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Stocks to watch: Keppel, Tritech, China Everbright Water, Envictus International
The following stocks made announcements after the market closed on Wednesday, which could affect the trading of their shares.
Keppel Offshore and Marine: Keppel Offshore and Marine has delivered a second jack-up drilling rig to Borr Drilling.Delivery of the jack-up named Skald came half a year after that of Borr Drilling’s rig, Saga. Skald and Saga are first two of five Super B Class jack-ups Transocean has commissioned to Keppel Fels for construction at US$1.1 billion. Borr Drilling took over the rig construction contracts from Transocean in 2013 in a transaction that valued each jack-up at US$216 million, not too far from the original price of US$219 million.
Tritech Group: Tritech Group subsidiary Tritech Engineering & Testing (Singapore) has been awarded a S$4.6 million contract by Changi Airport Group for the provision of soil investigation services at Changi Airport Terminal 5, the group said in a regulatory filing on Wednesday night. The commencement date for services is June 18, with completion on April 17, 2020.
China Everbright Water: China Everbright Water has signed an agreement to acquire engineering design firm Xuzhou Municipal Engineering Design Institute in China's Jiangsu province, for a cash consideration of 82 million yuan (S$17.10 million). China Everbright Water executive director and chief executive officer An Xuesong said the institute will complement the company's capabilities in municipal engineering design. “Furthermore, by having its own municipal design institute, the company will enhance the efficiency of its engineering design works while reducing the relevant costs,” said Mr An. “With this new platform, the company will also be able to undertake design projects relating to water services to create a new source of profit growth.” The institute is the only national grade-A municipal design institute in the Huaihai economic zone.
Envictus International: Food and beverage group Envictus International’s subsidiary PT Quick Service Restaurant has entered an agreement with United State-based franchiser Cajun Global to develop 80 Texas Chicken franchises exclusively for territories in West Java, Jakarta, Banten, Lampung, South Sumatra and Bengkulu in Indonesia for 10 years through 2027.