US President Elect Obama Hits Ground Running
US President Elect Barack Obama on Wednesday moved swiftly to capitalise on the momentum from his historic victory by announcing a string of senior appointments aimed at reassuring the markets and ensuring a confident transition to the presidency in January. Senior campaign officials said Obama, who was on Wednesday showered with effusive congratulations from leaders around the world, will also appoint at least two Republicans to senior cabinet positions. He wants an “administration which is young and diverse,” said one person close to Obama.

Courage Marine Acquires MV Tonga
Courage Marine has, through its indirect unit, Sea Pioneer Marine, inked a Memorandum of Agreement with Tolan Shipping to purchase a secondhand vessel, MV Tonga, for US$3.75m.

Mencast Signs JV MOU with Becker And Amersfoort
Mencast Holdings, a sterngear equipment manufacturer and services provider, has inked a MOU with Becker Marine Systems and Machinefabriek Amersfoort BV to set up a new JV company in Singapore, in which it aims to establish a manufacturing plant to produce heavy rudder assemblies and high-end sterngear equipment for marine and offshore industries in the Asia Pacific region. The proposed issued share capital of the JV company is $0.5m with Mencast holding 51% of it.

CNA Wins $24m Master System Integrator Contract
CNA Group, an award winning enabler of intelligent buildings and facilities, has secured its first Connected Real Estate contract in South East Asia by winning the state-of-the-art patient-centric Khoo Teck Puat Hospital contract, valued at $24m. The project is expected to contribute positively to the company’s 4Q08 results.

CapitaLand Subsidiary Makes RMB62.3m Divestment
CapitaLand has, through its indirect unit, CapitaLand Commercial (Barbados), sold 50% of its stake in Beijing Red Diamond Science & Technology Development to CITIC Trust for cash Rmb62.3m. CapitaLand’s remaining interest in Beijing Red Diamond will be reduced to 50%.

MediaRing Subsidiary Acquires Delteq
MediaRing, a one-stop premier Internet Protocol communications provider of Voice, Data and Infrastructure services in the Asia Pacific, has inked a sale and purchase agreement to acquire Delteq, an IT group, for cash $500k through its unit, Cavu Corp. Delteq’s existing business will be synergistic to MediaRing’s IT infrastructure business thereby enhancing MediaRing’s overall market position in this business sector.

SGX To Launch Extended Settlement Contracts
SGX will be launching Extended Settlement (ES) contracts on 23 Jan 09 in a bid to expand the current suite of equity products available to investors. Previously known as Single Stock Derivatives, the new product will allow investors to buy into an underlying stock listed on SGX at the transacted price on the day of the trade, for settlement at a specified future date. Investors will have to put up an initial margin to trade ES contracts, which will be marked to market.

Ascott REIT Acquires Another Serviced Residence In Hanoi
Ascott Residence Trust (Ascott REIT) has acquired 70% interest in Somerset West Lake, a 90-unit serviced residence in Hanoi, Vietnam, for US$15.4m from The Ascott Group. The acquisition is yield accretive for the company at a property yield of 10.2% for FY09.

Omega Navagation Clinches New 3-Year Charter Deal
Omega Navagation Enterprises, a provider of global marine transporatation services focusing on product tanker, has inked a charter deal with ST Shipping, for its vessels Omega Lady Sarah and Omega Lady Miriam, for 3 years starting from 3Q09 or 4Q09. The rates agreed on, which are higher than those under current employment, will consist of a base rate of $25,500 per day plus a 50/50 profit sharing element in which Omega and ST Shipping will share equally on a quarterly basis in the vessels’ actual trading results above the base rate.