Beng Kuang Marine says wholly-owned subsidiary, PT Nexus Engineering Indonesia, has secured a contract with Indonesia’s Ministry of Transport to construct and deliver one patrol vessel class 1-A. The value of the contract is Indonesian Rupiah 125.3 billion ($19 million). The contract is expected to commence in October 2010 and to be completed in March 2012.
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Investors remain wary of loading up on Singapore shares given lingering concerns over global economic outlook, says Dow Jones.
STI down 0.1% at 2,921.81, expected to hold above 2,900. Market breadth tad negative.
“We are advising caution again. The odds for a decline currently seem to greatly outweigh (those) for a rally,” says Phillip Securities analyst Phua Ming-Weii, “in a nutshell, the individual STI technicals and the broad risk environment lean quite hard towards the bearish camp.”
Most active stocks in market led by Ascendas REIT (A17U.SG), flat at $2.04, CapitaCommercial Trust (C61U.SG), off 0.7% at $1.40, Advanced Systems Automation (520.SG), flat at $0.01, Genting Singapore (G13.SG), off 0.6% at $1.58, Beng Kuang Marine (5MC.SG), off 3.5% at $0.275.
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Beng Kuang Marine says wholly-owned subsidiary Asian Sealand Engineering has secured a contract with a new customer to construct and deliver one crane barge for $6.4 million. The contract is expected to commence in May 2010 and completed in November 2010.
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Beng Kuang Marine, the provider of corrosion prevention services, infrastructure engineering services, and equipment and tools to the marine and offshore oil & gas industries, says it has delivered its maiden 260-man accommodation and pipe laying barge Leighton Eclipse.
Beng Kuang secured the $21 million contract with Leighton Contractors (Singapore) after it acquired a 30-year leasehold waterfront land of 32.8 hectares in Batam to build its new yard in May 2007.
Beng Kuang Marine says it has entered into a subscription and a call option agreement with investors Tan Chin Hock, Ang Poon Beng, Lee Wee Soon, Goh Yew Gee, Aw Yong Wee and Low Chui Heng by issuing them a total of 38 million subscription shares at 22.5 cents each to raise $8.55 million.
Beng Kuang has also granted them a call option to subscribe to up to 38 million option shares at 25 cents each within three years from the date of the signing of the option agreement, to raise an extra $9.5 million.
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