Sarawak Oil Palms diversifies into shipping

KUALA LUMPUR (Apr 3) : SARAWAK OIL PALMS BHD [] (SOPB) is diversifying into the shipping business following a joint venture (JV) agreement with Shin Yang Shipping Corp Bhd.

In a statement to Bursa Malaysia on Tuesday, SOPB said the collaboration will allow the firm to participate in the edible oil shipment business, and at the same time, offer logistics support to the PLANTATION [] entity.

SOPB and Shin Yang have set up a JV firm where both firms will hold 45% and 55% respectively.

Both firms have common shareholders, hence, the collaboration is a related-party transaction.



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Shin Yang Shipping at 1-week high

Shin Yang Shipping Corp, a Malaysian maritime-services provider, rose to a one-week high in Kuala Lumpur trading after saying it bought 70 per cent of Hock Leong Shipping Sdn. for 2.1 million ringgit.

The stock gained 3.5 percent to 60 sen at 9:24 a.m. local time, set for its highest close since Jan. 11. -- Bloomberg



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A turnaround for Shin Yang: ECM Libra

KUALA LUMPUR: ECM Libra Investment Research has recommended Shin Yang Shipping Corp (SYS Corp) as a 'trading buy', saying that at its current price, the shipping operator offers a dividend yield of 3.6 per cent and it could potentially double to its targeted price of RM1.

SYS Corp, the largest shipping operator in Malaysia by number of vessels, was hovering at 47 sen, lower by 1.5 sen at 11am today on Bursa Malaysia.

The research house based its optimism on the recent strong rebound on volume by competitor Malaysian Bulk Carriers, despite risks of shipping oversupply and lower global trade demand.

"If so, SYS Corp's share price could also be starting to turn around," ECM Libra said.

Based on estimates, 30 per cent of SYS Corp's shipping business caters to SY Holding Group (Shin Yang Group), a Sarawak-based conglomerate owned by the Ling family, which also owns 29 per cent of listed Sarawak Oil Palms Bhd, a well-managed and profitable plantation company.'

Shin Yang and the Ling family own 67 per cent of SYS Corp.

Another advantage is SYS Corp’s cost advantage against other shipping companies as it builds its own ships, it said. - BERNAMA



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Shin Yang advances on shipbuilding jobs

Shin Yang Shipping Corp, a Malaysian maritime services provider, rose the most in a month in Kuala Lumpur trading after winning two shipbuilding contracts valued at a total US$33.6 million.

The stock increased 2.1 percent to 49.5 sen at 9:20 a.m. local time, set for its biggest gain since Oct. 24. -- Bloomberg



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