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| 24-Apr-2020 10:39 |
SATS
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Sats
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Sats' S$1.6m share buybacks beg question of prudenceFRI, APR 24, 2020 - 5:50 AM Some have questioned cash-depleting move at a time when firm is cutting costs to ride out virus outbreak LISTED ground handler and inflight caterer Sats spent nearly S$1.6 million on share buybacks in the first week of April, giving rise to questions over the prudence of the cash expenditure at this time. Sats repurchased 535,000 shares over five trading sessions between... https://www.businesstimes.com.sg/companies-markets/sats-s16m-share-buybacks-beg-question-of-prudence |
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| 24-Apr-2020 10:34 |
ST Engineering
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ST Engg
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ST Engineering' s US$750m, 5-year bond a hit with investorsFRI, APR 24, 2020 - 5:50 AM Singapore ST Engineering' s US$750 million five-year 1.5 per cent issue has met with strong demand as the US dollar bond market bounces back. Sold on Wednesday, April 22, the bond deal received an order book of over US$4 billion, which allowed it to tighten pricing from the initial... https://www.businesstimes.com.sg/companies-markets/st-engineerings-us750m-5-year-bond-a-hit-with-investors |
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| 24-Apr-2020 10:12 |
Mary Chia
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NEXT PENNY RALLY $0.072
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Mary Chia changes Catalist sponsor ' for commercial reasons' THU, APR 23, 2020 - 7:50 PM CATALIST-LISTED Mary Chia Holdings announced on Thursday night that SAC Capital Private Limited will be its new continuingsponsor from this Saturday. The last day of sponsorship of the current continuing sponsor, PrimePartners Corporate Finance (PPCF), will be Friday. " The change of continuing sponsor is due to commercial reasons," said Mary Chia Holdings. In line with Catalist rules, PPCF has confirmed that as at the date of the announcement and based on information made available to it, it is not aware of any non-compliance with the Catalist rules by Mary Chia Holdings that has not been brought to the attention of SAC Capital. PPCF has also made itself available for discussion with SAC Capital, as required by the Catalist Rules. " PPCF has for more than 10 years provided guidance, counsel and sponsorship services to the company, for which the Board is grateful and would like to put on record its thanks to PPCF," said Mary Chia Holdings. Shares in the company closed unchanged at 9.5 Singapore cents on Thursday before the news. https://www.businesstimes.com.sg/companies-markets/mary-chia-changes-catalist-sponsor-for-commercial-reasons |
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| 23-Apr-2020 10:11 |
Koufu
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Better Food. Better People. Better Life.(SGX: VL6)
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Broker' s take: DBS downgrades Koufu to ' hold' , sees reduced footfall hurting earningsWED, APR 22, 2020 - 4:33 PM DBS Group Research has downgraded Koufu to " hold" as it expects earnings to take a hit from reduced footfall at Koufu' s foodcourts due to the extension of the circuit-breaker period. It cut its 12-month target price for the food and beverage (F& B) operator to S$0.68 from S$0.84.... https://www.businesstimes.com.sg/companies-markets/brokers-take-dbs-downgrades-koufu-to-hold-sees-reduced-footfall-hurting-earnings |
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| 23-Apr-2020 10:08 |
Keppel Reit
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Keppel REIT
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Keppel Reit declares marginally higher DPU of 1.4 Singapore cents for Q1WED, APR 22, 2020 - 6:42 PM KEPPEL Reit (real estate investment trust) has declared a distribution per unit (DPU) of 1.4 Singapore cents for the first quarter ended March 31, up a marginal 0.7 per cent from a DPU of 1.39 Singapore cents in the year-ago period, the reit' s manager announced on Wednesday after market close. Distributable income for the quarter was steady at S$47.3 million, including capital gains distribution of S$5 million. This was despite net property income attributable to unitholders falling 5.2 per cent to S$25.8 million, from S$27.3 million in the year-ago period. Despite the absence of rental support for Marina Bay Financial Centre Tower 3 and lower income contribution after the divestment of Bugis Junction Towers last November, distributable income was maintained, due mainly to the acquisition of T Tower in May 2019, higher capital gains distribution and lower borrowing costs, said the reit. As at the end of Q1, the majority of loans due in 2020 were refinanced, with commitments received for the rest. This lengthened the weighted