Shareholders at an extraordinary general meeting unanimously approved Tiger Airways' sale of a 60% stake in the lossmaking Tiger Airways Australia to Virgin Australia for A$35m in cash. The deal now awaits an opinion, expected next week, by the Australian Competition and Consumer Commission (ACCC).
Rotary Engineering has clinched a $300m expansion project for Singapore oil trader Kuo Oil's Tankstore oilfarm here. It expects to start work immediately on the two-year project on Pulau Busing, located off south-west Singapore. The new win brings its current order book to approximately $750m.
JES International is expected to incur a loss for FY2012. The Group has made prudent charges and provision for liquidated and ascertained damages over late delivery of some vessels and reduced contract prices for certain vessels.
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