Singapore share market news update 15july08

- China Energy - PricewaterhouseCoopers' review of company's CNY197.8 million acquisition of Jiutai Energy last year found no evidence of irregularity. According to PwC, additional CNY190 million came from company's IPO proceeds, used mainly to repay Jiutai's debts, incurred to fund construction of phase 1 of its DME production plant. PwC says while review uncovered no discrepancy, China Energy failed to disclose payment of bulk of CNY190 million in 3Q07 to explain fall in its cash balance. Company says it'll take steps to strengthen its approval processes.

- Indofood Agri Resources said it did not plan to issue new shares to help repay loans that will become due next month.

- Singapore's central bank said it is closely monitoring financial markets in the wake of the crisis surrounding U.S. mortgage giants Fannie Mae and Freddie Mac, and warned of big downside risks in global markets.

- ST Engineering’s aerospace arm has signed an agreement for global cooperation with GE Aviation.

- Advanced Holdings has landed four new contracts totaling S$19.3m for projects in Singapore and China.

- Chosen Holdings warned it expects to report lower profits for FY08, citing lower demand from the data media storage industry and the slow ramp-up of new programs for the Malaysia and Thailand operations due to the slower US economy.

- ECS Holdings said it is working on a possible placement of shares to a sufficient number of placees in order to meet the 10% public free float requirement.