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SingXpress Obtains S$94.4 million in New Capital

SingXpress Limited Tuesday announced that Tang Yigang, through his Singapore investment vehicle, Haiyi Holdings Pte Ltd (Haiyi) has entered into a conditional agreement to subscribe for S$94.4 million worth of cumulative convertible non-voting perpetual preference shares (NRCCPS) in the company.

Haiyi will subscribe for 80 units of the NRCCPS at S$1.18 million each, to be issued by SingXpress Land. Being perpetual, the NRCCPS will have no maturity, but will accrue annual dividends amounting to 3 per cent of the issue price.

Each NRCCPS unit can be converted into 100 million SingXpress Land shares after Haiyi gives at least 15 days’ notice in writing to the company or vice versus.

Assuming full conversion of the NRCCPS, SingXpress Land’s issued and paid-up share capital will increase from S$73.2 million comprising 4.87 billion shares to S$167.4 million comprising 12.87 billion shares.

If fully converted, a maximum of 8.0 billion conversion shares will be issued in total to Haiyi, which would then end up with 62.2 per cent of SingXpress Land’s enlarged share capital base.

SingXpress Limited closed Tuesday at S$0.014


Keppel Clinches Five Drilling Rigs Contracts worth US$4.1 billion

Keppel Corporation Limited Tuesday announced that its Keppel Offshore & Marine Ltd (Keppel O&M), through its subsidiary Fernvale Pte Ltd, has firmed up contracts with Sete Brasil Participações SA for the design and construction of five additional semisubmersible (semi) drilling rigs for approximately US$4.1billion, following the Letter of Intent announced in April 2012.

With these latest firm contracts, Keppel will be building a total of six DSS™ 38E semis for Sete Brasil.

When completed, the rigs will be chartered to Petrobras for 15 years for drilling activities in the pre-salt areas of Southeast Coast of Brazil, offshore Brazil.

“We are privileged to be given this significant opportunity to continue to play a key role in the development of Brazil’s oil and gas industry. The preparation work on the semis is well underway, and we are ready to embark on their construction at our BrasFELS yard in Brazil,” said Tong Chong Heong, Chief Executive Officer, Keppel O&M.

Keppel Corporation Limited closed Tuesday at S$11.30


CapitaLand’s Ascott Secures 7th Philippine Serviced Residence Contract

CapitaLand Limited announced that its wholly-owned serviced residence business unit, The Ascott Limited, has secured a management contract for a new serviced residence in Ortigas Center, a key business and financial district in Metro Manila, Philippines.

Scheduled to open in 2015, the 210-unit Citadines Millennium Ortigas Manila strengthens Ascott’s leadership position as the largest international serviced residence owner-operator in the Philippines with over 1,300 apartment units across seven properties.

Citadines Millennium Ortigas Manila is strategically located in Ortigas Center, home to many top Filipino and multinational companies. These include the Asian Development Bank, Jollibee Food Corporation, Meralco, San Miguel Corporation and the World Bank.

The serviced residence is close to shopping malls such as SM Megamall and Robinsons Galleria. The Medical City, an internationally accredited medical facility, can also be found within its vicinity.

CapitaLand Limited closed Tuesday at S$3.06


Asia Enterprise’s 2Q2012 Net Profit Down 41 Per cent

Asia Enterprise Holdings Limited Tuesday reported a significant drop in net profit for the second quarter ending June 32, down 41 per cent year-on-year to S$1.9 million.

Although the group sustained its sales volume in 2Q2012, revenue was down 7 per cent year-on-year to S$43.6 million due to lower average selling prices.

The decline in average selling prices had an impact on the group’s gross profit margin which narrowed to 10.6 per cent in 2Q2012 from 13.9 per cent in 2Q2011.

On a quarter-on-quarter basis however, group revenue in 2Q2012 grew 17 per cent from S$37.3 million in 1Q2012, mainly on the back of higher sales orders from the marine and offshore customer segment.

Group net profit for 2Q2012 also doubled from S$0.9 million in 1Q2012.

