FSL Trust Management Pte. Ltd. has acquired three product tankers from UK-based and London Stock Exchange-listed James Fisher & Sons PLC for a total consideration of US$45 million and will concurrently lease the vessels back to the seller for a base lease term of 10 years. The lease agreement contains various lease extension and purchase options for the lessee.
In addition to the three vessels acquired, James Fisher has the option to sell and leaseback a fourth sister vessel of the same type on identical commercial terms. This option has to be declared by James Fisher no later than 30 June 2008. First Ship Lease Trust now has seven high quality vessels on long term leases with James Fisher (not including the fourth option vessel).
The acquisition of the three ships has been fully funded by drawing from a seven year US$250 million revolving credit facility provided to FSL Trust by a syndicate of banks jointly led by The Bank of Tokyo-Mitsubishi UFJ Co., Ltd., Singapore Branch and Bayerische Hypo- und Vereinsbank AG, Singapore Branch. This facility is provided on a floating rate basis. To protect the spread of the transaction, FSLTM has arranged for an interest rate swap until the maturity of the credit facility.
The overall objective of FSL Trust is to provide long-term non-tax driven leasing services across major maritime segments. Specifically, FSL Trust engages in the business of providing leasing services on a bareboat charter basis to the international shipping industry, and owns and invests in a portfolio of lease assets across various sub-sectors of this industry.
The Board of Directors of China Fishery Group Limited subsidiary Pesquera Isla Blanca S.A. has entered into a sale and purchase agreement with individual shareholders of two Panamanian companies, Inversionista La Candelaria S.A. and Altoreal S.A. for the purchase of the entire issued share capital of the Corporations.
The assets include inter alia two fishmeal plants with a total capacity of 61 tons per hour, a canning plant, a pier, one system for unloading/selection for human consumption, three fishing vessels with a total capacity of 1,056 m3 and fishing permit(s) which allows the vessels to fish in the Peruvian Exclusive Economic Zone.
The consideration for the acquisition of the Sale Shares is US$26.0 million and was arrived at pursuant to negotiations between the parties on a willing buyer willing seller and arm's length basis. The Acquisition is funded from both internal resources and the proceeds of the 9.25% Senior Notes due 2013 issued by CFG Investment S.A.C., the Company’s indirect wholly-owned subsidiary.
The Group's fishing operations are conducted all year round and coincide with the fishing seasons of various species of fish. The main catch species include:
Demersal Marine Fish – Alaskan Pollock, Halibut, Hake, Pacific Cod, Ribbon Fish, Grouper
Pelagic Marine Fish – Herring, Chilean Jack Mackerel
Cephalopods – Cuttlefish, Octopus, Squid
Global Voice Group has signed an agreement with Dutch service provider illian.networks BV. Under the terms of the three-year-agreement, Global Voice will deploy host¦nex – a high availability solution of integrated co-location and private fiber networks in the Netherlands.
host¦nex is Global Voice’s high availability hosted services solution, providing enterprise, carrier and service provider clients with best in class co-location and managed services.
host|nex offers a range of Storage and Business Continuity services, Hosting services, such as Remote Hands and Power, as well as variety of Security Services and Firewalls.
Global Voice Group operates more than 15,000 square metres of co-location space in Europe, designed to the highest standards of security, cooling and power density to meet the demands of the most exacting requirements. The facility is purpose built to the highest specifications and connected to euNetworks’ metro and long haul all-fiber network.
GVN owns and operates one of the largest Metropolitan Area Network businesses (MANs) in Europe. Its fibre networks are located in 14 cities. GVN's uses its highly secure networks to provide its clients with IP products and business continuity services, which include disaster recovery services, online data storage and content delivery. GVN's main target industry sectors are the regulatory-driven banking & insurance industry, pharmaceutical and government.
ArianeCorp Limited has entered into a conditional sale and purchase agreement to acquire the entire share capital of Uni 3 Pte. Ltd. a company incorporated in Singapore, from Mr. Chow Cheng Peng, Mr. Mark Kok Khiong and Mr. Yeo Liang Teck. Upon the successful completion of the agreement, Uni 3 will be a wholly owned subsidiary of the company.
The Company entered into the agreement on to purchase 300,000 ordinary shares representing the entire issued and paid-up capital of Uni 3. The aggregate consideration for the proposed acquisition is S$3,200,000. The acquisition consideration will be satisfied by the issue and allotment of 32,000,000 ordinary shares in the share capital of the Company at S$0.10 per share. The Acquisition Consideration was determined on a willing-buyer willing-seller basis, after taking into account the future prospects of Uni 3.
The Sale Shares are sold free and clear from all encumbrances and together with all rights and benefits attached thereto as at the date of completion of the proposed acquisition
Based on the existing issued share capital of the Company of S$58,627,175 comprising
714,704,807 ordinary shares, the consideration shares will constitute approximately 4% of the enlarged share capital of the Company.
The Group's core business is in the design and manufacture of liquid crystal displays ('LCDs') and electronic modules for LCDs ('Modules').
ArianeCorp is also an independent provider of ultra high-capacity data networks to service providers and large business users in China's fast growing telecoms and data markets through high quality optical networks. Among the first private independent network capacity providers in China, ArianeCorp controls an integrated pan-China 11,000 kilometres high-capacity fibre optics network connecting all principal cities and townships through 13 provinces in fast growing eastern China. The Pan-China network is inter-connected with global networks of Global Crossing to USA. The trunk network is also inter-connected with metropolitan area networks within the same ducting system to reach target customers in main business and industrial centres of 163 cities in China.
