Company Highlight

Keppel Corporation announced that Keppel Offshore & Marine's yards in the US and Azerbaijan have secured contracts worth a total of about US$70 million. Keppel AmFELS LLC in the US secured a contract from Transocean Offshore Deepwater Drilling Inc to repair and upgrade the semisubmersible rig Sedco 707. Scheduled to arrive at Keppel AmFELS in July 2012, Sedco 707's major scope of work includes steel renewal of the hull, repair of the thrusters, refurbishment of the living quarters as well as electrical and piping replacement work. The semi is expected to depart in 1Q 2013 and return to work in offshore Brazil. Separately, Keppel O&M's shipyard in Azerbaijan, Caspian Shipyard Company (CSC) has secured a contract to build a floating dock for Baku Shipyard LLC (BSC). (Closing Price: $10.210, +0.020%)

Keppel Land announced that broke ground at its Jakarta eco-office, International Financial Centre Jakarta Tower 2, to be completed in 2015. Strategically located in the epicentre of Jakarta's financial district and within the golden triangle zone, IFC Tower 2 will offer a total net leasable area (NLA) over 50,000 sqm of prime Grade A column-free office space. IFC Tower 2 will
complement the fully-occupied Tower 1, which offers approximately 28,000 sqm of office space. The office tower will feature innovative green technology including the recycling of rain water for irrigation, installation of water- and energy-efficient fittings in common areas as well as use of double-glazed low emission glass to reduce heat transfer while providing occupants an optimal indoor working environment. These initiatives combined are expected to yield overall annual savings of over 25 per cent in energy consumption and 6,000 cubic metres of water. (Closing Price: $3.160, +0.020%)

LionGold Corp Ltd announced that it is acquiring a 11.2 per cent stake in ASX-listed gold production company, Citigold Corporation Limited (CTO), for A$10 million (S$12.87 million). By subscribing for 125 million new shares in CTO for 8 Australian cents apiece - a 33 per cent premium to its last traded price - LionGold effectively becomes the single largest shareholder of CTO. "Citigold's world-class assets are amongst the largest gold discoveries in Australia and in Asia. Our objective as the single largest shareholder is not only to provide strategic capital, but to become a partner in Citigold's future", said Tan Sri Dato Nik Ibrahim Kamil, executive chairman and group CEO of LionGold. CTO owns the Charters Towers Project, which comprises over 1,500 square kilometres of land in 56 granted mineral holdings and two applications. The mineral holdings comprise four granted Exploration Permits Minerals (EPM), two EPM Applications, five Mineral Development Licences and 47 Mining Leases. (Closing Price: $1.245, +0.005%)

Golden Agri-Resources Ltd (GAR) announced that it has formed a 50-50 joint venture with Stena Weco. The new joint venture, Golden Stena Weco, will provide an overall solution for GAR’s international transportation of its palm oil products. Stena Weco is one of the world’s largest transport companies for palm oil with major market share of the cargoes from Asia to Eurpore. The new Golden Stena Weco will extend this strength to intra-Asian transportation. (Closing Price: $0.660, +0.005%)

United Envirotech Limited announced that Max Rise Water Services Holdings Limited, a 40-per cent owned associate, has entered into a agreement with General Environment Co Ltd to divest its entire 83.34-per cent equity interest in Fujian Max Rise Environment Technology Development Co Ltd (Fujian MR) for a cash consideration of S$1,010,580. Fujian MR holds a concession right of a 10,000 m3/day municipal wastewater treatment plant in Fujian Province. It is one of the four plants in the Max Rise Water’s 125,000 m3/day wastewater plant portfolio. The decision to dispose of Fujian MR was made because of its relatively small scale and insignificant financial impact. (Closing Price: $0.320, unchanged)