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S$58.5 Million Building Contract from Prime Residential Development Pte Ltd
Description
The Board of Directors of United Fiber System Limited (“Unifiber”) is pleased to announce that Poh Lian Construction (Pte.) Ltd. (“PLC”), a wholly-owned subsidiary of Unifiber has been awarded a building contract from Prime Residential Development Pte Ltd, a subsidiary of Kajima Overseas Asia Pte Ltd, for the construction of one block of Part 2/ Part 5-storey and 1 block of 5-storey apartment block (total: 29 units) and a pair of 2-storey strata semi-detached houses complete with basement carpark, swimming pool and other ancillary facilities (“the Project”) at the up-market residential area located near Nathan Road and Bishopgate junction.
The total contract sum of the Project is S$58.5 million. The project will commence on 27 May 2010 and is scheduled to be completed on 26 March 2012.
The Project is expected to contribute positively to the Group but not expected to have any material impact on the Group’s current year results. The current order book, including the Project, is approximately S$601 million.
Save as disclosed above, none of the Directors, controlling shareholders or substantial shareholders of the Company has any interest, direct or indirect, in the above Project.
By Order of the Board Hoshi Deboo Acting Chief Executive Officer 21 May 2010
dun understand lei. shares price remains the same lei. how come?
Hulumas ( Date: 19-May-2010 11:32) Posted:
TRADING VOLUME TOO BIG, (SIMILAR TO GOLDEN AGRI SHARES)SO I SELL DOWN ALL UNIFIBER SHARES!
smartrader ( Date: 18-May-2010 20:42) Posted:
Exciting moment for Unifiber...expect higher trading vol tomorrow...
The issuance of the 53% share will dilute shareholders' value...However, the company badly needs a strategic investor to grow its forestry business further... After paying for Kutai Chipmill, short term loan and it has a good working capital. Diluted NTA is 3.8 cents, so share price can be supported at 5 cents...
Written by Bloomberg
Tuesday, 18 May 2010 18:13
United Fiber Systems agreed to buy PT Kutai Chipmill for US$65 million ($90.3 million) through the acquisition of Pacific Global Holding and Pacific Capital Holding from Masba Holding Inc.
At the same time, Falcon Capital Global Holding will buy about 53% of United Fiber Systems for $178 million in cash, including newly issued stock.
The funds invested will be used to fund the Kutai Chipmill purchase, to expand the group’s wood chip business and for working capital.
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