Unified Communications Holdings Limited’s subsidiary GlobeOSS Sdn Bhd in Malaysia has incorporated GlobeOSS Pte Ltd, a wholly-owned subsidiary company with an issued and paid up share capital of S$2.00 in Singapore.
The principal activities of GlobeOSS Pte Ltd are to provide Global Operations Support and
System Tracking services, Consultancy, Design and Project Management services. This is in line with GlobeOSS group's specialty in the global mobile roaming segment of the telecommunications industry through provision of global roaming quality of service monitoring and management solutions to enable network operators to assure the stability and quality of their roaming network.
The investment in GlobeOSS Pte Ltd is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of the Group for the current financial year.
Unified Communications is the premier one-stop shop for all the telecommunications requirements, providing carrier grade solutions for telcos, service providers and enterprise worldwide. Its proven technology and customised solutions have helped our customers across the globe to deploy new services, open up new revenue streams, increase efficiency, availability and reliability, faster market penetration and most importantly enhance profit potential.
Plantation Resource Pte Ltd (PRPL)
announced today it has inked a cooperation agreement with leading UK-based developer of greenhouse abatement projects, Sindicatum Carbon Capital Limited (SCC) to identify, study and develop projects qualifying for carbon credits in Myanmar under the Clean Development Mechanism.
Another party to the agreement is Myanmar Agri-Tech Ltd (MAGT) a Myanmar registered company, who will assist in the procurement of rights and information relevant to specific project developments. Together with PRPL and SCC, all parties intend to identify and explore projects that have the potential to qualify for carbon credits or CERs (Carbon Emission Reduction); each CER represents one metric tonne of GHG (Green House Gas) emission.
This possibility includes the qualification of output from PRPL’s 100,000 acre Jatropha Curcas plantation in Myanmar. Jatropha Curcas has been widely used as a possible feedstock to produce biodiesel and may thus have the potential to qualify for CERs.
The Group is engaged in property development, construction and piling services, project management and design services in Myanmar. The Group portfolio of development properties includes apartments, condominiums and bungalows. In property development, the Group manages all the property projects initiated by its group including the provision of detailed budgeting, costing and planning, as well as project management. Its construction services which support its property development business include foundation piling works for various types of buildings and acting as contractor for super-structure construction works. The Group also supplies ready-mixed concrete, sand and shingle to the Myanmar construction industry.
TeleChoice International Limited and Hong Kong Exchange Main Board listed Fortune Telecom Holdings Limited have entered into a joint venture agreement for the provision of logistics and fulfillment services for Nokia-branded handsets throughout the People’s Republic of China.
Under the terms of the agreement, TeleChoice and Fortune will establish and invest in a Hong Kong incorporated joint venture company, TeleFortune (China) Investments Limited and its sole, wholly-foreign-owned PRC subsidiary, Shanghai TeleFortune International Trading Co. Ltd (‘Shanghai TeleFortune’). Telechoice will take a 40% stake in TeleFortune’s issued share capital for a cash consideration of HK$50 million. Fortune will hold the remaining 60% of the joint venture company and will contribute HK$45 million in the form of businesses undertaken pursuant to a fulfillment agreement with Nokia, as well as various stocks and assets. Subject to terms to be mutually agreed, Fortune will also extend an interest-free, shareholders’ loan of HK$30 million to TeleFortune.
TeleFortune and Shanghai TeleFortune will primarily provide logistics and fulfillment services for Nokia-branded mobile handsets to all Nokia-appointed fulfillment, distribution and retail channels such as Nokia Professional Centres, Nokia Specialty Shops and Nokia Priority Dealers throughout China.
TeleChoice International ("TeleChoice") is a leading regional provider of mobile telecommunications equipment and solutions with operations in Singapore, Indonesia, Australia and Malaysia. TeleChoice is also established a presence in Thailand and the Philippines. The Group provides a broad and diverse range of equipment and solutions to different segments of the telecommunications industry namely, mobile network equipment providers, mobile network operators, enterprises and retail customers requiring mobile handsets and accessories as well as value-added telecommunication services such as international long-distance call services. Its also provide mobile network and engineering services and solutions.
The Board of Directors of HLN Technologies Limited’s subsidiary HLN Micron Pte. Ltd. has increased its issued and paid-up share capital from S$1,000,000 to S$4,000,000 by the allotment of 3,000,000 ordinary shares, fully paid, for a total consideration of S$3,000,000.
Following the aforesaid subscription of shares, the number of shares held by the Company has increased from 1,000,000 ordinary shares to 4,000,000 ordinary shares through the subscription of 3,000,000 ordinary shares fully paid, in the capital of HLN Micron. The consideration paid by the Company for the additional shares subscription was satisfied by cash consideration of S$2,350,000 and capitalizing the amount S$650,000 owing by HLN Micron to the Company.
The additional investment by the Company in HLN Micron is not expected to have any material effect on the earnings per share or net tangible assets per share of the Group for the current financial year.
HLN is involved in the manufacture and sale of customised precision metallic, elastomeric and polymeric components, which are used in a variety of industries principally in the office automation, consumer electronics and automotive industries.
“..The Group is optimistic that business opportunities in the current year will remain strong. We expect both top and bottom lines to continue its growth momentum in the medium term, barring external circumstances beyond our control. We aim to achieve this through both organic growth and acquisitions. In addition to growing our existing customer base and expanding our business in our key business segments, we are proactively seeking to acquire complementary and synergistic businesses.”
Gilbert Ong, Chairman and CEO,
Armstrong Industrial Corporation Limited