14 December 2012

Singapore Stock Market Daily Update - 14 December 2012

Singapore shares opened lower on Friday with the Straits Times Index down 3.87 points to 3,152.68. Volume was 185.4 million shares valued at S$107.8million. Gainers beaten by Losers 76 to 96. 

#TT International Limited (“TT International” or the “Company”) announced that it has entered into an investment agreement (“investment agreement”) with Prima BB Limited (“Prima”) and Utraco Investment Pte Ltd (“Utraco”) for a combined financial commitment of S$92.0 million to develop Big Box, an iconic mega warehouse retail project in Singapore. 

#Gallant Venture The company announced that it has entered into a conditional sale and purchase agreement dated 13 December 2012 (“SPA”) with PT Cipta Sarana Duta Perkasa (the “Vendor”) for, inter 
alia, the acquisition by the Company of shares representing approximately 52.35% of the issued share capital of IMAS, a company listed on the Indonesia Stock Exchange (“IDX”) with a market capitalisation of approximately S$1.8 billion. The company also proposed a  renounce-able non-underwritten rights issue (the “Proposed  Rights Issue”) of 2,412,482,556 new ordinary shares (“Shares”) in the capital of the Company (the “Rights Shares”) at an issue price of S$0.280 per Rights Share (“Issue Price”), on the basis of one (1) Rights Share for every one (1) existing Share, to raise proceeds of approximately S$675.5 million, and the net proceeds of approximately S$675.3 million are proposed to be applied towards payment of part of the Purchase Consideration. 

#Elektromotive Group Limited has proposed to sell its 55% stake in EUK to Chargemaster Plc for a consideration of S$10.8 million (£5.5 million), payable in cash upon completion. Calvey-Taylor Haw, Managing Director of EUK, who owns a 42% stake in EUK has also agreed to sell his entire stake to Chargemaster Plc.

#Biosensors International announced enrollment of the first patient in LEADERS FREE, a ground-breaking study involving BioFreedom™, the polymer-free drug-coated stent (DCS) from Biosensors. LEADERS FREE is the world’s first prospective, randomized double-blind trial exclusively involving patients at high risk of bleeding. The study has been designed to confirm that BioFreedom is as safe as a bare-metal stent (BMS) in this patient group, and can deliver the anti-restenotic benefit of a drugeluting stent (DES), with only a one-month course of DAPT.

#Lippo Malls Indonesia Retail Trust - The company has published the presentation slide on its acquisition. You may find more information here. http://lmir.listedcompany.com/newsroom/20121213_174653_D5IU_032BCE027890AFB548257AD200368712.1.pdf

#Boustead SingapaporeThe company announced that its subsidiary, Boustead Projects Pte Ltd (“Boustead Projects”) – a leading specialist in real estate solutions  – has been awarded  its first commercial property project within Singapore’s Central Business District (“CBD”), a S$23 million contract to build Robinson Square, for developer, Oxley Blossom Pte Ltd  (“Oxley”) to be located at 144 Robinson 
Road in Singapore.

#LifeBrandzThe Group achieved a lower revenue of S$6.0 million for Q1 FY2013, with a drop of 24% from S$7.8 million of last financial year’s quarter. The decline in sales activities was mainly due to lesser operation outlets in the current quarter as compared to the operating outlets in the same quarter last year before the revamp and refurbishment of the business operation of the Group. Positively, the existing concepts of Aquanova, Mulligan's and Zirca maintained the business pace and presence at the Clarke Quay premises, which environment has been very challenging and competitive. Miscellaneous income and expenses consisting of service charges, interest income, bad debt recovery and other related miscellaneous income decreased from S$18,000 to S$10,000 for Q1 FY2013 comparing Q1 FY2012. The decline was mainly due to the abolishment of service charge at the outlets and recovery of bad debts in the respective period

#JES - The company updated that there are more than 20 vessels being built at the Group’s yard in Jingjiang city and the yard relies on subcontracted workers for a considerable portion of the projects. Due to some subcontractors delaying payment of wages to its own workers, part of their workers held a strike on 10 December 2012 at the Group’s yard, but the company would like to assure the stakeholders that this issue was promptly resolved. 

#ASL Marine The Board of Directors of the Company is pleased to update shareholders that the Acquisition has been duly completed on 13 December 2012 and accordingly, Vosta LMG and CFT are now wholly owned subsidiaries of the Company. 

#Design StudioThe  Board of  Directors of  the Company wishes to announce that it had on 14 December 2012 received in-principle approval  (the “In-Principle Approval”)  from Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the dealing in, listing of and quotation for the new ordinary shares in the capital of the Company (the “New Shares”) to be issued in connection with the Design Studio ESOS and the Design Studio PSP. A circular containing further details of, inter alia, the proposed adoption of the Design Studio ESOS and the proposed adoption of the Design Studio PSP, and enclosing a notice of the extraordinary general meeting in connection therewith, will be despatched to the shareholders of the Company in due course.

#LionGoldLionGold’s 1:4 rights issue of warrants was 142% subscribed as at the close on 11 December 2012.  An initial S$14.9 million will be raised from the  228.9 million warrants, priced at S$0.065 each. Additional proceeds of up to S$268 million could be raised if all of the warrants are converted into new LionGold shares. The warrants are expected to commence trading on the Singapore Stock Exchange on 20 December 2012. 

Daily Shares Buy Back
# HG Metal - 327,000 shares @ S$26,557.14
# Duty Free International Limited 156,000 shares @ S$51,445.92

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