Portfolio Adjustment

1. Partially pared my stake in Bukit Sembawang

2. Increased my holding in Lee Kim Tah. However, after getting hold of this piece of news which has yet to be disclosed by the company....short term weakness might prevail

FROM THE STATES
Land allotment to Singapore firm cancelled
Special Correspondent
366 words
2 March 2006
The Hindu
08
English
(c) 2006 Kasturi & Sons Ltd
Without environmental clearance, housing project could not be completed: Government
MoU cancelled by order dated February 17 Company can question cancellation, says court The State Government has cancelled its order allotting 104.71 acres of land to a Singapore-based real estate company. A submission to this effect was made before the First Bench of the Madras High Court, which is hearing a batch of public interest litigation petitions questioning the allotment and attributing ulterior motives to the deal. On Wednesday, when the matter was taken up, Additional Advocate-General A.L. Somayaji informed the Bench that the memorandum of understanding (MoU) between the Tamil Nadu Government and Lee Kim Tah Holdings Limited, as well as the land allotment order passed by SIPCOT, had been cancelled by a government order dated February 17. The Bench, comprising Chief Justice A.P. Shah and Justice K. Suguna, allowed the withdrawal of the petitions, stating that in view of the cancellation of the land deal the main prayer in the petitions did not survive. The judges, however, gave liberty to the parties concerned to seek other remedies available in law, and added that the Singapore company too could question the cancellation order. The government order said that since the mandatory environmental impact assessment clearance could not be obtained for developing a township at the Siruseri plot, the project could not be completed as intended. Invoking the "impossibility of performance" clause, in view of the objection raised by the Ministry of Environment and Forests, the order said the MoU needed to be cancelled "since the subsequent event has put an embargo on proceeding with the project, and the purpose for which the allotment orders were issued became frustrated." In this regard, it pointed out that the Centre, through a communication on December 30, 2005, directed the State to stop all activities at the site. The State submitted a compliance report to the Centre on January 17. Intimating the cancellation of the MoU and the sale deed, the State Government also asked the Singapore company to re-convey the property so that the money deposited by it could be refunded.


3. Took a trading position in TPA strategic at 24cents. I see a potential return of 20-30% in 2-3 months time. Low risk involved due to its huge cash holding.

4. Initiated a position on Multi chem at 25 cents since the PCB sector seems to be doing remarkedably well despite the slum in the general tech sector. Moreover, Eucon which is a proxy to Multi Chem has started to cheongggg...