22 Sep 2008      
 
WEEK'S TOP VOLUME
 Name
Volume '000 
GoldenAgr
481,024
Ferrochina
270,975
China Hongx
261,508
SingTel
206,675
ChinaEnergy
153,282
Weekly movement as at 19 Sep 2008
WEEK'S TOP GAINER
 Name
Price  
Chg 
GLD 10US$
81.660
+7.100
HSI23400SGAePW080929
2.040
+1.190
Jardine C&C
16.480
+0.960
HSI21400SGAePW081030
1.700
+0.930
HSI22200MBLePW081030
1.890
+0.810
Weekly movement as at 19 Sep 2008

 
HEADLINES FOR THE WEEK
SIA Cargo : Enters agreement with Pratt& Whitney for a fleet managment deal worth $500 million for 10 years.
Capitaland : Reports investment in one-north hub rose from $380 million to $476.8 million for September 2007 in light of increased costs from construction.
Thomson Medical Centre : In midst of developing its second women's and children's hospital in Vietnam.
Pacific Shipping Trust  : Takes its 11th vessel delivery, the largest to date, for the 4,250 TEU CSAV Laja to raise its slot capacity 24 per cent to 21,714 TEUs.
SATS : Inks MOU with Shatec Institutes to provide high-end events catering services to the hospitality and service industry in Singapore.
1st Software : Looks to delist after failed reverse takeover deal. Firm plans IPO after completing delisting procedures.
ST Engineering : Clinches flying instruction deal to Ministry of Defence valued at $105 million.
Dayen Environmental : Cancels proposed $50 million convertible notes issue due to inability to apply for an SGX waiver on share limiting regulation.
SATS : To launch budget in-flight catering facility to serve meals for low-cost carriers and airlines looking for alternative meal offerings.

 

Keppel Seghers Engineering Singapore : Signs agreement for environmental infrastructure works in Guangdong, PRC.
Pacific Carriers Limited : Looks to carry out RM 862.52 million private share placement to subsidiary Malaysian Bulk Carriers.
Overseas Union Enterprise : Looks to create public-listed property trust for its hospitality businesses.
Sembcorp Marine : Subsidiary PPL Shipyard clinches a US$229 million jack-up rig project from Sinopec International (HK).
Great Eastern Holdings : Group CEO to retire from post by December.
Stratech Systems :  To receive capital infusion of $60 million from Pacific Capital Investment Management via a notes issue.
Singapore Press Holdings :  Launches book publishing subsidiary.
Asiatic Group : In discussions with various groups for the acquisition of distressed and undervalued power assets in the SEA region.
Singapore Exchange : Looks to improve measures on disclosure of short-selling.
Nera Telecommunications : Takes in purchase orders up to $13.5 million from an Indonesian cellular operator.
S*Bio : Starts Phase 1 clinical trials for potential cancer treatment drug.
Freight Links Express HoldingsTo build chemical hub at Penjuru Lane worth $45 million.
 

Investor Relations Alert

Auric Pacific Group Announces Completion of Partial Offer Now Owns 54.4% of Subsidiary Catalist-listed Food Junction Holdings

Auric Pacific Group Limited (Auric) is pleased to announce that food court owner and operator Food Junction Holdings Limited (FJH) has become an indirect subsidiary of the Group following the completion of the recent voluntary conditional cash partial offer (Partial Offer) by Auric which raised its stake to 54.4 per cent from 29.9 per cent.

On 7 July 2008, Stirling Coleman Capital Limited for and on behalf of APG Strategic Investment Pte Ltd (Offeror), Auric’s indirect wholly-owned subsidiary, had announced the Partial Offer to acquire 35 per cent of FJH shares, other than those already owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with it.

