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Coporate News Asia
Corporate news
Neptune Orient Lines is in talks with Singapore’s three local banks as well as with
some foreign banks for US$5-7bn in loans, the clearest sign yet it will bid for Germany’s
Hapag-Lloyd. (Reuters)
Jade Technologies has scrapped agreements to buy and sell a plot of land in Johor -
but has emerged almost $1 million better off despite forfeiting its deposit. The company
said last year it was buying a plot in Johor Bahru from Malaysian company Firwas for
$17.35 million cash, then selling it straight away to another Malaysian company, Win
Divine, for $27 million. Jade said both agreements were terminated on Friday and it has
forfeited a $1.735 million deposit it paid to Firwas. Win Divine in turn has forfeited a $2.7
million deposit it paid to Jade, leaving Jade with a $965,000 net gain. Jade said there
was no other claim against any company in relation to the terminations. The company is
putting all its resources into a concession to mine coal from West Sumatra. Over the
past two months it has systematically backed out of many of its old businesses, including
oil trading, oil refining and real estate in China. The coal concession is worth up to $1
billion to Jade, according to a previous valuation report. (BT)
Metro Holdings will put more money behind its property investment arm through a
proposed debt fund-raising exercise of up to $200 million. The last time Metro, better
known here as a department store retailer, undertook a fund-raising exercise was in
2001. Speaking at a briefing yesterday, Metro chairman Winston Choo said the company
is looking to expand its war chest to finance new investments in China when
opportunities arise. New projects will be focused on China's commercial and retail real
estate markets. Metro's current gearing is 0.02 times and it has a cash position of $173.7
million. The debt fund-raising exercise will be by way of an issue of floating rates notes
and/or a transferable loan. (BT)
Boustead Singapore has clinched a $60 million project to build the first phase of a high-
security facility - known as The Singapore FreePort - for the storage, display and trade of
the world's finest collections and valuables. Shareholders of FreePort - which has been
described as a Fort Knox state-of-the-art facility - include the Singapore National Arts
Council and the National Heritage Board. The contract for the facility - for collections and
valuables including fine art, jewellery, watches, diamonds, precious metals, antiques,
vintage cars, wines, cigars, carpets and confidential archives - boosts Boustead's order
book to $560 million. The project, which Boustead won through its 91.7%-owned
industrial real estates unit Boustead Projects Pte Ltd will be completed in Q4 2009. (BT)
Marco Polo Marine has signed a contract to build four barges and procure four tugboats
for its 50% owned joint venture MPST Marine for a total of $25.8 million. Marco Polo's
wholly owned unit, Bina Marine, will build the barges for MPST Marine for $15.2 million.
In addition, Marco Polo will also source for and on behalf of MPST Marine four tugboats
at an aggregate contract value of $10.6 million from a third party. The four new tugboats
and barge pairs will be added to MPST Marine's current fleet size of eight tugboats and
eight barges, bringing its total fleet to 24 vessels, comprising 12 tugboats and 12 barges.
MPST Marine has already entered into three one-year time charter contracts with
Glencore International for an aggregate annual contract value of about US$3.2 million
for three pairs of its tugboats and barges. (BT)
Optical disc equipment maker Anwell Technologies has formed a US$70 million joint
venture to enter the thin-film solar module business. Anwell said its Chinese partner will
invest US$7 million for a 10% stake and provide strategic local support for a solar
module plant - which will manufacture and develop silicon thin-film solar modules. Slated
to be installed in the fourth quarter of FY2008, the facility with an initial production
capacity of 40 megawatts (MW) per annum is described as China's first fully automatic
thin-film solar module production line. The venture, pilot run of which is scheduled to be
in Q1 2009, is expected to generate revenue by Q2 2009. The management also plans
to increase its production capacity to 120 MW by 2010. (BT)
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PLEASE VISIT THE CONTRIBUTOR'S WEBSITE
Fwd Mails
The stuff receive from forwarded emails
www-fwd.blogspot.com
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