Yoma Strategic Holdings and Kokubu Corp
A 50-50 joint venture between Yoma Strategic Holdings and Kokubu Corp has opened a new US$5 million (S$7 million) storage facility in Yangon.
The facility is able to store frozen goods, as well as goods at ambient temperatures.
The opening of the facility by Kospa is the first step in a plan to build cold-chain logistic facilities throughout Myanmar, Yoma Strategic said in a statement yesterday.
The 4,500 sq m facility will also offer advanced inventory management solutions.
Kospa has been operating a fleet of temperature-controlled trucks since October last year. With the trucks and new storage facility, the firm can offer inbound and outbound third-party logistic solutions.
Mr Melvyn Pun, chief executive of Yoma Strategic, said he is confident that Kospa will fill an important gap in the market to transport, store and distribute temperature-sensitive products efficiently and "to the highest international standards".
Cosco Corporation (Singapore)
A Cosco Corporation subsidiary has agreed to cancel a client's bulk carrier order and defer another by the same client.
Cosco Dalian agreed to cancel a contract to build a 82,000 dead weight tons (DWT) bulk carrier for an Asian client. The unit was originally scheduled for delivery in the first quarter next year. Delivery of another 82,000 DWT bulk carrier was deferred from the fourth quarter of this year to the third quarter of 2017.
The transactions are not expected to have a material impact on the net tangible assets and earnings per share of the company for the financial year ending Dec 31.
Novo has reassured the Singapore Exchange (SGX) that it is able to meet its short-term obligations when they are due.
Responding to SGX queries, the firm said that it will be able to rely on financial support from New Page Investments for 12 months starting May 1 next year. Also, some parties have said that they can provide a loan of up to HK$230 million (S$42 million) without demanding repayment until October 2017.
The group's finance costs will be reduced as it has made certain payments, it said. In addition, it can rely on banking facilities for its working capital requirements for the next 12 months.