News in brief
Tiong Seng Holdings to export precast expertise to Myanmar
Pek Lian Guan, CEO of Tiong Seng Holdings.
NextInsight file photoTIONG SENG HOLDINGS' wholly-owned subsidiary, Robin Village Development, has signed a non-binding Memorandum of Understanding (“MOU”) with Shwe Taung Development Co., Ltd (“Shwe Taung”), one of the most prominent corporations in Myanmar.
Tiong Seng Holdings to export precast expertise to Myanmar
Pek Lian Guan, CEO of Tiong Seng Holdings. NextInsight file photoTIONG SENG HOLDINGS' wholly-owned subsidiary, Robin Village Development, has signed a non-binding Memorandum of Understanding (“MOU”) with Shwe Taung Development Co., Ltd (“Shwe Taung”), one of the most prominent corporations in Myanmar.
Their proposed joint venture company (“JV Co”) will establish and operate a precast plant to supply precast components to construction projects in Myanmar.
The plan is for Robin Village to hold 30% of the issued share capital of the JV Co and provide precast technical support, project based design and other technical supervision services to the JV Co on an arm’s length basis.
The MOU comes on the back of the Myanmar Ministry of Construction’s plan to build more than one million houses nationwide over the next 20 years.
Residential construction accounts for 51%, or US$1.5 billion, of Myanmar’s total construction output. In Yangon alone, the demand for affordable housing is 200,000 units every year, whereas only 20,000 units are supplied every year.
.
Founded in 1990, Shwe Taung is one of the most prominent corporations in Myanmar and it has a diverse portfolio that includes real estate, shopping centres, construction, engineering, energy, infrastructure,cement and construction materials, hotels, entertainment, trading and investment.
It is also one of the country’s largest employers with a workforce of more than 5,000.
It is also one of the country’s largest employers with a workforce of more than 5,000.
Tiong Seng is well placed to extend its precast business into Myanmar. In May 2012, the Group
officially opened its Tiong Seng Prefab Hub, the first automated precast manufacturing facility in Singapore.
Recent story: TIONG SENG, LIAN BENG clinch big property contracts
Recent story: TIONG SENG, LIAN BENG clinch big property contracts
MTQ rises with Neptune's improved business outlook
Kuah Boon Wee, CEO of MTQ.
NextInsight file photo.SHARES OF MTQ today shot up 6.5 cents to $1.31 after it announced that its ASX-listed subsidiary, Neptune Marine Services, had clinched newly awarded contracts.
Together with the existing contracts, the business outlook for Neptune has improved, it said.
"The preliminary assessment of Neptune’s unaudited financial results indicates that Neptune is poised to record a profitable quarter for the period ended 31 March 2013.
"Arising from this, the Directors expect MTQ Group to report a significantly higher profit for the fourth quarter ended 31 March 2013."
Recent story: MTQ: 9M2013 net profit up 30% at S$13.8m on firm oil prices
