Anwell enters India solar market with US$20m contract
Anwell’s wholly owned subsidiary, Sungen International, has won a US$20 million contract to produce and supply amorphous silicon (a-Si) thin film solar panels for a solar farm project in India.
The thin film panels are scheduled for delivery in the second half of this year.
In an ambitious plan to be a global leader in solar energy, India’s National Solar Mission encompasses a roadmap to deploy 20GW of solar power capacity over 2012 to 2022.
Its solar masterplan for large-scale grid-connection is expected to attract an overall investment of about US$70 billion.
“This contract marked a significant expansion of overseas partnership for our solar panel business,” said Anwell CEO Franky Fan in a press statement.
The company plans to increase its thin film solar panel production capacity to 1.5GW within 5 years.
Last month, it announced that it had secured RMB 1.2 billion of long-term funding from the municipal governments of Dongguan and Anyang in China for building its solar panel production plants in these two cities.
Anwell is a global leader in providing turnkey production solutions for optical media replication such as DVDs. It makes optical media production lines. It began mass production of thin film solar panels in March 2010.
Related story: ANWELL Gets RMB700 M Government Support For Solar Project
Fresh from announcing a record S$253 million revenue for FY2011 (ended May 31), an increase of 62.7% year on year, and a S$16.7 net profit, Tee International yesterday announced three contracts it has won.
These are, firstly, a $4.16 million fit-out works contract from Citibank NA Singapore.
Secondly, a $6.84 million M & E work to Level 18, 19 & 20 of Asia Square Tower 1 for Citibank NA Singapore.
Thirdly, a contract worth $6.44 million covering mechanical and electrical package for a proposed Citi-plan Project at Asia Square Tower 1, Level 16, 17 and 21 for Citibank NA Singapore.
Including these new contracts, Tee has an outstanding order book of S$235.3 million for its engineering segment. Milestone completions for these projects will be recognised substantially as revenue for the current financial year.
For FY2010, Tee had proposesd a final dividend of 1.25 cents per share and a Special Dividend of 0.50 cents per share.
It had earlier paid an interim dividend of 0.50 cents per share, thus bringing the total dividend for FY2011 to be 2.25 cents per share.
The stock price was recently at 29 cents, which is close to the peak of its 52-week trading range of 18-32 cents.
Mr. C. K. Phua, Group Chief Executive of TEE International, said: “FY2011 is a new record year for us as our growth strategy bears fruit. Along with the recent acquisitions, I believe that our twin engines of growth - Engineering and Real Estate will enable us to scale greater heights.”
Capitaland unit Ascott secures India serviced residence
CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has secured a 96-unit serviced residence in Bangalore through a lease agreement.
Ascott will rebrand the property as Citadines Richmond Bangalore and operate it from 1 August 2011. This will be Ascott’s first property to open in India.
Citadines Richmond Bangalore will offer a mix of spacious studio, one- and two-bedroom apartments in the CBD area to cater to the different lifestyle needs of short- and long-stay travelers.
Touted as the Silicon Valley of India, Bangalore has rising demand in for international quality serviced residences due to the number of MNCs that have grown their operations there.
“India is a key market for Ascott as it has significant demand for serviced residences arising from the fast growing economy,” said CEO Lim Ming Yan in a press statement.
Besides Citadines Richmond Bangalore, Ascott has six other properties with more than 1,300 apartment units under development in India.
The six properties are located in Ahmedabad, Bangalore (two properties), Chennai (two properties) and Hyderabad.
Somerset Greenways Chennai is scheduled to open later this year while the remaining five properties are scheduled to open progressively in the next three years.
Ascott is the world’s largest international serviced residence owner-operator with about 22,000 operating serviced residence units in key cities of Asia Pacific, Europe and the Gulf region, as well as about 6,000 units which are under development, making a total of more than 27,000 units.
The company operates three brands – Ascott, Citadines and Somerset. Its portfolio spans over 70 cities across 20 countries, 14 of which are new cities in Ascott’s portfolio where its serviced residences are being developed.