Singapore Myanmar Investco
Singapore Myanmar Investco has teamed up with Japan-listed logistics group Senko Co to provide logistics and warehousing services in Myanmar.
A strong economic growth outlook and further easing of economic sanctions will likely fuel the growth and development of Myanmar's logistics sector, which was ranked 145th out of 160 last year by the World Bank.
The joint venture, SMI-SENKO Logistics, will have a strong business foundation with a strategic focus on providing integrated logistics and warehousing services to a growing base of domestic and international customers from various industries, said Singapore Myanmar.
CMC Infocomm has issued a profit warning.
Following a preliminary review of its financial statement, the group is expected to report a net loss for the half-year ended Nov 30, primarily due to the following factors:
- Substantial one-off professional fees incurred on its Catalist board listing in August; and
- Increase in overhead expenses, mainly payroll expenses due to additional headcount to support the group's plan to expand into new and complementary businesses in Singapore and Malaysia.
The company is expected to announce its results on Jan 14 next year.
Mencast Holdings said its energy services division has renewed its service contract with the Asian headquarters of an oil supermajor for environmental remediation services for another three years. The contract includes an option for a further two-year extension.
Another long-term contract with the same client has been revised to include additional services and increased volumes for the remainder of its term, which expires in March 2018.
It is estimated that the two contracts will generate revenue of $20 million for the energy services division over the next three years.
The contracts are expected to contribute positively to, but have no material impact on, the earnings per share and net tangible assets per share of the company and its subsidiaries for the year ending Dec 31.