Middle East

Briefs

SINGAPORE (June 24): “It seems Trafigura thinks they are smarter than the market when valuing securities.”Iceberg Research, headed by Arnaud Vagner, as it accuses Amsterdam-based commodities trader Trafigura Group of overstating assets

China-North Korea summit

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Hyflux names UAE firm as next potential suitor with $400 mil injection deal

SINGAPORE (May 6): Hyflux has identified Utico FZE as its next potential white knight investor which might make a capital injection of $400 million, weeks ahead of its extended debt moratorium until May 24.

Hyflux had previously mentioned it was in discussions with an unidentified suitor and had already received a non-binding letter of intent (LoI) from the other party.

Vital to monitor EM developments to uncover future opportunities: Schroders

SINGAPORE (Nov 15): The dynamism and structural growth story of emerging market (EM) equities may play a crucial role in helping investors meet their goals, according to a recent report by Schroder Investment Management (Singapore).

In the view of Schroders investment writer Andrew Rymer, the widely-followed MSCI Emerging Markets Index, which comprises 24 emerging market (EM) countries, provides a good gauge of the opportunity set available to global investors.

Atlantic Navigation up more than 30% since Sunday news of likely majority acquisition

SINGAPORE (Jan 31): Shares of integrated offshore supplier Atlantic Navigation Holdings have surged over 30% by 4 cents this week since Sunday’s announcement of its possible majority stake acquisition by Dubai-listed Gulf Navigation Holding PJSC (GulfNav).

Atlantic is the provider of marine logistic services, ship repair, fabrication and other marine services. With total assets of $177 million, it operates out of the United Arab Emirates (UAE) and serves primarily customers in the Middle East and Asia.

Bank of Singapore hires more private bankers as Middle East wealth grows

(Dec 19): The private-banking arm of Oversea-Chinese Banking Corp. is adding more staff in Dubai, as the Singapore lender seeks a greater role managing the money of the Middle East’s wealthy and of Indians living overseas.

The risks that really matter for the region

SINGAPORE (Nov 17): The world economy has not had it this good for well on a decade. Virtually every corner of the globe is enjoying growth except for countries suffering political or other crises.

With the immediate threats to economic growth allayed, however, new risks are appearing.

Media reports have focused on geopolitical risks such as North Korea, but there are growing financial risks as well as a cloud of concern over the global trade regime that is so vital for regional economies.

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Starburst bags $6.6 mil contract in Middle East

Starburst Holdings

SINGAPORE (Oct 26): Starburst Holdings announced Thursday that wholly-owned subsidiary Starburst Engineering has been awarded a $6.6 million contract in the Middle East.

Under the contract, Starburst Engineering will design, supply and install ballistic protection works to a firearm training facility.

The project is expected to commence in June 2018, and be completed in September 2019.

Starburst says the contract is not expected to have any material impact on its net tangible assets and earnings per share for the financial year ending Dec 31, 2017.

Mermaid announces $9.4 mil contract win; says subsidiary ‘largely unaffected’ by Seadrill

SINGAPORE (Sept 14): Mermaid Maritime announced Thursday that it has won a long-term submarine cable survey contract in the Middle East worth an estimated US$7 million ($9.4 million).

Scheduled to start in 3Q 2017, the work involves the use of a Mermaid chartered-in vessel with geophysical survey personnel, equipment and a survey class ROV onboard to carry out survey of a submarine cable network.

The contract is for 21 months, with an option for further cable inspection work at additional rates.

How Gulf carriers are adapting their business in turbulent times

SINGAPORE (Sept 7): After enjoying a decade of unrivalled growth and earnings stability, the Middle East’s “super-connectors” – Emirates, Etihad Airways and Qatar Airways – have hit some serious turbulence this year.

Coupled with the oil price collapse in recent years, the Persian Gulf aviation giants are now facing a number of threats arising from the combination of an economic slowdown, terrorist attacks across Europe and global political tension.

PACC Offshore gets an upgrade amid tough industry times

SINGAPORE (April 12): OCBC has upgraded PACC Offshore Services Holdings (POSH) from “sell” to “hold”, with a higher fair value estimate of 33.5 cents.

In a Wednesday report, lead analyst Low Pei Han says this is because POSH’s stock price has declined about 7%, and is now closer to OCBC’s fair value estimate since downgrading the counter to “sell” on Feb 22.

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