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Dow Jones Newswires 17/08/15
|Trade with Caution 17 August 2015 Mercator issued trade with caution warning
SINGAPORE (Aug 17): The Singapore Exchange has slapped dry bulk shipper Mercator Lines (Singapore) with a trade with caution warning.
This was after the company responded on Aug 14 it was not aware of any reasons that could explain the substantial increase in traded volume between Aug 13 and 14.
On Aug 13, the stock closed at 3 cents with 64.4 million shares changing hands. A day later, it closed at 4 cents with 76.7 million shares traded.
These were much higher than the recent spikes in volume on July 21 and June 11 of 11.9 and 11.2 million shares.
Shares of Mercator is up 8.8% at 3.7 cents this morning.
17 August 2015 Singapore's non-oil domestic exports slide in July
|17 August 2015 Singapore's non-oil domestic exports slide in July A SLIDE in non-electronics shipments dragged down Singapore's overall non-oil domestic exports (NODX) in July.
Exports fell 0.8 per cent last month compared to the previous year, versus a 4.5 per cent increase in June, trade agency International Enterprise Singapore (IE Singapore) said in a press release on Monday.
The contraction was broad, with exports to all of Singapore's top 10 export markets except Hong Kong, South Korea and Thailand shrinking in July. The worst drop was seen in shipments to Japan, Taiwan and China.
However, the decline was still better than the market consensus forecast of a 2.1 per cent tumble.
NODX was also up 2.4 per cent from June to July on a seasonally adjusted basis.
Last month saw a 2.1 per cent year-on-year contraction in non-electronics exports, led by structures of ships and boats (-98.3 per cent), printed matter (-51.8 per cent) and primary chemicals (-22.1 per cent).
This outweighed a 2.3 per cent growth in electronics shipments, which came largely on the back of personal computers (+74.3 per cent), telecommunications equipment (+86.6 per cent) and diodes & transistors (+21.7 per cent).
IE Singapore said last week NODX had expanded 2.1 per cent in the second quarter from the previous year, a sharp slowdown from the 4.8 per cent jump in the first three months of the year.
Saying that the outlook for regional economies has softened, the agency cut its NODX growth forecast for 2015 last week to a marginal 1-2 per cent year on year.
17 August 2015 Highlight Singapore’s NODX in July shrink 0.8% on year
|17 August 2015 Highlight Singapore’s NODX in July shrink 0.8% on year
SINGAPORE (Aug 17): Singapore's non-oil domestic exports (NODX) in July shrank 0.8% compared to the same month a year ago, says the International Enterprise (IE) Singapore this morning.
This was due to a steeper fall in exports of non-electronic shipment versus the rise in electronic exports. The contraction was led by a 98.3% fall in structures of ships and boats, 51.8% in printed matter and 22.1% fall in primary chemicals.
However, July’s NODX figure was better than the fall of 2.1% in the median forecast of 10 economists in a Reuters poll.
In June, Singapore’s NODX saw a 4.5% rise from a year ago.
In July, NODX to all of the top 10 NODX markets, except Hong Kong, South Korea and Thailand, contracted. The top contributors to the NODX decline in July 2015 were Japan, Taiwan and China.
NODX to China contracted by 1.6%, compared to the 12.2% rise in the preceding month, due to petrochemicals (-14.1%), primary chemicals (-31.8%) and parts of ICs (-60.9%).
17 August 2015 Lum Chang to buy Kelaty House in Wembley, London for 25.5m pounds
|17 August 2015 Lum Chang to buy Kelaty House in Wembley, London for 25.5m pounds Lum Chang on Monday said it has signed a deal with UKI (Wembley) Limited to buy Kelaty House, a freehold commercial property in Wembley, northwest London, for 25.5 million pounds (S$55.6 million).
The property is located within the Wembley Regeneration Area near the iconic Wembley Stadium in an area that is rapidly transforming into a vibrant and dynamic neighbourhood, the Singapore construction group cum property developer said.
The property is about 1.03 hectares and is currently fully leased. It has existing planning consent from the authorities to be redeveloped into a mixed-use development. Lum Chang is now reviewing its options and will make a decision on what to do with the building in due course.
Lum Chang said the acquisition presents a "prime investment opportunity" to expand the group's property portfolio in the UK, and the building is expected to provide a rental income stream to the group in the short term.
The consideration is to be initially funded by the group's internal cash resources, but the group may explore external debt financing in the future, it said.
The acquisition is expected to be completed by about August 28, 2015.
17 August 2015 Lum Chang Holdings
|17 August 2015 Lum Chang Holdings to acquire Kelaty House in the UK for $56 mil
SINGAPORE (Aug 17): Lum Chang Holdings is acquiring Kelaty House for a consideration of £25.5 million ($56.2 million) from UKI (Wembley).
