Company Briefs: Cosco Corporation (Singapore)

Cosco Corporation (Singapore)

Cosco Corporation (Singapore) said trading in its shares is to remain suspended, given the material uncertainty over a restructuring plan by its controlling shareholder.

Following further queries with parent company China Ocean Shipping (Group) Company, it is understood that a significant transaction by the parent is still under intensified planning, relatively complicated and may involve asset reorganisation, said Cosco Singapore.

Qian Hu Corp

Ornamental fish service provider Qian Hu Corp reported a 17.7 per cent rise in third-quarter net profit to $93,000.

This was despite revenue for the three months to Sept 30 falling 12.8 per cent to $17.8 million, due to the depressed markets in the euro zone and Russia.

The prolonged uncertainties in the euro zone made a dent in the group's export business as Europe typically accounts for more than 20 per cent of its ornamental fish business.

Earnings per share firmed to 0.08 cent from 0.07 cent while net asset value per share eased to 44.47 cents, compared to 44.97 cents as at Dec 31.

Technics Oil and Gas

Technics Oil and Gas said its wholly owned subsidiary PT Technics Offshore Jaya has agreed to cooperate with PT Elnusa Fabrikasi Konstruksi to enhance Indonesia's production capabilities and to address the country's increasing appetite for oil and gas.

Indonesia-listed Elnusa is the only Indonesian national company that has capabilities in oil and gas services, seismic, drilling and oilfield.

It started as an operations support services company for state-owned oil and gas firm PT Pertamina in 1969.

Today, Elnusa is Indonesia's first integrated upstream oil and gas services company, providing dedicated one-stop services in Indonesia's upstream oil and gas services industry.

Under the deal, Technics will provide cost-effective cutting-edge technology as well as technical support to Elnusa's oil and gas projects throughout Indonesia.

A version of this article appeared in the print edition of The Straits Times on October 17, 2015, with the headline 'Company Briefs: Cosco Corporation (Singapore)'. Print Edition | Subscribe