Ex-Jade Tech President Files Claims Vs Opes Prime & Merrill Lynch

Former Jade Technologies Holdings President Anthony Soh has filed claims in Australia against collapsed broker Opes Prime Group and Merrill Lynch & Co (MER) over his failed bid to take over the Singaporean company, the Business Times reported. Earlier this year, Soh withdrew a bid to buy the technology company for $218m following the collapse of Opes Prime.

Soh said he had placed most of his stake in Jade with Opes Prime to back a loan. Following the Opes receivership, Soh’s shares were seized by the broker’s creditors, including MER. He wants the shares back, plus damages, the report said. The former executive also claims Opes misled him by making him believe that he retained the beneficial ownership of the shares held by Opes.

Guthrie To Enter China’s Retail Mall Market In Collaboration With GIC Affiliate

Guthrie GTS, an investment holding company with interests in property and engineering, formed a 50:50 JV with Government of Singapore Investment Corp (GIC) affiliate Reco China Retail Asset Management to provide consultancy, management services to malls in China. Guthrie says move will allow it to expand into China, with help from major player GIC. Guthrie acquired 14%-stake in Shenyang Shida Logistics Co for $5.98m from GIC Real Estate and the deal is likely to ignite interest in Guthrie, which until now has been fairly quiet about plans to enter China.

Midas Secures 3 Contracts Worth Rmb252.7m

Mainboard-listed Midas Holdings (Midas) announced that its Aluminium Alloy Division, Jilin Midas Aluminium Industries Co (Jilin Midas) has secured 3 contracts worth an aggregate sum of Rmb252.7m, to supply aluminium alloy extrusion profiles for 680 train cars for metro lines in Shanghai and Guangzhou. The first contract, worth Rmb37.4m, was awarded by Changchun Railway Vehicles Co. Under the contract, Jilin Midas will supply aluminium alloy extrusion profiles for 170 train cars for the Shanghai Metro Lines 6 and 8 projects.

The remaining two contracts were awarded by CSR Zhuzhou Electric Locomotive Co. For these 2 contracts, Jilin Midas will be supplying aluminium alloy extrusion profiles for 348 train cars for the Shanghai Metro Line 11 project (contract value of Rmb158m), and 162 train cars for the Guangzhou Metro Lines 2 and 8 projects (contract value of Rmb57.3m). All 3 contracts are to be fulfilled over 2008 and 2009, thus having a positive impact on Midas’ financials over the two years.

Chip Eng Seng awarded $123.5m contract to build HDB housing in Sengkang

Chip Eng Seng Contractors (1988), a wholly owned subsidiary of Mainboard-listed Chip Eng Seng Corporation has been awarded a contract worth $123.5m by the Housing & Development Board (HDB) for the construction of 5 blocks of residential building, each 25 storeys tall with 698 dwelling units in Sengkang. The contract also includes the construction of 1 block of multi-storey car park with future community facility at the 1st storey and 1 block of precinct pavilion. Building works are expected to begin in June 2008 and to complete by 2011.

This is the second HDB construction contract awarded to Chip Eng Seng in 2008, following the contract that was announced in January 2008 to build 1,394 housing units in Queenstown. The company also undertakes 2 other HDB housing projects, one in Sembawang and the other is the Pinnacle @ Duxton. When completed, Pinnacle @ Duxton will be the tallest public housing in Singapore, featuring seven 50-storey blocks with skybridges, communal and commercial facilities.