Inphyy Corner

CapitaLand, related entities to sell Westgate Tower for $579 million

www.straitstimes.com/breaking-news/money...579-million-20140103

Ezion: Acquires Remaining Stake In Kenai Offshore Ventures For US$24 Million

03 Jan 2014 11:23

Ezion Holdings Limited wishes to announce that Teras Investments Pte. Ltd., a wholly-owned subsidiary, has signed a Membership Interest Purchase Agreement with Buccaneer Alaska Drilling, LLC to increase its shareholding in Kenai Offshore Ventures, LLC, a jointly controlled entity of the Company that is incorporated in Delaware and registered as a foreign domiciled company in the state of Alaska, USA from 2,500,000 shares to 5,000,000 shares for a purchase consideration of US$23,950,000. KOV, following completion of the abovementioned transaction, will be a wholly-owned subsidiary of the Ezion Group. It owns a service rig with an on-going contract over the next 3 years 11 months providing support to the offshore oil and gas activities in the Cook Inlet in Alaska, USA...

ezion.listedcompany.com/newsroom/2014010...257C540032645B.1.pdf

Ezion Holdings - Positive Signals From Asset Buybacks
research.maybank-ib.com/pdf/document/Ezi...note_020114_5610.pdf

Mermaid Maritime -Things Are Going Swimmingly
research.maybank-ib.com/pdf/document/Mer..._IC_030114a_5609.pdf

AusGroup raises S$15.2m in capital

Placement agreement struck with DBS.

SGX-listed AusGroup Limited announced that it has entered into a conditional placement agreement with DBS Bank Ltd. that will see the group’s financial position strengthened by a capital injection of approximately S$15.2m.

The announcement underpins the group’s restructuring activities - aimed at targeting new opportunities in a changing market, focusing on customer needs and driving operational efficiencies.

Placement agreement with DBS Bank Ltd. for an aggregate of 96,100,000 new ordinary. Issue price of S$0.168 per share represents a discount of 8.5% from the weighted average price (based on 30-31 December 2013 SGX-ST trades) for a gross consideration of S$16,144,800.

Placement Shares represent approximately 19.9% of the total of number of issued shares of the company at the date of the announcement. The Net Proceeds are intended to be used for general working capital purposes and to collateralise the Group’s future bonding requirements.

AusGroup recently fully repaid its senior debt facilities and cash-backed all bank guarantees with the group’s club bank facility of Australia & New Zealand Banking Group Limited and HSBC Australia Pty Ltd. Work-in-hand now stands at A$219.1 million (30 November 2013).

AusGroup CEO and Managing Director Stuart Kenny said the strong support for the placement was market endorsement of the company’s strategic approach and longer term outlook.

“The placement is a great way to start the year, boosting working capital as we work closely with new and existing customers to target opportunities in a changing market.

“Our business model is well placed to deliver a suite of integrated skills and services as projects enter long-term operation, following an unprecedented construction period in Western Australia.

“We also expect to continue increasing our exposure to the growing oil and gas sector in the coming year.

“Combined with the recent repayment of senior debt, this is positive news as we set about building market confidence, delivering for our customers and creating a platform for enhancing shareholder value.”

Subject to satisfaction of conditions, the placement is expected to be completed by the end of this month.

The finalisation of new banking arrangements is also on track for completion in early 2014 and will represent a further injection of working capital into the business.

Courtesy of Singapore Business Review

CapitaLand plans Singapore office tower sale for $579 mil

Written by Bloomberg
Friday, 03 January 2014 21:28

CapitaLand and two of its holdings said they plan to sell their stakes in a Singapore office tower for about $579 million.

A consortium, comprising Low Keng Huat Singapore and Sun Venture Homes Pte, has up to Jan. 24 to exercise options to buy Westgate Tower, a 20-story office building that’s under construction in the western part of the island, according to a statement to the Singapore stock exchange.

The office tower is part of a development which includes a shopping mall that opened last month. CapitaMalls Asia owns a 50% stake in the Westgate development, 30% is held by CapitaMall Trust and the rest by CapitaLand, Southeast Asia’s biggest developer.

The Westgate office building is scheduled to be completed by end-2014.