Singapore Land Secures Farrer Drive Tender
Singapore Land Limited Wednesday announced that its subsidiary, Singland Development Pte Ltd, has been awarded the tender for the land located at Farrer Drive.
According to the conditions of the tender, the 67,000-odd square feet land is priced at S$113.2 million or equivalent to S$1,049 per square feet.
The 99-years leasehold land is proposed to be used for the development of condominiums.
Singapore Land Limited closed Wednesday at S$5.570.
Freight Links FY2012 Net Profit Skyrockets by 97.8 Per cent
Freight Links Express Holdings Limited Wednesday reported a 97.8-per cent jump in FY2012 (ending April 30) net profit to S$32.2 million from S$16.3 million in FY2011. This is despite a 3.1-per cent fall in revenue from S$154.1 million last year to S$149.4 million this year.
The higher net profit was due to increased dividend income from quoted investments, excess of deferred revenue over lease payments on the sale and leaseback of the properties, higher share of profits of associated companies, fair value gain on marketable securities and gains on foreign exchange.
“Although there are uncertainties in the global economy, we are happy to deliver a good set of results through our investments. Our results are a testament to management’s foresight in diversifying into potential growth areas of investment. This has resulted in increasing shareholder value which is always our top priority”, said Eric Khua, CEO of Freight Links.
Freight Links Express Holdings Limited closed Wednesday at S$0.065.
Adampak to Delist on June 29
Adampak Limited Wednesday announced that it will be delisted on June 29 from the official list of the Singapore Exchange.
This is following the completion of the acquisition of all its ordinary shares by Safe Label Group Pte Ltd.
Lion Asiapac Expects Net Loss in 4QFY2012
Lion Asiapac Limited Wednesday issued profit guidance prior to its announcement of the group’s financial results for FY2012 (ending June 30).
Owing to impairment losses on the fair value of the group’s available-for-sale financial assets, which has resulted from the plummeting stock market, the group is expected to report a net loss for the fourth quarter ending 30 June 2012.
The group also expects full year net earnings to decline accordingly.
Lion Asiapac Limited closed Wednesday at S$0.182.
OKP Ventures into Property Development
OKP Holdings Limited Wednesday announced that it has taken a 10 per cent stake in property development company, CS Land Properties Pte Ltd (CSLP).
This marks OKP’s first foray into property development since it obtained shareholders’ approval in September 2010 to diversify into property development. It had said then that the move would enable the group to tap the private sector for further business opportunities and ultimately help create shareholder value.
In connection with the investment, OKP has also entered into a loan agreement with CSLP where it will extend a loan facility of up to S$20.0 million. To-date, around S$18.4 million has been disbursed to CSLP.
OKP Holdings Limited closed Wednesday at S$0.540.
Pteris Global Clinches Baggage Handling Contract
Pteris Global Limited announced Wednesday that it has been awarded a contract for the construction of the baggage handling and screening system at Charlotte Douglas International Airport in North Carolina, US.
The contract is worth S$30.0 million and the project is expected to be completed by 2014.
Pteris Global Limited closed Wednesday at S$0.110.
CNA Secures New MRT Contract
CNA Group Limited Wednesday announced that the first 48 Mass Rapid Transit (MRT) stations that were built in Singapore are going to receive a new Local Sequential Controller (LSC) system from the company.
The implementation of the company’s LSC system in the MRT stations will ensure that environmental factors such as temperature, humidity and airflow will continue to be maintained within comfortable and safe levels for all commuters and station personnel in both normal and emergency situations.
Under the terms of the S$9.1-million contract, the company will supply, install, test and commission, engineer and project manage the new LSC and the decommissioning of the existing LSC in the 48 MRT stations after the new LSC is completed.
This upgrading exercise is expected to be completed in December 2016.
CBA Group Limited closed Wednesday at S$0.100.