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great!..time for me to collect more on da cheap..
down boi down ..
i don't think its a full claim yet , not sure how much MAPL owe others too . but i am actually happy that their core business is doing well .
FULL CLAIM!!!!!!!
SONG AH!!! CHIONG AH!!!
Update on Orders and Business Development In line with the strategy to offer a comprehensive and integrated suite of services for the offshore and marine sector, the Company has been actively conducting joint marketing and business development, in existing as well as new markets. Its flagship company and main profit contributor, 100%-owned Heating, Venting, AirConditioning and Refrigeration (“HVAC& R”) specialist Viking Airtech Pte Ltd (“Viking Airtech”), has secured fresh orders in Singapore in recent months. A significant number of the Singapore-based orders – amounting to approximately S$7.3 million as at 30 June 2011, twice the amount at the same time last year – follow recent tenders for offshore rigs secured by a major local customer which in turn awarded HVAC& R contracts to Viking Airtech. The stronger orders in Singapore are making up for slower orders overseas, particularly China, where the marine sector is less vibrant. The net result shows total new orders of approximately S$10.6 million for Viking Airtech for the six-month period ended 30 June 2011 (“1H-2011”), marginally higher than the same period a year ago.
The Group’s 100%-owned Marshal Systems Pte. Ltd. (“Marshal Systems”) – a leading integrator of marine communications, fire and safety equipment and control and instrumentation systems – secured new orders of approximately S$10.0 million in the 1H- 2011, compared to approximately S$5.0 million in the same period a year ago. The majority of these new orders were from the major local customers.
The Group’s 100%-owned Promoter Hydraulics Pte Ltd (“Promoter Hydraulics”) – Singapore’s largest wholesaler of winches and power packs – had recorded sales of approximately S$$3.5 million in first half of year 2010. Based on initial estimates the sales orders for 1H-2011 will approximately double that of the prior year. Approximately half of the new orders are from customers in Netherlands, Australia and the Middle East. Overall gross margins are challenging due to the increasing costs (materials and labour) and price pressure from customers.
Legal Proceedings Regarding Marine Accomm Pte Ltd (“MAPL”) As announced on 26 May, the Company has commenced legal proceedings to recover, amongst others, S$2.2 million owed by MAPL which has been placed under receivership in May 2011. The Company currently holds 19.86% in MAPL prior to the latter’s receivership. The Company’s total net outlay towards this investment, comprising cost of investment and shareholder’s loan, amounted to approximately S$7.7 million. In view of the current situation described in the concurrent announcement, the Company finds it prudent to make a full impairment provision in the results for the half-year
Sale of Shares of United Envirotech Ltd (”UEL”) As announced on 29 June 2011, the Company had disposed 32 million shares in UEL -- part of its non-core investment holdings – for an aggregate consideration of approximately S$9.7 million in cash which will be reflected in its accounts for 1H-2011. Subsequent to the announcement, as at 30 June 2011, the Company further divested approximately 10.8 million shares. This brings the total sales proceeds to approximately S$13.1 million. The cash will be utilised to repay loans and other payables. Arising from these share sales, the Company is expected to realise approximately $7.7 million in gains in 1H-2011. Following the disposal, the Company has ceased to be a substantial shareholder of UEL and will continue to hold approximately 10.6 million shares in UEL.
Guidance on Financial Performance Taking into consideration the above developments, barring unforeseen circumstances, the Group expects to remain profitable for the 1H-2011
Restructuring underway
Under ReviewSale of United Envirotech Limited shares.
& Marine (VOM) announced the disposal of 32m shares in
United Envirotech Limited (UEL), through a series of married
deals and also on the SGX open market, reducing its stake to
4.48% from 11.19% previously. This move is not surprising as
the management has always reiterated its intention to dispose
of its non-core assets.
Viking OffshoreEstimate realized gain of $5.8m.
were booked as available-for-sale assets, were purchased in
June 2008, at an average price of $0.21 per share. The
investment was impaired when the market price of the shares
fell to $0.12 per share as at 31 Dec 2008. Subsequent
appreciation in the market prices of UEL shares were credited
to a revaluation reserve in the balance sheet. With average
selling prices for the married deals and open market trades at
$0.30 and $0.33 respectively, disposal of UEL shares would
realize gains of about $0.18 per share. This translates to
approximately $5.8m of realized gains. Sales proceeds totaled
about $9.66m in cash, and will be utilized towards the
repayment of loans and payables. We believe this would
improve VOM's cash flows in the near term.
The UEL shares, whichRestructuring process underway
Viking Airtech Pte Ltd in late 2009, VOM has sought to
transform itself from a consumer products company into an
O& M player. To date, the company has disposed off a number
of non-core investments such Tung Lok Restaurants Limited
and UEL shares. VOM has also made several acquisitions of
companies in the O& M space as it seeks to become an
integrated solutions provider to shipyards and vessel operators.
Recall that the VOM's strategy comprises of three key stages:
(1) invest in complementary businesses, (2) integrate the
different businesses to extract add-on values, and (3)
internationalize its operations. We believe the company is
currently executing second stage of its strategy.
. Since its purchase ofExperienced management.
company's strategy is aided by the fact that it is helmed by a
very experienced management team. VOM Chairman Mr Andy
Lim is a seasoned dealmaker, and is also the founder and
Chairman of private equity firm, Tembusu Partners. CEO Mr
Ong Choo Guan has over 30 years of management experience
in the O& M industry.
In our view, execution of theRating under Review.
coverage, we are still in the process of revising our estimates
hence, we are putting our Buy rating and S$0.31 fair value
estimate under review.
14c........y u go up so fast...:(
down boi down..
13.5 - 14.. don't go up so fast lei..
i haven't accumulate enough @ 12c :(...........
By
CARINE LEE
Viking
Offshore and Marine Limited is no longer a substantial shareholder of
SGX-listed United Envirotech Limited (UEL), the company announced on
Wednesday.
Through a combination of married deals and open market sales on
June 27 and 28, Viking sold 32 million shares for S$9.66 million in
cash.
Sold at an average of S$0.30 per share in a series of married deals
and S$0.33 per share in the open market, the company made S$5.82 million
given that the net book value of the shares was S$3.84 million. Viking
bought the shares back in June 2008 at an average of S$0.21 each.
The company plans to use the proceeds to repay loans.
Viking's interest in UEL is purely for investment purposes, and continues to hold 21,421,367 UEL shares.