Prior to the completion of this Partial Offer, Auric had a 29.9 per cent stake in FJH. The Partial Offer of 0.55 cents in cash per share represents a premium of approximately 31.0 per cent to the last transacted price of S$0.42 per share as quoted on the Singapore Exchange on 4 July 2008, being the last trading day prior to the announcement of the Partial Offer. Listed on the main board of the Singapore Exchange, Auric Pacific Group Limited (Auric) is a major distributor of fast moving consumer food and non-food products with operations in Singapore, Malaysia and China. It also has a strong presence in the regional food retailing business. Auric owns 54.4 per cent in subsidiary Catalist-listed Food Junction Holdings Limited which operates a chain of food courts in Singapore, Malaysia, Indonesia and China under three brands - Food Junction, Food Culture (halal) and FJ Square (in Indonesia). Auric also wholly owns Délifrance Asia Group, a leading casual dining chain with more than 230 bakeries, cafes and bistros across Asia. Délifrance Asia was acquired in December 2007. As a leading distributor, Auric has successfully assisted many global consumer goods leaders to build strong market shares in Singapore and Malaysia. Its business partners include international household names such as Abbott Laboratories, Goodman Fielder, Heinz, Kraft, Lee Kum Kee, Leggo's, Sara Lee, Simplot and Grolsch beer. Wholly-owned subsidiary Auric Pacific Fine Wines is in the niche business of fine wine distribution in Singapore and the region with exclusive distribution rights to several premium labels including Harlan Estate from California, USA, Aldo Conterno from Piedmont, Italy and Frederic et Michel Magnien from Burgundy, France. Auric also markets its own popular house brands: Sunshine and Top-One bread and bakery products, SCS butter, Gourmet processed meats and Buttercup dairy spread. Sunshine Bakeries is one of the nation’s oldest and biggest bread manufacturers having started in the 1930s. Auric’s factory produces Sunshine and Top-One breads and makes an array of buns, cream rolls and frozen food products including frozen pizzas, garlic bread, pies and pastries. In Malaysia, Auric manufactures and markets Buttercup dairy spread and margarine products, markets SCS Butter and distributes a variety of food and beverage products. Auric, which is 49.28 per cent owned by the Lippo Group, also manages a diversified investment portfolio including strategic investments in growth companies in Asia.

Trek2000 Increases Investment In Tracer Technology (Suzhou) Co. Ltd

Trek 2000 International Ltd (Trek2000) announced that it has increased its nvestment in its associated company, Tracer technology (Suzhou) Co. Ltd., (Tracer) from US$632,000 to US$732,000, in response to a capital call of US$500,000 on existing shareholders on a pro rata basis from Tracer.

Trek2000 maintains its shareholding in Tracer at 20 per cent. The additional capital will be used by Tracer to acquire new machinery and equipment to increase capacity and provide working capital for Tracer.

This investment is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Trek2000 for the current financial year.

Trek 2000 International Ltd, an industry leader, innovator, original inventor and patent owner of the ThumbDrive® (USB Flash Drive ) offers state-of-the-art design solutions ranging from Mobile Media Solutions, Wireless, Anti-piracy, Compression and Encryption to sophisticated Enterprise solutions for the fast changing digital industry. Trek with its library of 161 over granted patents is represented all over the world and has offices in the U.S., Malaysia, Thailand, India, Hong Kong, Singapore, the Netherlands, China, the Philippines, Vietnam and Japan to serve the rapidly expanding markets in all regions.

Global Voice Group Develops fiber l nex Solution For Wayss & Freytag Ingenieurbau AG

Global Voice Group announced that it has concluded an agreement with construction engineering company Wayss & Freytag Ingenieurbau AG (Wayss & Freytag Ingenieurbau). Under the terms of the agreement, Global Voice will deploy a highly reliable private fiber solution to connect Wayss & Freytag’s datacenter locations in Frankfurt.

Wayss & Freytag Ingenieurbau, a member of the Royal BAM Group, is one of the leading companies for civil engineering in Germany. Considering their ever-increasing bandwidth and security requirements, Wayss & Freytag Ingenieurbau needed a highly available and scalable networking solution, connecting their main datacenter site with a second facility to form a twin datacenter solution for highly reliable disaster recovery.

Taking these criteria into account, Global Voice Group deployed fiber|nex, redundantly connected private fiber networks in Frankfurt. fiber|nex enables Wayss & Freytag Ingenieurbau with an extremely secure platform for data transport and recovery, meeting their most exacting requirements with regards to scalability and availability.

Global Voice Group is Europe’s foremost provider of mission-critical, extreme performance and capacity data services. We serve large Corporates, Carriers and Service Providers door2door. All our services are delivered over our wholly owned, billion euro pan-European all-fiber optic network. Our infrastructure uniquely combines ‘long-haul’ inter-city network linking Europe’s largest economies, with high density ‘last-mile’ metropolitan fiber networks in 15 of Europe’s leading cities. Global Voice Group’s product set ranges from On-Demand Networking and Solutions to Bespoke Networking. We have pre-provisioned over a terabit of capacity throughout our network, meaning we can deliver solutions such as datacenter, internet exchange or stock exchange connectivity in hours, not months. Global Voice Group, traded as euNetworks in Europe, is headquartered in Frankfurt, publicly listed on the Singapore stock exchange (SGX: H23.SI). Global Voice Group is a member of euro-one, a unique collaboration to deliver infrastructure and next generation networking solutions connecting Eastern, Central, Western Europe and North America.