“The ongoing concerns over the eurozone debt crisis, weakness in China and US economies continue to weigh on the demand for steel products. With weaker demand and excess inventory in the supply chain, competition and price pressure were relatively higher in the first half of 2012. In fact, international steel prices have continued to soften in June,” said Yvonne Lee, Managing Director of Asia Enterprises.

Asia Enterprise Holdings Limited closed Tuesday at S$0.235


F J Benjamin to Distribute VNC Women’s Shoes and Accessories in Indonesia

F J Benjamin Group Limited Tuesday announced that it inked an exclusive 10-year deal with Malaysia’s Padini Group for the latter to distribute trendy and affordable VNC women’s shoes and accessories in Indonesia.

Under the agreement, the company, through its associate PT Gilang Agung Persada, will open a total of 25 stores within five years all over Indonesia.

VNC products are sold under the Vincci label in Malaysia and are produced by the Padini Group.

Vincci shoes, with its hot-off-the-runway styles popular among the fashion-conscious, are one of Malaysia’s most successful footwear labels. The brand was launched by the Padini Group back in 1981 and comprises a range of ladies shoes, handbags, jewellery, belts and hair accessories.

All the products are manufactured in Asia and sold through a network of more than 100 stores in Malaysia and overseas.

F J Benjamin Group Limited closed Tuesday at S$0.330


CNA Group Clinches S$14.9 million New Orders from Thailand

CNA Group Limited announced Tuesday that it has secured THB376 million (S$14.9 million) worth of new orders from Thailand.

The new orders include a Letter of Intent (LOI) signed between CNA’s Thai subsidiary, CNA Advance and Pyramid Corporation of Japan.

Under the LOI, CNA Advance will be the main contractor to design and build Pyramid’s new factory in Thailand (with a built-up area of 5,380 square metres) located in the Pinthong Industrial Estate, south of Bangkok.

Pyramid is the exclusive global supplier of internal wall textile for tyres to Bridgestone Corporation, the world’s largest tyre and rubber company. The total contract value is THB128 million ($5.1 million) and the Letter of Award will be signed at the end of August with construction commencing in October 2012.

Separately, CNA Advance has also secured THB248.5 million worth of orders from Nanotek International Co.

These new orders bring the group’s total orderbook to S$84.2 million to date and are expected to contribute positively to the financial results of the group for the current financial year ending 31 December 2012.

CNA Group Limited closed Tuesday at S$0.106


China Paper’s 2Q2012 Bottomline Flat at S$4.4 million

China Paper Holdings Limited reported Tuesday a 0.9 per cent jump in net profit to RMB22.4million (S$4.4 million) for the three months ended 30 June 2012 (2Q2012) compared to the RMB22.2million in the previous year.

Revenue dropped to RMB264.0 million in 2Q2012 from RMB284.9 million the prior year largely due to the further decline of average selling prices for most of the group’s products.

The slowdown of economic growth in China has put downward pressure on the selling prices of the Group’s products, in particular, coated paper, which is a premium product.

“The board is of the opinion that both the industry and business environment in China will continue to remain both challenging and dynamic,” said the group in a statement.

China Paper Holdings Limited closed Tuesday at S$0.039


HTL Posts Four-fold Surge in 2Q2012 Earnings

HTL International Holdings Limited Tuesday announced a higher 2Q2012 net profit after tax of US$4.1 million compared to US$0.7 million in 2Q2011, a jump of 479.6 per cent.

Revenue increased 21.7 per cent to US$166.69 million from a year ago, led by increased sales to North America, followed by Europe and Australia/New Zealand, as the group expanded its market share in regions that present good opportunities.

Gross profit margin declined 2.9 percentage points to 32.9 per cent in the reporting quarter as selling price adjustments to customers lagged behind rising input costs.

Other operating income rose by US$2.0 million from US$1.22 million to US$3.19 million, mainly from the change in business model in Domicil Home in Germany.

The group continues to face margin pressure. Consequently, maintaining profitability in 2H2012 will continue to be challenging, it said.

HTL International Holdings Limited closed Tuesday at S$0.345