Company News

Rex International Holding Limited is pleased to share that a 100 per cent subsidiary of Rexonic AG, in which the Company holds an indirect 66.7 per cent stake, has secured a first and ground-breaking contract with a reputed and large National Oil Company. The contract is expected to start in end 2014 and the contractual value is approximately US$10 million if fully executed over the next 24 months. The signing of the aforementioned contract is expected to contribute positively to the earnings per share of the Group for the current financial year ending 31 December 2014.

Keppel Land Limited is progressing into the next phase of developing a 37-storey office tower in Saigon Centre Phase Two, its landmark mixed-use development in Ho Chi Minh City. Meanwhile, its retail podium, currently under construction, has achieved a pre-commitment of about 40%. Anchor tenant, Takashimaya, will house its first department store in Vietnam in the retail podium, taking up about 15,000 sm of retail space. Standing at a total of 42-storeys, Saigon Centre Phase Two will comprise 40,000 sm of premium Grade A office space, five levels of 50,000 sm retail space and about 200 units of luxury serviced apartments. The total investment cost for Phase Two will be about US$255 million. The Company is targeting to launch Phase 2 development in early 2015.

KS Energy Limited previously announced that Atlantic Onshore Services BV, a subsidiary of KS Drilling Pte Ltd, had entered into a contract to provide drilling services and the charter of “KS Discoverer 1”, the Group’s 1,500HP onshore drilling rig, with OP Hawler Kurdistan Limited. Work was expected to continue until the first quarter of 2015. Due to the continuing unrest in Kurdistan and restricted/no access to the work-site for security reasons, OP Hawler declared an event of Force Majeure in August 2014 and recently issued a notice of termination of the contract. While the Rig is currently secure there is limited access to the work-site due to security concerns. KS Drilling continues to engage the Client and has reserved its rights under the contract pending retrieval of the Rig from the work-site when the security situation permits. The Company will provide further updates in the event of any material developments. (