Singapore Corporate News - 15 Dec 2007

VST raises its stake in ECS to 96%

ECS Holdings' largest shareholder, VST Holdings, has raised its stake in the company to 96 per cent, after its offer to buy the rest of ECS' shares closed with acceptances amounting to 44 per cent of ECS. VST's general offer was triggered when it bought a 52 per cent stake in ECS earlier this year.

Sesdaq becomes Catalist on Monday

SESDAQ will be renamed Catalist on Monday next week. The rules for the newly revamped second board will take effect on the same day. Existing Sesdaq companies will have at least two years to engage a sponsor as required under the new rules, after the first batch of sponsors is announced next month.

CAO seeks jet fuel tender for Feb delivery

CHINA Aviation Oil (Singapore) is seeking by tender 465,000 tonnes of jet fuel for delivery in February, up from 295,000 tonnes bought for January due to strong festive demand, a Reuters report quoting traders said.

CapitaLand unit acquires developer

CAPITALAND said that its subsidiary in Tianjin has acquired a 90 per cent stake in property developer Beijing Rising Harmony Real Estate Development Co for about $1.76 million. The latter owns the right to develop a residential site in Beijing's Changping district.

Sunvic Asia Pacific sets up China subsidiary

SUNVIC Chemical Holdings said that Sunvic Asia Pacific Investment, in which it owns a 10 per cent stake, has set up a new subsidiary in China known as Jiangsu Jurong Petrochemicals Co Ltd.

Lafe has no issue with Tandberg payments

LAFE Technology said that it has not had any difficulty receiving payments from Tandberg Data, a major customer of the company, after Bloomberg reported that Tandberg was facing problems obtaining short-term financing that could force it into bankruptcy.

Eastern, Beng Kuang move to main board

SHARES in Eastern Holdings and Beng Kuang Marine will be quoted on the Singapore Exchange (SGX) main board from Dec 19, after the transfers from the second board were approved by SGX.

LifeBrandz suffers $796,000 Q1 loss

LIFEBRANDZ suffered a net loss of $796,000 for the first quarter to end-October, reversing a profit of $415,000 a year ago from continuing operations, as expenses rose faster than revenues.

SMRT raises taxi fares from Dec 21

SMRT Corp said that it will raise taxi fares from Dec 21 due to rising fuel costs, four days after rival ComfortDelGro announced that it would do the same. The new minimum starting fare for SMRT taxis is $2.80.