ArianeCorp Limited Changes Name To CarrierNet Global Ltd

The Company announced that, subsequent to the approval of the shareholders at the Extraordinary General Meeting held on 12 September 2008, the Company’s name has been changed from ArianeCorp Limited to CarrierNet Global Ltd. with effect from 15 September 2008.

The Company was founded in Singapore in December 1984 as Vikay Industrial Limited. From a factory in Pandan Road, the company began to market and manufacture Liquid Crystal Displays and electronics products under the 'Vikay' brand as well as produce customised Liquid Crystal Displays and LCD modules (LCM) for customers in USA, Europe and Asia. Within four years, the Group established subsidiaries in the United States, Europe, Hong Kong and Malaysia. In 1993, the Group was listed on the Singapore Exchange. In January 2002, after a comprehensive restructuring of its business operations resulted in the disposal of nonproductive and non-performing assets of the Group, the Group was re-listed on the Singapore Exchange. Led by a new board of directors and new management team, the Group sought to diversify its business into high growth sectors to enhance its growth prospect. In July 2004, the Group acquired an integrated 11,119km two-core high bandwidth fibre optic network covering 13 provinces and all principal cities in rapidly growing eastern China. The acquisition of a Pan-China fibre network business heralded ArianeCorp's entry into the telecommunications industry. To better reflect this new focus, the Group was renamed ArianeCorp Limited in August 2004. In August 2006, ArianeCorp made further strides in the telecommunications industry with the acquisition of CarrierNet Corporation Limited, the Asia Pacific market leader in a spectrum of telephony services ranging from prepaid communication services to wholesale voice traffic. With the acquisition, ArianeCorp gained access to CarrierNet's global Voice over Internet Protocol (VoIP) network as well as the products and services offered by CarrierNet including its own VoIP service, VoiceBB, as well as wholesale carrier, retail international direct dial and global calling card products and services.

Olam International To Invest In Port-Based Sugar Refinery & Wheat Milling Facility

Olam International Limited (Olam or the Group) announced that it has entered into a strategic partnership with the Modandola Group (MG) for investments in sugar refining and wheat milling businesses in Nigeria. Olam will make two investments totalling US$128.4 million in Nigeria through its partnership with MG. Olam will form a 49:51 joint venture (JV) company with MG and invest US$91.0 million for a 49 per cent stake in the joint venture which will set up a 750,000-tonne per annum capacity sugar refinery with a captive port in Lagos. Olam will also acquire a 49 per cent stake in Standard Flour Mills (SFM), currently owned by MG, for US$32.5 million. Olam will invest an additional US$4.9 million to raise SFM’s operating capacity from 1,200 to 2,000 tonnes per day.

Started in the 1950s, MG is today one of Sub-Saharan Africa’s leading diversified business groups with broad interests across several industries including industrial & commercial real estate investments, manufacturing, flour milling, shipping, port management and agriculture. With sizeable port land and access to jetty facilities, MG will be instrumental in obtaining the necessary concession, port land access and licences for the sugar refinery.

The strategic partnership brings together the complementary strengths of Olam and MG to create a unique combination of skills in global sourcing and origination, manufacturing, port management, deep operating experience in the local environment, pan-Africa distribution, systems and risk management, and therefore a strong, sustainable competitive advantage in sugar and wheat in Nigeria.

Olam is a leading global integrated supply chain manager of agricultural products and food ingredients, sourcing 16 products with a direct presence in 56 countries and supplying them to over 6,500 customers in more than 60 destination markets. With direct sourcing and processing in most major producing countries for its various products, Olam has built a global leadership position in many of its businesses, including cocoa, coffee, cashew, sesame, rice, cotton and teak wood. Headquartered in Singapore and listed on the SGX-ST on February 11, 2005, Olam currently ranks among the top 40 largest listed companies in Singapore in terms of market capitalisation and is a component stock in the Straits Times Index (STI), MSCI Singapore Free, S&P Agribusiness Index and DAXglobal Agribusiness Index.

Sunpower Enters Agreement With Jiangsu Zhongneng Silicon Industrial Technology Development Co., Ltd.

Sunpower Group Ltd. (the Company or the Group) announced that Jiangsu Sunpower Technology Co., Ltd. (Sunpower Technology), a wholly-owned subsidiary of the Company, had on 21 August 2008, entered into an agreement (the Agreement) with Jiangsu Zhongneng Silicon Industrial Technology Development Co., Ltd. (Jiangsu Zhongneng) to supply pressure vessels equipment consisting reactors, for a contract value of RMB21.23 million.

