Shanghai-Listed Firm To Buy Controlling Stake In New Lakeside
Shanghai-listed SDIC Zhonglu Fruit Juice Co has agreed to acquire a 24.57% stake in New Lakeside Holidngs for $12.25m. The transaction values New Lakeside at $49.8m, about 1.7 times its market capitalisation of $29.92m as at July 17 before its shares were halted from trading pending the announcement. The vendor of the 98m shares is Go Twan Heng, New Lakeside’s managing director and controlling shareholder. The shares will be sold at $0.125 apiece.

Sembcorp Marine Bags US$220m Rig Deal
Sembcorp Marine, through its unit PPL Shipyard, has won a contract to build a US$220m jack-up rig for the Egyptian Drilling Company. This is the second rig that PPL is building for the oil firm, a joint venture between the Egyptian General Petroleum Corp and Denmark’s AP Moeller Maersk, and is scheduled for delivery in mid-2010.

Sunningdale Expects Losses In 2Q08
Sunningdale Tech expects to report a 2Q08 loss due to weakness in the USD as compared with costs denominated in Asian currencies, increased costs due to oil prices, increased wage costs in the PRC, and accelerated end-of-life for certain projects as well as new projects delayed.

Inter-Roller Bags New Contracts
Inter-Roller Engineering was awarded a US$5.8m contract to design, supply and install a Baggage Handling System (BHS) for the New Quito International Airport in Ecuador. Expected to complete in August 2010, this contract represents the company’s first project in South America. Inter-Roller also clinched $13.5m BHS deal for the Calgary International Airport in Canada, the company’s second in North America.

MLT’s Distributable Income Rises 28% for 2Q08
Mapletree Logistics Trust reported a 28% yoy rise in distributable income of $22.6m for 2Q08. DPU for 2Q08 is $0.0204, 28% higher yoy. The increase was mainly due to the 18 properties acquired over the past year. Management also anticipates strong rental reversions for leases coming up for renewal. The REIT now consists of 81 properties with a book value of $2.7b.