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Stocks to watch: Civmec, China Fishery, CH Offshore, SIA Engg, ST Aerospace, Vard
CIVMEC: Civmec on Tuesday said it has completed its acquisition of Australia's largest privately-owned engineering and shipbuilding company, Forgacs, for A$20.75 million (S$20.9 million).
The construction and engineering services provider to the oil and gas industry has also decided that the acquisition will include the Forgacs name, the shipyard facilities, and the assets located at Tomago, New South Wales.
China Fishery: Financially beleaguered China Fishery on Monday said that its provisional liquidators have been discharged, and the control of the company has been returned to the board.
Following the order of the Cayman Islands Grand Court, the winding-up petition and summons filed by the joint provisional liquidators have also been dismissed.
On the same day, Standard & Poor's Ratings Services (S&P) also lowered its long-term corporate credit rating on China Fishery to "D" (default) from "SD" (selective default).
CH Offshore: Low oil prices took a bite out of CH Offshore's Q2 earnings, with net profit plunging 80.8 per cent to US$1.05 million for the three months ended Dec 31, 2015. Revenue dropped 36.5 per cent to US$5.59 million. Earnings per share stood at 0.32 US cent for H1 - down from 1.56 US cents in the same period the year before. A cash dividend of 2.5 Singapore cents per share was declared, compared to none in the previous corresponding period.
SIA Engineering Group: One-time restructuring gains boosted the earnings of SIA Engineering in its third quarter, as it continues to streamline its businesses amid a challenging operational landscape.
The group's Q3 net profit rose 6.7 per cent year on year to S$49.4 million for the three months ended Dec 31, it said in a Singapore Exchange filing on Monday.
Revenue increased too, but at a slower clip, at 3.7 per cent to S$275.2 million, as a result of increased revenue from higher fleet management and line maintenance.
ST Aerospace: German Airbus parts supplier, Elbe Flugzeugwerke GmbH (EFW), is now a subsidiary of Singapore Technologies Aerospace, after the latter completed its investment of an additional 20 per cent equity interest in EFW.
ST Aerospace - the aerospace arm of Singapore Technologies Engineering - now owns 55 per cent of EFW's shareholding, with Airbus Defence and Space GmbH (Airbus) holding the remaining 45 per cent.
Vard Holdings: Vard Holdings' subsidiary, Vard Marine, has secured a new contract worth approximately four million euros (S$6.2 million) from the Chilean Navy, for the design of one Antarctic ice-breaking vessel.
Delivery of the vessel is scheduled in 2021. It will be approximately 125 metres in length with a displacement of over 13,000 tonnes.