MARKET UPDATES :
- THE Straits Trading Company Limited (Straits Trading) has agreed to sell the Straits Trading Building to the Sun Venture Group for S$450 million. Straits Trading is expected to realise an estimated capital gain of S$39 million on the sale, based on the building’s latest book value as at June 30, 2014. Based on historical cost, the gain to the company will be S$373 million,
- THE Maritime and Port Authority of Singapore (MPA) on Friday said it has cancelled the bunker supplier and bunker craft operator licences of Northwest Resources Pte Ltd from September 1, 2014. This means Northwest Resources will no longer be allowed to operate as bunker supplier and bunker craft operator in the Port of Singapore.
- GOLD exploration and mining group, Wilton Resources Corporation Limited, said that latest updates showed higher gold estimates at its Ciemas Gold project in West Java, Indonesia. The company, formed after a reverse take-over of Hartawan Holdings, said the updates came from a mineral resource report in June from SRK Consulting China Limited.
- DMG Research has maintained its ‘buy’ call on Keppel Corporation and has pegged a target price of S$12.50 a share for the diversified marine conglomerate. This, after the group announced that it was in the process of finalising contracts with Golar Gimi Limited, a subsidiary of Golar LNG, to perform the conversion of a second LNG carrier, the GIMI, into a Floating Liquefaction Vessel (FLNGV).
STOCK RECOMMENDATION :
- BUY OVERSEA CHINESE BANKING ABOVE 9.760 TG 9.860, 9.980, 10.200 SL 9.640