Jiangsu Zhongneng is owned by Golden Concord Holdings Limited, a Hong Kong company, principally engaged in research, development, production and distribution of semiconductor components and special-purpose materials for solar cells including polysilicon, a basic material used in the production of solar cells and its related products and also providing continuous related technical and consultancy services in the development solar energy projects.

PRC-based Sunpower Group Ltd. specializes in the design, R&D and manufacture of customized energy saving and environmental protection products using heat transfer technologies. Its products range from heat pipes and heat exchangers to pipe supports, waste gas and energy recovery systems, and pressure vessels. They are used in various industries such as petrochemical, steel and transportation, particularly in energy projects that benefit from the products’ energy-saving features. Sunpower has a strong customer base and is a member of both China Petroleum and Chemical Corporation (SINOPEC) materials supply network and China National Petroleum Corporation (CNPC) first-tier network. These memberships pre-qualify the Group to supply products to companies in the SINOPEC and CNPC groups. Till date, the Group has 11 patents registered in China to its proprietary heat technologies.

Noble Invests In Grain-Sugar Export Terminal In Brazil

Noble Group announced its commencement of construction of the company’s first grain and sugar export terminal in Brazil, located in Santos, South America's largest port. This new terminal further bolsters Noble’s pipeline strategy to establish a well structured and modern supply chain.

This enables the company to gain greater control of the trade flows from the production fields to destination markets such as China, Europe and Middle East. Other South American facilities under Noble’s control include terminals in Timbues and Delta Dock in Lima, Argentina, Paraguay and Uruguay. Noble also owns six warehouses in Mato Grosso and Paraná as well as other storage facilities in Uruguay and Argentina.

Spread over a covered area of 10,000 thousand square meters with a static warehousing capacity for 90,000 thousand tons of sugar or 73,000 thousand tons of grain (soybeans or corn), the Santos terminal will have a ship loader of 3 thousand tons per hour, ensuring that a Panamax vessel can be fully loaded in less than 48 hours. Noble currently owns 75 per cent of the terminal which is expected to be fully operational by November 2009. The remaining 25% is owned by Noble’s partner, Itamaraty.

Noble Group (SGX: NOBL) is a market leader in managing the global supply chain of agricultural, industrial and energy products. We operate from over 100 offices in more than 40 countries, serving 4000+ customers. Noble manages a diversified portfolio of essential raw materials, integrating the sourcing, marketing, processing, financing and transportation.

Qian Feng Incorporates A Wholly-Owned Subsidiary

Qian Feng Fabric Tech Limited (the Company) announced that the Company has established the following wholly-owned subsidiary, QIANFENG INTERNATIONAL LIMITED.

The nature of business will be for general trading purposes. It will have an issued share capital of HK$10,000.00 comprising 10,000 ordinary shares and it was incorporated in Hong Kong.

The incorporation of the above wholly-owned subsidiary is not expected to have any material impact on the earnings per share or the net tangible assets per share of the Company for the current financial year.

Qian Feng Fabric Tech Limited ("the Group") is an integrated manufacturer of high quality functional knitted fabrics applicable in a wide variety of products including casual wear, sportswear, shoes and bags. With our products used by reputable international and PRC brand names, we are well-positioned to ride on the global rise in affluence and growth of the PRC textile industry. Strategically located in Fujian Province – one of the PRC's largest fabric producing provinces – we are principally engaged in the production, dyeing and post-processing treatment of synthetic knitted fabrics. We process fabric products by imparting special functionalities such as water-resistance, fire resistance, moisture wicking, UV-protection, anti-mildew and anti-bacterial.

 

 

Tai Sin Acquires 70% Shareholding In PKS Sdn. Bhd. Held By Tai Sin Electric Cables (Malaysia) Sdn. Bhd.

Tai Sin Electric Limited (TAI SIN) announced that TAI SIN had on 12th September 2008 acquired the 70 per cent shareholding in PKS Sdn. Bhd. (incorporated in Negara Brunei Darussalam) comprising of 1,356,652 ordinary shares of B$1/- each fully-paid, from its wholly-owned Malaysian subsidiary, Tai Sin Electric Cables (Malaysia) Sdn. Bhd. (“TSEC(M)”).

The transfer consideration was set at B$4,275,131/- which is equivalent to the cost of investment to TSEC(M).

