Hoe Leong has entered into a conditional sale and purchase agreement with Aries AP to purchase 51% of the issued and paid-up share capital of Aries Offshore Singapore for US$15.1 million ($19.9 million).
The remaining 49% of Aries Offshore is owned by Otto Marine’s wholly-owned subsidiary, Otto Ventures.
Aries Offshore owns four 5,150 bhp anchor handling tug supply (AHTS) vessels which have existing bareboat charter contracts.
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SIAS Research in an Oct 6 research report says: “On Sept 30, 2010, Hoe Leong Corporation Ltd (HL) announced the completion of its acquisition of an interest in the tanker chartering business of Sumatec Resources Berhad (aka the Semua Group).
Mainboard-listed ECS Holdings that Tay Eng Hoe, a founding director, has been appointed Non-Executive Chairman effective today, replacing David Li Jia Lin, who is stepping down for personal reasons.
Tay, a former CEO of the Singapore-based regional Info-Comm Technology (ICT) solutions provider representing global brand names, will relinquish his current position as Executive Director and Vice-Chairman of the ECS Board to assume the new role.
Mainboard-listed Hoe Leong Corporation, the supplier of heavy equipment parts and vessel charterer, says net profit attributable to owners of the company increased by 276.8% to $3 million for the half year ended 30 June 2010 (HY2010) from $0.8 million in HY2009 as a result of improved revenue and gross profit performance as well as stable operating expenses.
For HY2010, the group recorded an increase of 13.5% to $32.8 million from $28.9 million in HY2009. This was mainly attributable to revenue increase from all its business segments – namely Design and Manufacture, Trading and Distribution; and Barge and Vessel Chartering.
Hoe Leong Corporation, the supplier of heavy equipment parts, says wholly-owned subsidiary, Kunshan Kanto Buhin Manufacturing Co., has signed an agreement with Valuepart Europe SPA (VE SPA) to set up a JV company, Kunshan Xinyilong Machinery Manufacturing Co. to expand its heavy equipment parts business.
The registered capital of Kunshan Xinyilong will be US$6 million ($8.4 million). VE SPA will invest US$3 million in cash and Kunshan Kanto will invest US$3 million – comprising assets valued at US$1 million and the RMB cash equivalent of US$2 million.
Niche residential property developer Hiap Hoe Group will launch its latest freehold residential development, Waterscape At Cavenagh, this weekend.
Conceived as a home resort in the city, the 101,193 sq ft development, which occupies the former Clemenceau Court and Le Chateau sites, comprises four seven-storey blocks and two six-storey blocks, the development will house 200 one- to four-bedroom apartment units and penthouses ranging from 581 sq ft to 2,992 sq ft.
Hoe Leong Corporation, the supplier of heavy equipment parts and barge charterer, says net profit attributable to equity holders increased significantly to $4.5 million in FY09 ended 31 December 2009 from $0.2 million in FY08.
Revenue for FY2009 decreased by 5.4% to $61.2 million from $64.7 million mainly due to the decrease in revenue derived from the Trading and Distribution business segment.
Singapore’s benchmark Straits Times Index (.FTSTI) rose 0.7% to close at 2,753.63 points yesterday. US stocks rose last night after a pledge by European leaders to support debt-laden Greece eased fears of a broader euro zone crisis, and upbeat data from China spurred mining and material stocks.
Here are some stocks to watch:
Olam International, the producer and trader of agricultural commodities, reported a 54% increase in second-quarter profit as a global economic rebound helped fuel an increase in demand for food. Net income climbed to $158.9 million in the three months ended Dec 31 from $103.4 million a year earlier. Revenue increased 28% to $2.84 billion.
Niche property developer Hiap Hoe has reported a 319.5% jump in net profit to a record $34.3 million for the financial year ended 31 December 2009 (FY09), compared to $8.2 million in 2008 (FY08). Revenue surged 271.6% to $110.5 million, from $29.7 million recorded in FY08.
For the three months ended 31 December 2009 (4Q09), net profit rose to $9 million from $0.3 million achieved in the corresponding period a year ago (4Q08). The boost in 4Q09 profit came on the back of a robust 162.4% growth in revenue to $26.4 million, compared to $10.1 million in 4Q08.
For the financial year 2009, Hiap Hoe has proposed a first and final cash dividend of 0.25 cent per ordinary share. On the back of strong results, and subject to the approval of the Singapore Exchange, the company is also proposing a bonus issue of one bonus share for every four existing ordinary shares.
Niche property developer Hiap Hoe, and owner and manager of leisure and commercial properties SuperBowl Holdings, have through their 50-50 joint venture company, HH Properties, appointed Wyndham Hotel Management, Inc., to operate the two hotels located on the JV’s Balestier site. Wyndham Hotel Management is part of the Wyndham Hotel Group, which is the world’s largest hotel company with more than 7,000 hotels and 11 brands.