average term to maturity to 3.8 years. Aggregate leverage was 36.2 per cent. At the end of Q1, portfolio' s committed occupancy was 98.9 per cent, with weighted average lease expiry of 4.7 years for the portfolio and 6.7 years for the top 10 tenants. In its results release, the reit highlighted precautionary measures taken at the start of the Covid-19 outbreak, including temperature screening and increased frequency of cleaning of the common areas. " Keppel Reit&rsquo s properties in Singapore, Australia and South Korea remain accessible to tenants who are operational during the outbreak," it noted. In Singapore, the reit has extended some S$9.5 million in support to tenants, including the full pass-through of property tax rebates of 30 per cent to office tenants and 100 per cent to retail tenants, as well as a full rental waiver for the month of April for eligible retail tenants. Eligible retail tenants will also be able to use one month&rsquo s security deposit to offset their rent payment. " As for Keppel Reit&rsquo s overseas markets, support measures in line with the relevant government advisories issued will also be extended to all qualifying tenants," said the reit. The DPU for the quarter is payable on May 29, with a record date of April 30. Keppel Reit units closed down 1 Singapore cent or 1 per cent at S$0.99 on Wednesday before the results. https://www.businesstimes.com.sg/companies-markets/keppel-reit-declares-marginally-higher-dpu-of-14-singapore-cents-for-q1 |
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| 23-Apr-2020 09:45 |
ParkwayLife Reit
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PLife REIT
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Parkway Life Reit' s DPU up 1.4% in Q1WED, APR 22, 2020 - 8:50 AM PARKWAY Life Real Estate Investment Trust' s (PLife Reit) distribution per unit rose 1.4 per cent to 3.32 Singapore cents for its first quarter ended March 31, from 3.28 cents a year ago. The increase was mainly due to additional revenue contribution from three Japan nursing rehabilitation facilities acquired in December 2019, rental growth of existing properties and financing cost savings. Partially offsetting the amount available for distribution was an S$850,000 sum retained during the quarter for Covid-19 related relief measures, the healthcare real estate investment trust' s (Reit) manager said on Wednesday. The S$850,000 is part of the S$1.7 million in total that the manager has set aside to provide targeted assistance and support measures for tenants affected by the novel coronavirus crisis. PLife Reit' s portfolio comprises 49 healthcare properties in Japan. Gross revenue grew 5.2 per cent to S$29.9 million for the first quarter, from S$28.4 million a year ago. This was largely attributable to the contribution from the three newly acquired Japan properties, a 1.6 per cent upward revision of minimum guaranteed rent for Singapore hospitals and the yen' s appreciation. Net property income rose 4.5 per cent on the year to S$27.7 million for the quarter, from S$26.5 million. Amount available for distribution increased by 5.7 per cent year on year to S$21 million from S$19.8 million. This included the S$850,000 retained for Covid-19 related relief measures. Distributable income to unitholders, which excludes the sum retained, stood at S$20.1 million, up 1.4 per cent from S$19.8 million a year ago. The distribution will be paid out on May 29, after books closure on April 30. PLife Reit remains in a " stable financial position" despite ongoing uncertainties in the economy and volatility in the financial markets, said Yong Yean Chau, chief executive officer of the Reit' s manager. PLife Reit units closed S$0.07 or 2.1 per cent lower at S$3.33 on Tuesday. https://www.businesstimes.com.sg/companies-markets/parkway-life-reits-dpu-up-14-in-q1 |
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| 23-Apr-2020 09:30 |
Suntec Reit
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Suntec REIT
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Suntec Reit posts 27.7% fall in DPU for Q1 retains 10% of distributable income as virus crisis deepens in Q2 THU, APR 23, 2020 - 5:50 AM SUNTEC Real Estate Investment Trust (Suntec Reit) on Wednesday posted a 27.7 per cent drop in distribution per unit to 1.76 Singapore cents for the first quarter ended March 31, down from 2.434 cents a year earlier. This was due to lower distributable income from... https://www.businesstimes.com.sg/companies-markets/suntec-reit-posts-277-fall-in-dpu-for-q1-retains-10-of-distributable-income-as |
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| 22-Apr-2020 10:15 |
SGX
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SGX
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SGX could see more than 30% jump in Q3 net profitWED, APR 22, 2020 - 5:50 AMSingapore SINCE the onslaught of the novel coronavirus, the Singapore Exchange (SGX) has been the most defensive constituent of the Straits Times Index (STI). At S$10.06 on Tuesday, the stock has gained 13.5 per cent year- to-date, far outperforming the STI' s 20.8 per cent decline... https://www.businesstimes.com.sg/companies-markets/sgx-could-see-more-than-30-jump-in-q3-net-profit |
