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Stocks to watch: NOL, Vallianz, Sembcorp Industries, Otto Marine
THE following companies made corporate announcements before the beginning of trading on Monday:
Neptune Orient Lines (NOL), which is in exclusive talks with French shipping company CMA CGM to be acquired, halted trading of its shares prior to the market's opening on Monday. NOL had signed an exclusivity agreement with CMA CGM for the takeover, valid till 11.59pm on Monday. A Wall Street Journal article quoted people with knowledge of the deal as saying that the offer was valued at around US$5 billion, including US$3 billion in debt.
Vallianz Holdings on Monday said it has won a time charter contract valued at up to US$98 million to supply four offshore support vessels (OSVs) to an existing state-owned customer in the Middle East, which is one of the world's largest national oil companies.
Sembcorp Industries on Monday said its wholly owned subsidiary has signed a memorandum of agreement with Myanmar's Department of Electric Power Planning to invest in and develop a US$300 million gas-fired power plant in central Myanmar. The signing followed Sembcorp receiving the notice of award to develop and operate the power plant in April this year.
Otto Marine, an offshore chartering group, on Monday said it has secured a long-term bareboat charter contract worth US$26 million.