Courts Asia: 'Big-Box' megastore in Bekasi to officially open on 18 Oct 14. The first Courts megastore in Indonesia has begun retailing since its soft opening on 4 Oct 14. The megastore showcases innovative retail concepts with the widest range of home and lifestyle products. (Source: Courts Asia)
Ezra: Subsea services division finalises three contracts worth over US$300m with Noble Energy. The scope of work includes engineering, procurement, construction and installation of subsea tie-backs for the Big Bend, Dantzler and Gunflint field developments in the US Gulf of Mexico, which includes over 80 miles (130 km) of Pipe-in-Pipe (PiP) flowlines and over 56 miles (100 km) of umbilicals in water depths up to 7,200ft (2,200 metres). Offshore work will commence in 2015 using five EMAS AMC offshore construction vessels. (Source: Ezra)
GLP: Pre-leases 49,000sqm to leading express delivery providers in eastern China. GLP has signed pre-lease agreements totaling 49,000sqm (or 527,000sf) with Best Logistics and another leading express delivery provider in eastern China. Both customers are existing multi-location customers of GLP and are upgrading from their existing warehouses to GLP's modern facilities. (Source: Global Logistic Properties)
Nam Cheong: Sees record OSV deliveries in 2014-15. Malaysia's biggest builder of offshore support vessels said it expects record deliveries this year and next. This comes as the company's focus on shallow-water oil search products helps it withstand a drop in crude oil prices. (Source: The Business Times)
Mermaid Maritime: Increases stake in Subtech Saudi Arabia to 95%. The company has increased its stake in Subtech Saudi Arabia from 70% by acquiring previous co-shareholder General Technology & Systems Co. through its wholly-owned subsidiary. The remaining 5% in Subtech Saudi Arabia belongs to local interests represented by Integrated Trading Services Establishment. The consideration for the additional 25% stake is US$250,000. (Source: The Business Times)
Sino Grandness: 80.5% of Garden Fresh HK Rmb100m 0% convertible bonds due 2014 extended to 2015. The company has announced that bondholders representing 80.5% of the principal amount of the convertible bonds (CB) have indicated that they intend to exercise their right to extend the maturity date of the CB from 19 Oct 14 to 30 Jun 15. In addition, the company is repurchasing the remaining 19.5% of the principal amount of the CB for about Rmb37.9m. (Source: Sino Grandness)
Swissco: Secures chartering contracts with options worth US$17.3m. The offshore support vessels, comprising two new workboats and one anchor handling tug supply vessel, will be deployed in the Middle East under the contracts. The said contracts are expected to have a positive impact on Swissco’s financial performance from the fourth quarter of the current financial year. (Source: Swissco)
Retail Market Monitor Friday, 10 October 2014
www.utrade.com.sg 4
SINGAPORE
CORPORATE NEWS Tigerair: To right-size operations with sub-lease of 12 aircraft to IndiGo. This sub-lease arrangement enables the group to reduce excess capacity significantly and hence lower related leasing cost. These 12 aircraft will be progressively delivered to IndiGo over six months commencing Oct 14. (Source: Tiger Air) Comments: Tigerair also announced yesterday evening that it is contemplating a rights issue after stating that it will very likely have to make a provision of S$93m on surplus aircraft. We are not surprised by the need for further equity. As at the previous quarter, we stated that Tigerair was operating on negative equity if one were to exclude perpectual securities. We reckon Tigerair would need to raise at least S$150m and one possibility is a 1:2 rights allotment.
Yongnam: Secures three subcontracts worth S$76.6m for Thomson-East Coast MRT Line and a project in Hong Kong. Its subsidiary has secured two new subcontracts for the Thomson-East Coast Line Napier Station and the Thomson-East Coast Line Marina South Station and Tunnels in Singapore. In addition, its subsidiary in Hong Kong has secured a subcontract for a temporary steel bridge in Hong Kong. (Source: Yongnam)
Ezra: Subsea services division finalises three contracts worth over US$300m with Noble Energy. The scope of work includes engineering, procurement, construction and installation of subsea tie-backs for the Big Bend, Dantzler and Gunflint field developments in the US Gulf of Mexico, which includes over 80 miles (130 km) of Pipe-in-Pipe (PiP) flowlines and over 56 miles (100 km) of umbilicals in water depths up to 7,200ft (2,200 metres). Offshore work will commence in 2015 using five EMAS AMC offshore construction vessels. (Source: Ezra)
GLP: Pre-leases 49,000sqm to leading express delivery providers in eastern China. GLP has signed pre-lease agreements totaling 49,000sqm (or 527,000sf) with Best Logistics and another leading express delivery provider in eastern China. Both customers are existing multi-location customers of GLP and are upgrading from their existing warehouses to GLP's modern facilities. (Source: Global Logistic Properties)
Nam Cheong: Sees record OSV deliveries in 2014-15. Malaysia's biggest builder of offshore support vessels said it expects record deliveries this year and next. This comes as the company's focus on shallow-water oil search products helps it withstand a drop in crude oil prices. (Source: The Business Times)
Mermaid Maritime: Increases stake in Subtech Saudi Arabia to 95%. The company has increased its stake in Subtech Saudi Arabia from 70% by acquiring previous co-shareholder General Technology & Systems Co. through its wholly-owned subsidiary. The remaining 5% in Subtech Saudi Arabia belongs to local interests represented by Integrated Trading Services Establishment. The consideration for the additional 25% stake is US$250,000. (Source: The Business Times)
Sino Grandness: 80.5% of Garden Fresh HK Rmb100m 0% convertible bonds due 2014 extended to 2015. The company has announced that bondholders representing 80.5% of the principal amount of the convertible bonds (CB) have indicated that they intend to exercise their right to extend the maturity date of the CB from 19 Oct 14 to 30 Jun 15. In addition, the company is repurchasing the remaining 19.5% of the principal amount of the CB for about Rmb37.9m. (Source: Sino Grandness)
Swissco: Secures chartering contracts with options worth US$17.3m. The offshore support vessels, comprising two new workboats and one anchor handling tug supply vessel, will be deployed in the Middle East under the contracts. The said contracts are expected to have a positive impact on Swissco’s financial performance from the fourth quarter of the current financial year. (Source: Swissco)
Retail Market Monitor Friday, 10 October 2014
www.utrade.com.sg 4
SINGAPORE
CORPORATE NEWS Tigerair: To right-size operations with sub-lease of 12 aircraft to IndiGo. This sub-lease arrangement enables the group to reduce excess capacity significantly and hence lower related leasing cost. These 12 aircraft will be progressively delivered to IndiGo over six months commencing Oct 14. (Source: Tiger Air) Comments: Tigerair also announced yesterday evening that it is contemplating a rights issue after stating that it will very likely have to make a provision of S$93m on surplus aircraft. We are not surprised by the need for further equity. As at the previous quarter, we stated that Tigerair was operating on negative equity if one were to exclude perpectual securities. We reckon Tigerair would need to raise at least S$150m and one possibility is a 1:2 rights allotment.
Yongnam: Secures three subcontracts worth S$76.6m for Thomson-East Coast MRT Line and a project in Hong Kong. Its subsidiary has secured two new subcontracts for the Thomson-East Coast Line Napier Station and the Thomson-East Coast Line Marina South Station and Tunnels in Singapore. In addition, its subsidiary in Hong Kong has secured a subcontract for a temporary steel bridge in Hong Kong. (Source: Yongnam)
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