

Nam Cheong Limited closed Wednesday at S$0.168


United Food Warns of Net Loss for 2QFY2012

United Food Holdings Limited Wednesday announced that the company is expected to report a loss for the second quarter ending 30 June 2012 (2QFY2012).

The expected loss is attributed to lower selling prices of the products of the soybean processing division in the 2QFY2012, coupled with sustained high prices of raw material.

As the soybean processing division is a significant division that contributed approximately 94.57 per cent of the group’s revenue for the previous quarter, the company expects an adverse impact in its 2QFY2012 performance.

United Food Holdings Limited closed Wednesday at S$0.052


Cosco Corporation Makes Delivery to European Buyer

Cosco Corporation Limited Wednesday announced that its wholly-owned subsidiaries, COSCO (Zhoushan) Shipyard Co Ltd and COSCO (Guangdong) Shipyard Co Ltd, have made deliveries to a European buyer.

COSCO (Zhoushan) Shipyard Co Ltd has delivered a bulk carrier of 57000 DWT, “FEDERICA”, to its European buyer while COSCO (Guangdong) Shipyard Co Ltd has delivered a bulk carrier of 57000 DWT, “CONTI FUCHSIT”

Cosco Corporation Limited closed Wednesday at S$1.005