Sembcorp Industries(SCI) announces that its joint venture in Oman, Sembcorp Salalah Power & Water Company (Sembcorp Salalah), which owns and operates the Salalah Independent Power and Water Plant (Salalah IWPP), will be launching an Initial Public Offering (IPO) on the Muscat Securities Market on August 28, 2013. SCI is required to dispose 20% stake for this IPO. Post listing, Sembcorp will hold a 40% stake in Sembcorp Salalah. SCI's sale of 20% stake is expected to gain S$36m and its remaining 40% to be revalued upwards by S$73m. This value unlocking will boost our TP to S$5.50 (Prev S$ 5.40); upgrade to Buy for c.15% potential upside.

The recent strong set of Q2 results, that showed operating metrics tracking closely to overall China sales growth, demonstrates CapitaRetail China Trust's successful key asset enhancement initiatives which had resulted in expanding tenant sales as well as shopper traffic, resulting in the trust's ability to boost rental reversions. The proposed acquisition of Grand Canyon Mall in Beijing is likely to be accretive. CRCT plans to fund this RMB1.82b acquisition via existing cash, new debt as well as equity. Maintain Buy, TP revised to S$1.60 (Prev S$ 1.75).

Vard has secured a new contract for the design and construction of one Offshore Subsea Construction Vessel (OSCV) for Farstad Shipping. The value of the contract amounts to approximately NOK 800m. Delivery is scheduled from Vard Langsten in 3Q 2015. With this newbuilding, VARD has two equal vessels under construction for Farstad Shipping, as a part of Farstad's fleet development within the subsea market.

Roxy-Pacific Holdingsis proposing Bonus Issue of up to 238.7m new shares on the basis of one (1) Bonus Share for every four (4) existing shares held.

Blumont Groupproposes to include the business of exploration, development and production of mineral and energy resources and investments in mineral and energy resources projects and companies as an additional core business activity of the Company. As part of this strategy, the Group is proposing to change its name to Blumont Phoenix Corporation to reflect the new business direction.

Neo Group has made its maiden overseas expansion since its listing last year, inking a five-year licence agreement with PT Umi Sushi Indonesia to launch three sushi retail outlets in Jakarta. The first one, which opened in the Kota Kasablanka Mall last month, seats 32 customers in its 123 sq m space. The remaining outlets will open over the next two years. This move to expand overseas positions Neo Group to expand the geographical footprint of its foodretail business in the region.

Source: DBSV