Fed Rolls Out New US$540b Aid To Financial Sector
The Federal Reserve will provide up to US$540b in loans to help relieve pressure on money-market mutual funds beset by redemptions. The initiative is the third government effort to aid the funds, which usually provide a key source of financing for banks and companies. The exodus of investors, sparked by losses following the bankruptcy of Lehman Brothers contributed to the freezing of credit that threatens to tip the economy into a prolonged recession. The new programme will add another tool to the Fed’s arsenal as it attempts to unclog the credit markets.

SATS Acquires Menzies Aviation In Hong Kong
Singapore Airport Terminal Services (SATS) has entered into an agreement to acquire 100% of Menzies Aviation (Hong Kong) for approximately HK$18m. The acquisition will provide SATS with a ground and ramp handling business that complements its existing cargo operations at the Hong Kong International Airport through its joint venture company, Asia Airfreight Terminal.

Swiber Fortifies Vietnam Presence With MOU
Swiber Holdings, a world class service provider in the offshore industry, has signed a MOU with Petrovietnam Construction Joint Stock Corporation, a subsidiary of the national oil and gas corporation, Vietnam Oil & Gas Group, to set up a Joint Stock Company (JSC) in Vietnam. Pursuant to the terms of the MOU, JSC shall be the exclusive entity to perform offshore construction services in Vietnam.

Luzhou Bio-Chem Invests In PRC JV
Luzhou Bio-Chem Technology has, through its Shandong unit, inked a joint venture (JV) agreement with Wuhan Jiabao Sugar to set up a new subsidiary, Wuhan Luzhou Jiabao Bio-Chem Technology in PRC for Rmb45m, with Rmb31.5m (70%) to be contributed by the company. Located in Hubei Province, the JV company will strengthen the company’s geographical reach to the southern region of the PRC.

SingTel’s Subsidiary Set To Delist SCS
SingTel’s indirect unit, Computer Systems Holdings (CSH) has gained approximately 96% of all the shares in the capital of Singapore Computer Systems (SCS). In connection with the mandatory general offer, CSH will exercise its rights to compulsorily acquire all the remaining shares of SCS at $1.50 per share and thereafter delist SCS from the SGX-ST.

Oceanus Acquires New Farms And Increases In Production Capacity
Oceanus has boosted its production capacity by 42% with the acquisition of 8 additional farms with 4,400 existing tanks and the construction of 1,950 new tanks in 3Q08 at total capital expenditure of Rmb134.5m. The acquisition is in line with company’s plans to increase the scale of its output of high-value seafood products so as to gain further market share and leverage on the benefits arising from economies of scale.

Sembcorp Marine Secures Milestone LNG Carrier Longevity Contract
Sembcorp Marine has won a longevity contract worth $35m from the International Gas Transportation Company for the life extension for its vessel, the Northwest Sanderling, to reach its 20th year in service. This breakthrough contract is a milestone agreement as it signifies the first time that a major LNG operator has committed itself to a long-term longevity programme with the company and hence enables the company to step closer towards the big league of specialised LNG carriers’ life extension work.

Yangzijiang Shipbuilding Acquires Labor Supply Co In PRC
Yangzijiang Shipbuilding has, through its subsidiaries, inked an agreeement with Jiangyin Zezhou Investment and Jiangyin Shunyuan Investment to acquire the entire 100% stake in Jingjiang Yangzi Labor Supply Co for Rmb1m in PRC. The investment is expected to reduce the company’s dependency on the labour subcontractor service from third parties for its shipbuilding activities and reduce its business cost when there is shortage of labour supply.