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.

Singapore stock market news

- Aztech Systems has secured a S$253m contract for the supply of construction material.

- China Essence Group posted an 85% YoY increase in 3Q08 net profit to RMB100.m as revenue almost doubled from RMB166m to RMB330.3m.

- Jade Tech is selling its wholly-owned, loss-making subsidiary Jade Precision Engineering to United Pacific Industries (UPI) for about S$6m in UPI shares and cash.

- Yoma Strategic Hldgs posted a S$21.06m net profit in 3Q08, a turnaround from a S$13.82m loss a year ago, thanks mainly to the completed acquisition of a 27% interest in Winner Sight Investments.

- Mercator Lines reported a 3Q08 net profit of US$14.4m, up sharply from US$2.4m a year ago. The company attributed the 106% YoY gain in revenue at US$43.1m to improved vessel day rates and an increase in the number of operating days.

- Vicom, the vehicle inspection unit of ComfortDelGro, posted a 31% YoY gain in FY07 net profit to S$13.5m.

- KTL Global has secured a 5-year contract to supply up to US$7m worth of wire ropes for crane equipment to the McDermott Group. It also announced a 24.6% YoY increase in 1H net profit to S$2.18m.

- Saizen REIT’s 2Q08 net property income jumped 77.8% YoY to S$7.95m on the back of an 85% increase in gross revenue to S$11.23m.