Company Briefs

STI constituents stay unchanged

CONSTITUENTS of the Straits Times Index (STI) will remain unchanged following the latest quarterly review.

The STI reserve list, comprising the five highest ranking non-constituents of the STI by market capitalisation, will be Keppel Land, UOL Group, CapitaCommercial Trust, Suntec Reit and Yangzijiang Shipbuilding Holdings.

These will replace any constituents that become ineligible as a result of corporate actions, before the next review. Meanwhile, several changes were also made to other indices in the FTSE ST Index Series. All changes will take effect on Sept 22. The next quarterly review is scheduled for Dec 4.

The STI is widely followed by investors as the benchmark for the Singapore market and is used as the basis for a range of financial products including Exchange Traded Funds (ETFs), futures, warrants and other derivatives.

Charisma Energy bags US$72m contract

CHARISMA Energy Services Limited has secured a US$72 million contract over a seven-year period to provide a fleet of five offshore support vessels to assist the marine and oil and gas activities of a Middle Eastern national oil company in the Arabian Sea.

The provider of mechanical and electrical engineering services in Singapore said that the project will be funded through internal resources, as well as bank borrowings.

It is expected to start in the third quarter of this year. Charisma Energy added that the deal is expected to have a positive impact on the its earnings per share and net tangible asset per share for the financial year ending December 2014.

TIH's Killian Court in asset deal

KILLIAN Court - a wholly owned subsidiary of TIH Limited - and its fully owned unit TIHT Investment Holdings have entered into a share purchase agreement with Republic Technologies and Baytree Investments (Mauritius) to acquire a portfolio of assets for S$129 million.

The assets include minority stakes in Mitsui Life Insurance Company and CEI Contract Manufacturing. Both Baytree and Republic are indirect wholly owned subsidiaries of Temasek Holdings.

TIH said the group's transformation is progressing as planned.

OKP's subsidiary recovering damages

OKP Holdings' wholly owned subsidiary, Eng Lam Contractors Co, is recovering damages against Hong Hua Engineering owner Koh Lai Wah @ Hui Lai Wah and Hong Hua's former owner Wong Ah Kau for funds owed over certain projects.

Mr Koh will have to pay around S$937,060 together with interest at 5.33 per cent per annum from the date of the writ of summons. Meanwhile, Mr Wong will have to pay Eng Lam around S$3.69 million together with interest.