The transaction will not affect the earnings per share or net tangible assets per share of the TAI SIN Group.

Since its incorporation in 1980 as Tai Sin Electric Limited (TSEC), the Company has expanded and diversified steadily over the past two decades to establish itself as the present Tai Sin Group of Companies. Listed on the Stock Exchange of Singapore SESDAQ in 1998, the Group's exceptional growth and operational excellence has enabled its listing to be transferred to the SGX Main Board in 2005. Started initially as a cable manufacturing business, Tai Sin currently operates a highly successful network distributing electrical and control products, devices and accessories and solutions to a wide range of local and regional industries. Empowered by its expansion, the Group's strengths as an electric solutions specialist is now even more strategically aligned to meet the needs of customers ranging from end-users to contractors, system integrators, engineers and consultants. Today, the Group's geographical presence extends to as far as the Middle East besides our regional coverage that includes Malaysia, Vietnam and Brunei. In a move to provide greater clarity in the Group structure, we have streamlined our businesses into four clusters under the Tai Sin corporate brand covering manufacturing, distribution, services and strategic investment.

HLN Introduces New Initiatives To Focus On Profit-Making Businesses

HLN Technologies Limited (HLN or the Group), announced the introduction of two initiatives under the re-alignment of its business strategy – the disposal of assets in HLN Metal Centre Pte. Ltd. (HLN Metal), and the incorporation of a wholly-owned subsidiary, Process Innovation Technology (Suzhou) Co., Ltd (Process Innovation Technology (Suzhou)) in Suzhou, China. HLN Metal is 75 per cent-owned by HLN Micron Pte. Ltd., a subsidiary of the Group, and 25 per cent-owned by Ms Tay Mun Hwa. Its primary business lies in the process and distribution of customised material machining and sawing of metal products and components.

HLN Metal has on 13 September 2008 entered into an asset purchase agreement (the Asset Purchase Agreement) with Reliance Metalcenter Asia. Pacific Pte. Ltd. (Reliance), a wholly-owned subsidiary of Reliance Steel & Aluminium Co., to dispose certain assets of HLN Metal to Reliance for an aggregate consideration of US$2.64 million (the Proposed Disposal), to be paid in cash within two days from the date of the Asset Purchase Agreement. The Proposed Disposal has been completed on 16 September 2008.

The assets sold are aluminium products comprising the entire inventory of HLN Metal, together with the equipment and machinery comprising its fixed assets. Net proceed from the disposal of the assets is approximately US$2.64 million and will be used for general working capital. After the disposal of certain assets in HLN Metal, the Group will continue to re-align its Metallic Division in the foreseeable future, including reviewing the business value proposition of other companies within the Metallic Division.

HLN Technologies Limited is involved in the manufacture and sale of a wide range of customised precision metallic, elastomeric and polymeric components. Our products are used in a variety of industries, principally in the office automation, consumer electronics, and automotive industries. With our very own in-house material formulation and compounding facilities, we are able to create important raw materials that are used in the production of our components. Coupled with our specialised polymeric die-cutting services, HLN serves as a One-Stop Solutions Provider for all of our customers’ components needs. HLN was listed on the then SESDAQ (now Catalist) of the Singapore Exchange on 25 November 2005, and was subsequently upgraded to the Mainboard on 22 January 2008. We have production facilities in Singapore, Johor, Batam, Shenzhen and Suzhou located near to our primary customer base.

Sunpower Secures Third Contract Worth RMB21.2 million From Leading PRC Solar Cell Supplier

Sunpower Group Ltd. ( Sunpower or the Group) announced that the Group’s wholly-owned subsidiary, Jiangsu Sunpower Technology, has been awarded the third contract to supply pressure vessels equipment consisting of reactors to PRC’s leading polysilicon manufacturer Jiangsu Zhongneng Polysilicon Technology Development Co. Ltd (Jiangsu Zhongneng).

Having obtained two contracts with a combined value of RMB153 million in 1H2008, the Group has now secured another contract worth approximately RMB21.2 million.

It is expected to deliver by 1H2009 and contribute positively to FY2009’s performance. The manufacturing and supply of pressure vessels for Jiangsu Zhongneng is catered for the latter’s third phase of its polysilicon project.

PRC-based Sunpower Group Ltd. specializes in the design, R&D and manufacture of customized energy saving and environmental protection products using heat transfer technologies. Its products range from heat pipes and heat exchangers to pipe supports, waste gas and energy recovery systems, and pressure vessels. They are used in various industries such as petrochemical, steel and transportation, particularly in energy projects that benefit from the products’ energy-saving features. Sunpower has a strong customer base and is a member of both China Petroleum and Chemical Corporation (SINOPEC) materials supply network and China National Petroleum Corporation (CNPC) first-tier network. These memberships pre-qualify the Group to supply products to companies in the SINOPEC and CNPC groups. Till date, the Group has 41 patents registered in China to its proprietary heat technologies.

