Inphyy Corner

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10 years 6 months ago #17290 by inphyy

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Viva Industrial Trust - IPO

Viva Industrial Trust ("VIT") is offering 211,736,000 stapled securities at $0.78 each. The prospectus is here. The IPO will close on 31 Oct 2013 at 12pm. The placement tranche will be for 190.562m shares and the public tranche of 21.174m shares. In addition, a Chinese property tycoon invested S$200m, Ho Lee Group and Kim Seng Holdings take up $75m and United Engineers $23.2m. The Trust will have a market cap of $771.7m post IPO........

www.singapore-ipos.blogspot.sg/

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10 years 6 months ago #17292 by inphyy

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Otto Marine - SALE OF VESSEL FOR USD95 MILLION

The Board of Directors of Otto Marine Limited (the “Company”) wishes to announce that its
wholly owned subsidiary, Deep Sea 1 Pte. Ltd. (“DS1PL”) has entered into a Memorandum
of Agreement (“MOA”) to sell a vessel known as DEEP SEA 1 (the “Vessel”) to PT GO
Marine International (“GMI”), a company incorporated in Indonesia in which it owns 49% for
a sum of USD95 million.

The vessel is built in its own shipyard in Batam, the sale of the Vessel will reduce its
inventory on hand and is part of the ordinary course of business of the shipyard business.

None of the Directors or Controlling Shareholders or Substantial Shareholders of the
Company has any interest, direct or indirect, in the abovementioned agreement save for
their directorships and/or shareholdings in the Company, DS1PL and GMI.

Shareholders should note that the MOA has no legal or binding effect, and it does not
purport to create any legal relations other than to provide a period for the parties to
negotiate and enter into formal binding contracts.

By Order of the Board

Garrick Stanley
Executive Director & Group CEO

1 November 2013

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10 years 6 months ago #17323 by inphyy

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Wilmar forms AKD joint venture in China

A long-term positive deal, says OCBC.

Wilmar International Limited (WIL) and Kemira Oyj (global chemical company serving customers in water-intensive industries) has signed a JV agreement to make AKD (Alkyl Ketene Dimer) wax in China in two JVs, reports OCBC Investment Research.

The 50-50 JV entities will integrate the current Kemira facilities in Yanzhou and the relevant WIL facilities in Lianyungang.

"According to WIL, the move will be an expansion down the oleo-chemicals value chain, which capitalizes on WIL’s advantage in sourcing of raw materials and also cost efficiencies from its integrated manufacturing operations," said OCBC.

"While we view the move as a long-term positive for WIL, we note that the current valuation looks fair," it added.

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10 years 6 months ago #17324 by inphyy

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Jaya - net profit plunged 24% to USD7.6m

Restructuring measures were also revealed.

According to OSK, Jaya Holdings posted a 24% fall in first quarter net profit to USD7.6m.

Here's more:

However, net profit was up 15% y/y if non-recurring items and gain from a vessel sale are excluded. It reported a USD29.6m consolidated revenue for the three months ended September on the back of the improved utilization of its fleet.

In addition, the group has also announced restructuring measures where five of its dormant subsidiaries have been struck off from the registry of companies. We currently have NEUTRAL rating for the stock with a TP of SGD0.61.

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10 years 6 months ago #17325 by inphyy

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Freight rates to stay soft, says OCBC

Large liners are insistent but lack actual enforcement, adds OCBC.

4Q freight rates for Neptune Orient Lines (NOL) have fallen by an average of 8.8% QoQ for the past three years so FY13 should prove no exception, says OCBC analyst Lim Siyi.

The analyst notes that un addition, with demand typically tapering off in 4Q, the ability of liners to implement rate hikes should subside as well.

"Despite the rhetoric of the larger liners insisting on another round of rate hikes for Nov, it is our view that actual enforcement will be lacking.

Substantial collective action remains wanting – especially with liners clinging on to the notion of protecting their respective market shares – and so we expect freight rates to stay soft," says Lim.

According to Lim, the unwillingness of the major liners to cut capacity further and idle ships to address dropping rates pose significant problems for a 2014 turnaround.

Even NOL’s own projections back in 2Q13 show a demand-supply gap till end-2014, adds Lim.

"With the addition of larger ships and pre-crisis ordered vessels coming on board, the industry will continue to suffer from its bad decisions well into 2015," says Lim.

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10 years 6 months ago #17326 by inphyy

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Kreuz: 3Q13 Net Profit Up 60.3% To US$16.6 Million.

04 Nov 2013 10:11Kreuz Holdings Limited's net profit surged 60.3% to US$16.6 million for the third quarter ended September 30, 2013 from S$10.4 million in the previous corresponding period. The Group continues to maintain a strong balance sheet with low gross gearing ratio of 11.3% as at September 30, 2013. Net asset value per share increased from 28.54 US cents as at December 31, 2012 to 36.09 US cents as at September 30, 2013...

kreuz.listedcompany.com/news.html/id/378621

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