It was on Aug 14 that wholly owned subsidiary Kelaty Propco entered into a sale and purchase agreement with UKI for the property.
Kelaty House is a freehold commercial property located at First Way, Wembley HA9 0JD, within the Wembley Regeneration Area, in close proximity to the iconic Wembley Stadium.
The property is 1.03 ha and is currently fully leased.
Lum Chang’s wholly-owned subsidiary, Wembley Properties, incorporated two wholly-owned subsidiaries in Jersey, Channel Islands, Kelaty Holdings and Kelaty Propco.
Kelaty Holdings holds 100% equity interest in Kelaty Propco and both subsidiaries were incorporated for the purposes of undertaking property investment projects in the UK.
Lum Chang says the proposed acquisition is an expansion of its property business and is expected to provide a rental income stream to the group in the short term.
The property has existing planning consent from the relevant planning authorities to be redeveloped into a mixed-use development.
The group says it is currently reviewing its options and will make an appropriate decision in due course.
A deposit of £2.55 million has been paid to UKI’s solicitors.
On completion of the proposed acquisition, Kelaty Propco will pay the balance of £22.95 million.
The consideration is to be initially funded by Lum Chang Holdings’ internal cash resources, but the group may explore external debt financing in the future.
Completion of the proposed acquisition is expected to take place on or about Aug 28.
Lum Chang Holdings shares opened at 39 cents this morning.
17 August 2015 mm2 Asia to acquire operations at two Cathay cineplexes in Malaysia
|17 August 2015 mm2 Asia to acquire operations at two Cathay cineplexes in Malaysia ENTERTAINMENT group mm2 Asia said on Monday it has signed a deal with Cathay Cineplexes Sdn Bhd to acquire its business operations at two locations in Malaysia for RM40 million (S$13.8 million).
The two locations are Cathay Cineplex Damansara, e@Curve in Petaling Jaya, Selangor; and Cathay Cineplex City Square at Johor Bahru City Square.
The acquisition is expected to be completed by Sept 30, 2015.
Cathay Cineplexes operates cinemas at these two locations in Malaysia with a combined 30 screens. Cathay Cineplex Damansara holds 16 screens with 2,472 seats in total and is currently the largest multiplex in Petaling Jaya, while Cathay Cineplex City Square holds 14 screens with 2,826 seats in total and is the largest multiplex outside the Klang Valley region.
"The acquisition is in line with the company's intention to diversify and expand into business opportunities along the value chain of film production. The company believes this will complement its current and future businesses, strengthen its competitive advantage through the ownership of cinemas, as well as provide a source of recurring income to the group," it said.
On a pro forma basis, it would bump up its full-year net profit attributable to shareholders from S$5.08 million to S$5.96 million. Earnings per share would go up from 2.46 Singapore cents to 2.88 Singapore cents.
17 August 2015 mm2 Asia acquires two cineplexes in Malaysia for $13.8 mil
|17 August 2015 mm2 Asia acquires two cineplexes in Malaysia for $13.8 mil
SINGAPORE (Aug 17): mm2 Asia says the company’s wholly-owned Malaysian subsidiary, MM2 Screen Management Sdn Bhd has entered into a sale and purchase agreement with Cathay Cineplexes Sdn Bhd to acquire two cineplexes for MYR 40 million ($13.8 million).
These are Cathay Cineplex Damansara, e@Curveat Mutiara Damansara in Petaling Jaya, Selangor, and Cathay Cineplex City Square, Johor Bahru City Square at Jalan Wong Ah Fook in Johor Bahru.
Cathay Cineplex City Square was established in 2006 and now holds 14 screens with 2,826 seats in total and is the largest multiplex outside the Klang Valley region. Cathay Cineplex Damansara was established in 2006 and holds 16 screens with 2,472 seats in total and is currently the largest multiplex in PJ.
mm2 Asia says it is funding the acquisition through its internal resources and the proceeds of the recently completed issues of convertible and exchangeable notes.
The completion of the Acquisition is expected to be on or before Sept 30.
mm2 Asia is trading flat at 64.5 cents this morning.
17 August 2015 Stocks to watch
|Olam International said on Friday its second-quarter earnings have trebled to S$94.7 million despite lower revenue and a net loss from changes in the valuation of biological assets. But the April-June revenue fell 16.4 per cent to S$4.8 billion, as part of the company's strategy to grow in prioritised platforms while reducing volumes or exiting lower margin businesses, it said.
|OUE Limited said on Friday it has swung into the red in the second quarter ended June 30 with a net loss of S$16.28 million versus a net profit of S$4.43 million a year ago, owing to S$20.55 million of other losses mainly arising from fair-value losses on its investment in a mutual fund. Revenue contracted 4.5 per cent to S$95.66 million, dragged down by lower contribution from its hospitality division and condo project OUE Twin Peaks that received temporary occupation permit in February.