Bio-Treat Draws New Substantial Shareholder

Bio-Treat Technology Limited (Bio-Treat or The Group), the PRC’s leading waste and wastewater treatment company, announced that it has successfully attracted minority investor, US-based private equity group Shah Capital Management (“Shah Capital”), to increase its shareholding in the Group.

As of date, Shah Capital holds an aggregate of 55.28 million ordinary shares – including direct and deemed interest – or approximately 6.2 per cent of Bio-Treat’s issued ordinary share capital. The purchases were made in the open market and it recently crossed the 5 per cent threshold.

Currently, the Group has an extensive portfolio of 15 large-scale Build-Operate-Transfer/ Transfer-Operate-Transfer (BOT/TOT) projects in the PRC, of which seven have been completed. The Group is on course to completing the remaining eight projects by end 2009, at which Bio-Treat will be able to treat one million tonnes of wastewater per day. These projects are located primarily in first-tier cities like Beijing, Nanjing, Suzhou, Guangzhou and Kunshan.

The outlook for the PRC’s wastewater treatment industry continues to remain robust with the central government’s drive to improve overall environmental quality. Under the National 11th Five-Year Plan implemented in 2006, the PRC government will invest more than RMB600 billion to improve the water supply and wastewater treatment facilities over the next five to 10 years.

Bio-Treat Technology Limited (Bio-Treat) is the PRC’s leading waste and wastewater treatment company. Bio-Treat develops and applies biotechnology for the treatment of waste and wastewater. Its unique and proprietary BMS Biological Process Technology (BMS Technology) synergises a BMS blend of microorganisms and effective engineering design to form a highly cost-effective and efficient alternative to treat the wastewater in the most environmental friendly way. BMS Technology meets the effluent standards set out by the State and local Environmental Protection Administration in the PRC. Since its first trial in 1993, BMS Technology has been applied to over 500 wastewater treatment projects in the PRC - from residential to commercial and municipal projects.

FSL Trust Secures US$65M Additional Credit Facility

FSL Trust Management Pte. Ltd. (FSLTM), trustee-manager of First Ship Lease Trust (FSL Trust) announced that FSL Trust has obtained an additional revolving credit facility of up to US$65 million (Additional Facility). The Additional Facility will secure the financing of the acquisition of YM Enhancer, the third and final vessel to be delivered in October 2008, under the previously announced acquisition agreement with Taiwan-based and -listed Yang Ming Marine Transport Corporation. The Additional Facility is provided by a syndicate of banks jointly led by mandated lead arrangers Bayerische Hypo- und Vereinsbank AG, Singapore Branch (HVB) and Oversea-Chinese Banking Corporation Limited (OCBC). The other participating banks are Landesbank Hessen-Thüringen Girozentrale (Helaba) and Sumitomo Mitsui Banking Corporation, Singapore Branch (SMBC).

FSL Trust has an existing US$450 million revolving credit facility (Existing Facility) which is provided by a syndicate of six banks comprising Helaba, HVB, KfW, OCBC, SMBC and The Bank of Tokyo-Mitsubishi UFJ Co., Ltd, Singapore Branch. The Existing Facility consists of two tranches: an initial 7-year non-amortizing US$250 million facility (Tranche A) and a subsequent 4-year non-amortizing US$200 million facility (Tranche B). The Additional Facility is an extension of the Tranche B facility. It is secured by both the existing vessels in the portfolio as well as additional vessels to be acquired under this facility.

The interest payable is 120 basis points above the US$ 3-Month LIBOR, which is identical to the interest payable under Tranche B. FSL Trust will hedge the interest rate exposure upon draw-down of the credit facility. Unlike the existing two tranches, the Additional Facility is structured such that the maximum loan amount is amortized linearly from US$65 million to US$35 million on a quarterly basis starting from September 2010 to its maturity on 1st April 2012. All other major terms of the Additional Facility are similar to the Existing Facility. With the financing for the acquisition of YM Enhancer in place, FSLTM is providing a Distribution Per Unit (DPU) guidance of 3.11 US cents(1) for 4Q08, which is 0.06 US cents higher than the previously announced 3Q08 DPU guidance of 3.05 US cents which remains unchanged.

