Singapore Corporate News - 14 Dec 2007

Tat Hong acquires heavy lifting assets in Australia

CRANE rental company Tat Hong Holdings has acquired new assets in Australia. It has also completed its investments in two joint ventures in China.

The Australian acquisition was made through subsidiary Tutt Bryant Group (TBG), which announced yesterday that it has bought the assets of Melbourne- based Bradshaw Ultra Heavy Haulage Pty Ltd.

Banyan Tree to manage resorts in Omani IR devt

BANYAN Tree has signed a management contract with Jabal Resorts LLC for the development of two resorts within one of the largest integrated resort (IR) developments in Sifah, Oman.

The Banyan Tree and Angsana resorts are positioned as the anchor properties in the 650 hectare property which will include over five hotels, more than 450 villas and 500 apartments for sale, a marina town, retail facilities and an 18-hole golf course.

Beyonics' Q1 profit slides 48.1% as revenue falls

BEYONICS Technology's net profit for the first quarter ended Oct 31 fell 48.1 per cent year-on-year to $3.6 million. Because of lower contribution from its core business - electronic manufacturing services division - and adverse exchange rates, Q1 group revenue fell 12.7 per cent to $214.4 million. Revenue from electronic manufacturing services fell 16.7 per cent to $170 million due mainly to lower orders for battery packs and cordless phones. The company's selling, general and administrative expenses surged 52.9 per cent to $10.2 million primarily because of unrealised exchange losses arising from inter-company loans and trade balances.
Foreign exchange losses in the first quarter jumped to $4.3 million from $253,000. Earnings per share fell from 1.32 cents to 0.68 cents. However, revenue from its other core business, precision engineering services, rose 7.1 per cent to $44.4 million due to a healthy hard disk drive industry.

Koh Brothers wins $78.9m MOE job

PROPERTY and construction company Koh Brothers yesterday said it has won a $78.9 million contract from the Ministry of Education (MOE) to build the River Valley High School and Hostel complex at Boon Lay Avenue.

Under the contract, Koh Brothers will build a comprehensive range of teaching and hostel facilities.

These will include the construction of eight low-rise blocks which will house classrooms, a library, laboratories, and a canteen, among others. There will also be an 850-seat auditorium.
In addition, two 12-storey and one 15-storey hostel blocks will be built to offer about 246 dormitory units complete with facilities.

Work on the project will start this month and is expected to be completed by August 2009, Koh Brothers said.

CWT strengthens foothold in China

CWT Limited, the largest logistics player in Singapore, has further expanded its footprint in China with plans for a new multi-million-dollar logistics facility in Yangshan.
The company said that it has secured a 256,000 square foot piece of land within the Yangshan Free Port for some $5 million.

This is to be used to develop a logistics facility - CWT Yangshan Logistics Hub - at an estimated capital expenditure of $15 million.

CWT said that the Yangshan Free Port integrates the bonded zone, export processing zone with the bonded logistics facilities to form a large free trade area for transhipment, distribution, processing, procurement and international entrepot trade.