Singapore Corporate News - 11 Dec 2007

Hour Glass plans one-into-two share split

THE Hour Glass has proposed a one-into-two share split, a move that has caught market watchers' attention given that the acquisition of rival Sincere Watch by Hong Kong's Peace Mark Holdings has sparked speculation that other listed luxury watch retailers could become takeover targets.

In an announcement to the Singapore Exchange yesterday, The Hour Glass said it is planning to subdivide each of its issued shares into two. It believes the move will increase the market liquidity and affordability of its shares and help widen its shareholder base.

Noble buys into Aussie coal firm

AUSTRALIA'S Macarthur Coal Ltd is selling to Singapore mainboard-listed Noble Group an almost one-fifth stake in a coal-project subsidiary.

Macarthur Coal said in an announcement to the Australian Stock Exchange yesterday that it has entered into a heads of agreement with Hong Kong-based Noble Group for the sale of 19.61 per cent of Monto Coal 2 Pty Ltd for A$48.5 million.

Monto Coal 2 owns a 51 per cent interest in the Monto Coal Joint Venture. The Monto Coal project is located in the southern part of Queensland, Australia's Bowen Basin, with total coal resources estimated at more than 500 million tonnes. The project is predicted to be capable of generating up to 10 million tonnes of coal per year.

Macarthur said it and Noble are targeting to complete the deal by end of February next year, subject to satisfaction of several conditions. Noble is a global supply chain manager of agricultural, industrial and energy products.