Pan Hong's Honggu Kaixuan project is one of its developments in Jiangxi.

Pan Hong spin-off may eventually be bigger than parent

PAN HONG PROPERTY, a real estate developer headquartered in Hong Kong and listed on the Singapore Exchange, has completed its corporate restructuring to spin off and list its real estate development projects located in Jiangxi.

Sino Harbor Property will be listed on the Hong Kong Stock Exchange with Pan Hong eventually holding less than a 50% share stake.

Projects in the Jiangxi Province (Nanchang, Fuzhou, Yichun and Leping cities) will be held by Sino Harbour.

Projects in the Zhejiang Province (Huzhou and Hangzhou cities) will be held by the SGX-listed parent.

Sino Harbour Property generated revenues estimated to be Rmb 340.2 million for the year ended 31 Mar 2011, and net profit of Rmb 123.9 million. Its net assets are estimated to be Rmb 735.5 million.

Including its Jiangxi projects, Pan Hong’s revenue was Rmb 768.8 million for the year ended 31 Mar 2011, and net profit was Rmb 235.5 million. Its net assets are estimated to be Rmb 1.4 billion.

Since the size of Sino Harbour's property portfolio will be as big as Pan Hong, and the Hong Kong bourse typically accords richer valuation, Sino Harbour’s market capitalization may eventually exceed Pan Hong’s.

This, in turn, is expected to boost Pan Hong’s net asset value.

The HKSE requires candidates seeking a listing to show net profit of at least HK$20 million, and Sino Harbour’s proposed listing is subject to approval.

It intends to use its IPO proceeds to defray construction costs of the property projects under development. It also intends to further expand its land bank.

Related story: RAFFLES EDUCATION, PAN HONG, YANGZIJIANG: What Analysts Now Say...

The DNV classification of Deep Sea 1 establishes Otto Marine's reputation as a builder of complex AHTS vessels.

Otto Marine: DNV classification to help financing position 

Otto Marine's vessel with hull number 7047 named “Deep Sea 1” has obtained its maritime class certification from Det Norske Veritas on 20 June 2011.

The vessel is one of the four identical AHTS ordered by Mosvold in 2007 and subsequently cancelled.

Otto Marine is first Asian yard that has built and completed the sophisticated VS491 AHTS on a turnkey basis and its management believes that this reinforces its reputation as a niche shipbuilder of complex vessels in the region.

“We have reached this development stage purely through internal funding. With the receipt of this globally-recognized DNV certification, we can look towards sourcing for financing avenues to improve our cash position necessary for our corporate strategies.

”There is already a healthy level of market enquiries to purchase or charter this vessel,” said CEO Lee Kok Wah in a press statement.

Hull number 7047 is a powerful 21,000 bhp AHTS with hybrid propulsion, fitted with Dynamic Positioning capable of all types of towing and anchor handling activities, and built to North Sea specifications that enable the vessel to weather harsh sea conditions.

The management expects the remaining 3 vessels of the same design to be successfully delivered over the next one year.

Related story: OTTO MARINE To Ride On Western Australia O&G Boom Through A$5m Acquisition 


Customers only need to maintain one single point of contact because of our one-stop holistic relocation solutions, said MD Justin Low.
File photo by NextInsight.

CHASEN: Latest projects worth S$4.67 million to contribute to FY2012

Relocation specialist Chasen has recently secured two projects worth S$4.67 million that its management expects to contribute positively to earnings for the current financial year ending 31 March 2012.

The scope of work includes crating, rigging (move-out/move-in) and land and air transportation of equipment and machinery.

For the first relocation project amounting to S$3.06 million, CLSL is tasked to render turnkey relocation services from existing premises in the United States, China, Singapore and Penang to Johor, Malaysia.

The contractual party is a prominent global IT player that specializes in the manufacturing of consumer electronic products. The project will kick start in mid-July 2011 and is expected to be completed by mid-September 2011.

The second relocation project worth S$1.61 million was awarded by a MNC electronic contract manufacturer to relocate their production lines from factories in the US, Switzerland, Malaysia and Singapore to Shenzhen, China.

This project is ongoing and is expected to complete by end June 2011. The relocation of equipment from Singapore to the Czech Republic had commenced on 24 June and will be completed by mid-July 2011.

Chasen’s order book stands at S$15.76 million.

“Securing these projects that involve moving of machinery and equipment from multiple locations is testament to our extensive geographical reach and ability to integrate our complementary business units to create more value-add proposition for our customers,” said Chasen’s managing director, Mr Low Weng Fatt, in a press statement.

Related story: LIAN BENG, CHASEN, TREK 2000: Latest Happenings…

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