First Ship Lease Trust (Reuters: FSLT.SI; Bloomberg: FSLT SP) is a provider of leasing services on a bareboat charter basis to the international shipping industry. Upon successful closing of the third Yang Ming vessel in October 2008, FSL Trust will have a diversified portfolio of 23 modern and high quality vessels, consisting of seven containerships, nine product tankers, three chemical tankers, two dry bulk carriers and two crude oil tankers. These vessels have an average age of approximately 3.2 years^, and an average remaining lease period of approximately 9.2 years^ (excluding extension periods and early buy-out options).

KS Energy Launches 4th Business Pillar To Provide Specialised Human Resources And Technical Services To The Oil & Gas Industry

KS Energy Services Limited (KS Energy or the Group) announced the launch of its 4th business pillar, to provide specialised and qualified human resource and technical services to the oil and gas industry. This new business will be held under a newly established wholly-owned subsidiary - KS Technical Resources (KS TR). KSTR will spearhead KS Energy’s foray into this rapidly growing sector to meet demands from clients comprising drilling and accommodation contractors and drilling operators.

The three other pillars of the KS Energy Group comprise i) drilling and accommodation rig management and capital equipment charter, ii) sales and distribution of industrial equipment and iii) marine and logistics services. KS TR will commence with the acquisition of a 100% equity interest in the Amsterdam based specialist manpower and human resources services provider, S.M.S. B.V. group of companies (SMS), for a consideration of Euro 3.0 million (approximately S$6.0 million).

SMS was established in 2001 in Amsterdam to provide specialised human resource services to the oil and gas industry for upstream drilling operations. The operations of SMS, located in Amsterdam, Pau (France) and Riga (Latvia), are ISO 9000/VCU and NEN 4400 certified. Currently, SMS has a team of about 300 consultants with extensive knowledge in its industry and a strong operational structure. In order to ensure that field operations are conducted with high safety standards, SMS provides personnel training services with training centres located in West Africa and Indonesia. In addition, it also provides payroll services in 7 EU countries and medical support services to offshore installations. Training programmes provided by SMS include Management System Immersion, Drilling Systems Familiarization Program, Safety Culture and Value Workshops and Technical Training. The customers of SMS are primarily major oil and gas drilling operators and drilling contractors. SMS also serves the human resources needs of Atlantic Oilfield Services Ltd (AOS), a wholly-owned subsidiary of KS Energy, for its drilling and rig management operations.

KS Energy Services Limited (KS Energy) is one of the leading integrated oilfield supply and services providers to the global oil & gas (O&G), marine and petrochemical industries. The shares of KS Energy are traded on the main board of the Singapore Exchange. The core activities of KS Energy are in the distribution of parts and components, capital equipment charter and provision of drilling and rig management services. KS Energy, together with Aqua- Terra Supply Co., Limited (Aqua-Terra or ATS) and SSH Corporation Ltd (SSH) distribute more than 60,000 line items and represent more than 300 globally accredited brands.

KS Energy Enters Into The Wind Power Sector In The North Sea

KS Energy Services Limited (KS Energy or the Group) announced that it has secured a firm time charter contract for the newly constructed lift boat, KS Titan 1, for offshore wind power operations in the North Sea. The KS Titan 1, owned by Casadilla Group Pte Ltd, a joint venture company between KS Energy Services Limited and Ezra Holdings Limited, will be chartered to Siemens Wind Power A/S for a firm period of 817 days commencing from 5 October 2008 until 31 December 2010, with renewal options extending to 2022. The lift boat will be utilised for offshore operations in the UK and Denmark for the installation of wind turbines as well as servicing and maintenance work. The contract value for the 817-days contract is US$ 43.9 million (S$63.0 million) plus substantial performance incentives.

The KS Titan1 will be managed by Atlantic Oilfield Services (AOS), a wholly-owned subsidiary of KS Energy. With the KS Titan1, AOS will now be managing two rigs and a lift boat in the North Sea from its offices in Amsterdam and Esbjerg. The two other rigs that are being managed by AOS in the North Sea are accommodation jack-up rigs ‘Atlantic Rotterdam’ and ‘Safe Esbjerg’, both operating for Maersk Oil offshore Denmark.

The Titan design self-propelled lift boats are ideally suited for offshore wind farms. These lift boats can operate in water depths of up to 200 feet, have the ability to accommodate up to 50 crew and are equipped with two cranes, each with a lifting capacity of 180 metric tons. These features make the Titan lift boats uniquely suited for offshore installation, support, maintenance and services work. Presently, the KS Titan1 is in the process of being prepared for mobilisation from the Gulf of Mexico to the UK. This time charter contract is expected to commence in the UK during the first half of October 2008. This contract replaces the previous announcement on 26 April 2006 commenting that the KS Titan 1 was to be chartered for operation in the Gulf of Mexico.

