Transview / Courage Marine

Transview / Courage Marine: MOU btwn Transview, Courage Marine, Santarli, Excel Precast (a unit of Santarli), and individual Chan Thiam Seng, for a proposed residential devt at Pheng Geck Avenue. Santarli, a Spore construction firm, will hold 60% stake in the JV. The other 4 companies will each take a 10% stake. The devt is targeted to commence from 4 Jul ’12 over a period of not more than 3.5yrs. The devt will be undertaken by a new SPV which won the land tender bid for $114.8m. Initial capital contribution is $55m, with the shortfall to be made up by external financing. Both Transview and Courage Marine are smaller cap stocks listed on SGX. The former is a wholesale of golf eqpt and accessories, while the latter operates a fleet of dry bulk carriers.