Company Briefs: Yongnam Holdings

Keppel Corporation

Keppel Corporation is acquiring a 20 per cent stake in Vietnam real estate development firm Quoc Loc Phat Joint Stock Company (QLP) for about 329.9 billion dong (or S$20.3 million).

It has entered into a sale and purchase agreement with QLP shareholder Pham Quang Hung to acquire 30 million shares, it said in a stock exchange filing yesterday.

QLP will become an associated company of Keppel once the transaction has been completed.

Keppel noted in the statement that the unaudited book value and unaudited net tangible asset value attributable to the sale shares as at Dec 31 , 2015 were both 300 billion dong. It noted that the deal is not expected to have any material impact on the earnings per share or net tangible assets per share for the current financial year.

Yongnam Holdings

Steel contractor and civil engineering solutions provider Yongnam Holdings has secured two contracts worth a total of $49.5 million, it said yesterday.

One of the projects is a structural steelwork sub-contract for a proposed 19-storey mixed-use development, which will house the future Outram Community Hospital here.

The second deal is for a specialist civil engineering sub-contract in Hong Kong relating to the rapid transit railway system, which involves providing "temporary shoring and working platform" for the MTR Shatin to Central Line Cross Harbour Tunnel.

Yongnam said in the statement that the two contracts are expected to have a "positive impact" on the firm's financial performance for the year ending December 31, 2016.

PACC Offshore Services Holdings

Offshore marine services provider PACC Offshore Services Holdings announced yesterday that its wholly-owned subsidiary, POSH Semco, has commenced legal action in Saudi Arabia against Makamin Offshore Saudi to recover about SAR24.4 million (S$8.8 million).

The amount was owed by Makamin to POSH Semco for the charter hire of three vessels, charges for meals and accommodation and interest charges, it added.

The firm noted that the outstanding sum represents about 0.8 per cent of the group's latest announced unaudited net tangible assets as at Dec 31, 2015.

A version of this article appeared in the print edition of The Straits Times on March 22, 2016, with the headline 'Company Briefs: Yongnam Holdings'. Print Edition | Subscribe