KS Energy Services Limited (KS Energy) is one of the leading integrated oilfield supply and services providers to the global oil & gas (O&G), marine and petrochemical industries. The shares of KS Energy are traded on the main board of the Singapore Exchange. The core activities of KS Energy are in the distribution of parts and components, capital equipment charter and provision of drilling and rig management services. KS Energy, together with Aqua- Terra Supply Co., Limited (Aqua-Terra or ATS) and SSH Corporation Ltd (SSH) distribute more than 60,000 line items and represent more than 300 globally accredited brands.

 

CEO's Walk The Talk

“…The current demand in the global energy landscape is benefiting companies who are providing services and equipment to the energy industry. Production activities need to be stepped up. Demand for floating production systems is expected to rise. Rig builders are sitting on strong order books. It has been a long time since the world last witnessed such buoyant activities in the energy, petrochemical and marine industries.”



Kris Taenar Wiluan
Chairman & Chief Executive Officer
KS Energy Services Limited



Singapore's Most Promising Company Profile

Listed on SGX-SESDAQ on 6 August 1999 and upgraded to the Mainboard on 11 March 2002, KS Energy is an energy services group catering to the oil & gas and petrochemical industries around the world.

In addition to distributing more than 60,000 oil & gas, marine and tubular related products items that encompass more than three hundred global brands, the Group through a series of acquisitions in the last few years enhanced its expertise in the related services of procurement, distribution, engineering and offshore chartering to support its customers.

Over the last two decades, the Group has established very close working relationships with major oil & gas companies in the region. In leveraging its enhanced expertise as a leading one-stop supply and services provider with these long term relationships, KS Energy was able to provide higher value-added services by procuring and supplying upgraded capital assets to CNOOC Group, Maersk, Gulf Drilling International Limited and others under the service contracts it has secured since November 2003.

Headquartered in Singapore, the Group has subsidiaries and representative offices in China, Vietnam, Thailand, Qatar, UAE, USA, Indonesia and Malaysia to support its wide base of global oil & gas customers.


 

 































 

Historical Price Data
 Date Open High Low Close
Volume  
18 Sep 2008 1.300 1.510 1.300 1.500
636,000
17 Sep 2008 1.420 1.430 1.280 1.290
545,000
16 Sep 2008 1.390 1.430 1.370 1.420
621,000
15 Sep 2008 1.500 1.500 1.410 1.440
365,000
12 Sep 2008 1.540 1.540 1.510 1.520
231,000


Fundamentals
Historial EPS ($) a
0.30670
Rolling EPS ($) e
-
NAV ($) b
0.8039
Historical PE
4.956
Rolling PE f
-
Price / NAV b
1.891
Dividend ($) d
0.060000
52 Weeks High
3.486
Par Value ($)
n.a.
Dividend Yield (%) d
3.947
52 Weeks Low
1.280
Market Cap (M)
365.542
Issued & Paid-up Shares c
240,488,000
 
a Based on latest Full Year results announcement, adjusted for the current number of shares.
b Based on latest results announcement (Full Year, Half Year or Interim), adjusted for the current number of shares.
c Rounded to the nearest thousand. Updated on 03/09/2008. Please click here for more information.
d Dividend is based on latest Full Year results announcement and excludes special dividend.
e Summation of the earnings from the latest 4 Quarter (or 2 Half Year) results announcement, adjusted for the current number of shares.
f Based on rolling EPS

Newsroom

Sep 18, 2008

KS Energy Launches 4th Business Pillar To Provide Specialised Human Resources And Technical Services To The Oil & Gas Industry

Sep 18, 2008

KS Energy Enters Into The Wind Power Sector In The North Sea

Sep 17, 2008

Establishment Of 6 Wholly-Owned Subsidiaries Of KS Energy

Sep 08, 2008

Renounceable Partially Underwritten Rights Issue On The Basis Of Two (2) Rights Shares For Every Five (5) Existing Ordinary Shares - Despatch Of The Offer Information Statement

Sep 05, 2008

Additional Information To The Announcement Of Renounceable Partially Underwritten Rights Issue On The Basis Of Two (2) Rights Shares For Every Five (5) Existing Ordinary Shares - Lodgement Of Offer Information Statement




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