TECHCOMP (Holdings) Ltd said that the company and its wholly owned subsidiary, Precisa Real Estate AG, had entered into an agreement to acquire a property in Switzerland for 4.3 million Swiss francs (S$5.8 million) from Precisa Instruments. The property comprises fifth floor of office and production building and will be for the group's own use. The property has a 40-year lease period up to 2050. The purchase will be fully funded internally and/or externally. The acquisition will reduce the rental expenses which the group's operations in Switzerland are currently incurring, it said.
Mirach Energy ties up with Shanghai Petroleum
MIRACH Energy has signed a cooperation framework agreement with Shanghai Petroleum and Natural Gas Co Ltd (SPNG) to jointly operate existing oil and gas fields owned by Mirach. Under the framework agreement, the company will also spearhead new initiatives for joint operations by identifying new oil and gas fields in the South-east Asia region and other parts of Asia where it has established a strong presence. Shanghai-based SPNG, jointly owned by Shenergy Co Ltd, Sinopec and CNOOC, is a high-tech enterprise with vast experience in exploration, production, operation and project management of oil and gas fields. The cooperation with SPNG is a major step towards enhancing its technical and financial resources, and to realise the potential of existing assets, said Mirach.
China Taisan to raise capacity to 36,000 tonnes by Q2
KNITTED fabric maker China Taisan said that it will increase its capacity by 50 per cent to 36,000 tonnes by Q2 2011. It has entered into a 211.2 million yuan (S$41.2 million) contract to acquire one heat-setting machine, six dyeing machines, and eight sets of fabric face finishing equipment to boost its capacity. The company said that it foresees a strong order book for 2011 and has an aggressive marketing plan to secure new clients. The expansion will be financed by a mix of initial public offering proceeds, internal cash flows and bank borrowings.
Marco Polo unit signs deal to buy vessel for US$4.87m
MARCO Polo Marine said that its wholly-owned subsidiary Marco Polo Offshore (II) Pte Ltd has signed a memorandum of agreement to purchase a utility vessel for US$4.87 million. The ship, SMS Spectrum, is a 40-metre Panamanian-flagged vessel built in 2010. The acquisition will be funded by internal funds and bank borrowings. The addition will boost the group's growing fleet of offshore support vessels and contribute to profitability in FY2011, it said