Company Briefs: OUE


OUE has exited its 40 per cent investment in an integrated resorts project in Incheon, South Korea.

For that, it will receive as much as US$22.9 million (S$32.3 million) in cash.

OUE formed a consortium with Lippo and Caesars Entertainment Corp in 2014 to develop the project.

"After careful consideration, OUE has decided to exit its investment in the project," the Singapore-listed company said in a Singapore Exchange filing.

CSE Global

CSE Global, which services the oil and gas industry, said its wholly owned US subsidiary, W-Industries of Texas, had won two deepwater offshore projects valued at US$30 million (S$42 million) to provide for integrated control systems to be executed in the Gulf of Mexico.

These two contracts are slated for execution from the first quarter of this year to the end of next year.

"These projects are expected to contribute positively to CSE's financial performance for the financial years in 2017 and 2018," said group managing director Lim Boon Kheng.

Stamford Tyres Corp

Stamford Tyres Corp's third-quarter net profit more than doubled to $2.3 million from $894,000.

Revenue for the three months ended Jan 31 was near flat at $59.7 million.

Earnings per share firmed to 0.97 cent from 0.38 cent previously, while net asset value per share rose to 51.37 cents against 49.88 cents as at April 30.

Gross profit margin rose marginally to 25.8 per cent, mainly due to lower cost of sales and contribution from value-added activities at its Stamford Tyres Mart retail chain and truck tyre centres.

A version of this article appeared in the print edition of The Straits Times on March 11, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe