Singapore firm starts operations at BIIP
Manama: Tue, 12 Jul 2011
MTQ Corporation Limited Group, a leading Singapore-based engineering company, has begun operations at its new state-of-the-art facility at the Bahrain International Investment Park (BIIP).......FULL ARTICLE BELOW
Full Press Article:
http://www.tradearabia.com/news/ind_201843.html
(Vested)
Thanks for the link, Nick.
Just to drop a note here that The Edge Singapore (Week of 17 July to 24 July) has a 2-page article written on MTQ and its most recent acquisition of Premier Sea & Land + PEMAC. There is a good write-up on both companies' products and how they can cross-sell, and also how they can broaden their customer bases. Premier also has a piece of land about half the size of MTQ's current Pandan Loop workshop.
It was also mentioned that Mr. Kuah said there would be no problems in paying off the bridging loan to acquire Premier one year later, and that Bahrain is kicking off operations with the certifications being obtained from American Petroleum Institute (there was a delay due to the unrest).
Overall, Oilfield Engineering Division should see a jump in earnings as Premier is consolidated into MTQ Group Accounts, but the article warned that start-up losses at Bahrain may drag down the division for FY 2012. Also, Mr. Kuah did hint that he may push some of the debt onto Premier's books as it is currently ungeared, and that Premier's business should improve in the coming years as it is exposed to the cyclicality of the oil rig cycle (it earned US$4.1 million for year ended Dec 31, 2010).
Forumers can read the full article by buying a copy of The Edge Singapore for S$3.80.
Also, a reminder that MTQ will be holding its AGM next Friday July 22, 2011 at Carlton Hotel at 10 a.m. It will be a good chance to ask questions about Engine System's recent acquisitions (3 were mentioned in the AR), the latest Premier acquisition, the situation in Bahrain; as well as Neptune Marine Systems.
Neptune confirms further vessel sale
15 Jul
PERTH, Western Australia: Neptune Marine Services Limited (ASX: NMS - Neptune or the Company) is pleased to announce it has signed a Memorandum of Agreement for the sale of the vessel, ROV Supporter including the on board remotely operated vehicle (ROV) ("Assets").
Under the terms of the agreement, Neptune will sell the Assets for US$2.4 million. The sale proceeds will augment working capital with Neptune now no longer holding any term debt.
Completion of the schedule is expected in the week commencing 25 July 2011.
Since commencing the restructuring program, Neptune has confirmed A$9.5 million in annual cost savings and asset sales totalling US$16.4 million. Asset sales are part of the on-going restructuring plan that is focussed on driving revenue growth, profitability and shareholder value.
Neptune's Chief Executive Officer Robin King said the sale of the Neptune Supporter Vessel and the ROV represents another milestone in the restructure of Neptune's business and assets.
"Sale of non-core assets are a key part of Neptune's 'back to basics' restructuring program as we don't believe it is necessary to have Neptune's capital tied up in vessel ownership. We are very pleased to achieve another milestone by confirming the sale of these non-core assets," Mr King said.
As a result of the sale of these assets, Neptune will incur a write down of A$1.25 million which will be provided for in the statutory accounts for the period ending 30 June 2011.
Full Article:
http://www.neptunems.com/news/article/15...-sale.aspx
MTQ has 15.32% stake in ASX-listed Neptune Marine.
(Vested in MTQ)
I attended the MTQ AGM this morning, and had a fruitful discussion with Management on aspects of the business. Will compile my notes and do a post on that soon on my blog.
Meanwhile, enjoy this article (attached) from The Edge Singapore.
NextInsight has written a good summary of MTQ's AGM held yesterday July 22, 2011 at Carlton Hotel (See link).
http://nextinsight.net/index.php/story-a...off-in-aug
It also includes some questions asked by shareholders and replies given by Management. Enjoy the read!
Pricing for the $0.02/share Final div. for FY11 (ended 31Mar11) to be taken in scrip has been fixed at $0.82 per new share.....
http://info.sgx.com/webcoranncatth.nsf/V...F0035CBB8/$file/Scrip_Dividend-Issue_Price_Final.pdf?openelement
A relevant question: Is it better to take the dividend in scrip or cash?
(02-08-2011, 05:47 PM)dydx Wrote: [ -> ]A relevant question: Is it better to take the dividend in scrip or cash?
Not sure about you, but I will be choosing scrip.
I think I will take scrip...but let's see how the share price continues to fare closer to the date. I will make my decision in the future haha !
Dear all,
Part 1 of my write-up on MTQ's AGM held last month is now up on my blog. Please feel free to visit and leave comments, thanks!
A snippet as follows:-
"MTQ was, however, affected in the sense that everything got delayed and slowed down a lot due to the riots and trouble. Originally, the first 80% of the construction cum commissioning of the facility went on smoothly without a hitch. The final 20%, however, ran into delays due to the problems surfacing in the Middle East. Though everything has been resolved as of the date of the AGM, the two main delays came from the starting up of power at site (despite submission of applications to the Government, power was only turned on in July 2011), as well as the certifications required from the American Petroleum Institute (API) as many of MTQ’s principals and customers had been driven out of MTQ in the interim due to the violence, and were slow to return to the country."
i took the script cos i'm expecting further upside!