Friday, April 17, 2015

Market News In 2 Minutes @ 17th April 2015 (Rex, SATS, United Fiber, Singapore Food Industries)

As stock investors (even though a small one), it is important to keep abreast with the latest financial and market news. Since I am in it, I thought it might be worthwhile to share it out with my readers too.

Hence, I started this "Market News In 2 Minutes" series.

Following are the "Market News In 2 Minutes" for today :

1. Rex International (5WH) - Announced that its jointly-controlled entity, Lime Petroleum Norway AS, has signed an agreement with Lundin Norway AS to acquire a 30 percent stake in license PL544 in the Norwegian North Sea, subject to regulatory approval. Upon completion of transaction, the partners in the license will be Lundin at 40 percent, Lime Norway at 30 percent and Bayerngas Norge AS at 30 percent. The Fosen prospect is scheduled to be drilled in 2015 and is estimated to hold a gross unrisked prospective resources estimated at 192 million barrels oil equivalents. (source : Shares Investment)

2. SATS (S58) - Announced that its wholly-owned subsidiary, Singapore Food Industries (SFI), has entered into a 51:49 joint venture (JV) with BRG, to set up a company in Singapore whose business will encompass meat processing and manufacturing of branded food products for distribution to retailers, restaurants, wholesalers, distributors and ship chandlers. The JV company will be named SATS BRF Food, and will have an issued and paid up share capital of $48 million. (source : Shares Investment)

3. United Fiber Systems (P30) - Is near the completion of its protracted $1.9 billion reverse takeover (RTO) of Jakarta-listed PT Golden Energy Mines, controlled by the Widjaja family’s Sinar Mas group and led by tycoon Eka Tjipta Widjaja. Sinar Mas, Indonesia’s largest conglomerate also owns Singapore-listed Golden-Agri Resources and Sinarmas land. A takeover battle for London-listed Indonesia coal mine Asia Resource Minerals (ARMS) between bigwig billionaire shareholders – Indonesia Widjaja family and European financier Nat Rothschild – has taken place with UniFiber waiting in the wings for an outcome that could transform UniFiber into a major coal miner. (source : Shares Investment)

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