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Stocks to watch: Kris Energy, UOB, OCBC, Maybank, SMRT
KRISENERGY: The upstream oil and gas company has completed the acquisition of Chevron Overseas Petroleum (Cambodia), which owns a 30 per cent working interest in and the operatorship of the Block A petroleum agreement in offshore Cambodia. KrisEnergy, which held an indirect 25 per cent working interest in the development block itself, will now increase this to 55 per cent due to the acquisition.
UOB, OCBC and Maybank: All three banks were among nine foreign financial institutions to receive preliminary banking licences from the Central Bank of Myanmar to prepare for the start of banking operations there. The permit will allow all three banks to access a growing market of foreign companies entering the Myanmar market, which opened in 2011, although they will have to comply with further requirements before getting the final licence. UOB and OCBC were the only two Singapore-based banks granted preliminary licences. BT reported that DBS Bank was among the 25 foreign banks that qualified for the final selection round but did not win a licence.
SMRT: SMRT's wholly-owned subsidiary, Singapore Rail Engineering, has incorporated a joint venture company with Toshiba, known as Railise.The collaboration will help increase Railise's reach in the marketing and supply of energy efficient propulsion systems to mass transit operators in global markets (excluding Japan).