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| 22-Apr-2020 10:13 |
SGX
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SGX
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Generic disclosures ascribed to Covid-19 not good enough: SGX RegCoWED, APR 22, 2020 - 5:50 AM Imperative for companies to provide investors with timely disclosures and regular business updates Singapore ISSUERS should avoid generic statements that they expect their financial results to be materially impacted due to Covid-19 without providing detailed assessment on how their operations would be affected, Tan Boon Gin, chief executive of the Singapore Exchange Regulation (SGX... https://www.businesstimes.com.sg/companies-markets/generic-disclosures-ascribed-to-covid-19-not-good-enough-sgx-regco |
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| 22-Apr-2020 10:10 |
SGX
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SGX
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What SGX expects of issuers' disclosures during Covid-19 WED, APR 22, 2020 - 5:50 AM They must provide prompt and high-quality information, especially on how the pandemic is affecting their operations and their balance sheet. THE Covid-19 outbreak has given rise to high levels of volatility in the global financial markets. Covid-19 and the resultant actions taken by the governments and businesses around the world to protect public health and safety are unprecedented on many fronts. Companies and individuals alike... https://www.businesstimes.com.sg/opinion/what-sgx-expects-of-issuers-disclosures-during-covid-19 |
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| 22-Apr-2020 10:03 |
Centurion
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Centurion Corp
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Centurion allows early lease termination for UK students, expects up to £ 5m revenue lossTUE, APR 21, 2020 - 9:01 AM HOUSING operator Centurion Corp on Monday said it will allow those residing at its UK student accommodation the option to terminate their remaining lease early for the current academic year. The move comes as the UK government has put in place a nationwide lockdown to contain the spread... https://www.businesstimes.com.sg/companies-markets/centurion-allows-early-lease-termination-for-uk-students-expects-up-to-%C2%A35m-revenue |
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| 22-Apr-2020 09:59 |
DBS
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DBS
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These hotels may be the next privatisation candidates: DBSSamantha Chiew 21/04/2020, 12:10pm SINGAPORE (Apr 21): The Covid-19 outbreak in Singapore has significantly affected the country&rsquo s tourism industry. As such Singapore hotel REITs are trading below replacement cost, at around 0.5 to 0.6 times price-to-book ratio, at -2 standard deviation (SD) of their 10-year mean. On an enterprise value (EV)/room basis, DBS Group Research found that all four S-REITs trade at an implied valuation/room of $0.5-1.2 million/room, with CDL Hospitality Trusts (CDLHT) and Far East Hospitality Trust (FEHT) the lowest at less than $0.6 million/room. This is even cheaper than recently transacted land costs for hotel sites in recent years. &ldquo If hotel S-REITs continue to trade at such low valuations, we believe that their sponsors may consider taking them private given that most have not been active in raising capital and/or recycling assets,&rdquo says analyst Derek Tan. Among the four hotel S-REITs, Tan believes that Frasers Hospitality Trust (FHT) and FEHT could be attractive privatisation candidates, as they have been the least active in tapping capital since listing. &ldquo We estimate that it will cost the Sponsors around $450m-600 million to buy out the minorities, assuming a 25% premium to current price. While the amount may sound hefty in the current climate, this compares favourably to the $562 million paid for the hotel site in Club Street in Singapore in Jan 2019,&rdquo says Tan. The sponsors of FHT and FEHT will then gain control of a diversified portfolio of 3,000 rooms (FEHT) and 4,000 rooms (FHT), which will return higher when operating conditions improve. On the back of this, DBS has upgraded its call on FHT to &ldquo buy&rdquo with a lowered target price of 65 cents from 78 cents previously. The sponsor&rsquo s 62% stake in FHT stands as the highest across the sector, with FHT a prime candidate for privatisation at current levels. The implied valuation of $910,000/room for quality assets Intercontinental Singapore and Fraser Suites Singapore trends below development costs per room, especially given the superior locations of the two assets. &ldquo We estimate that a buyout opportunity will cost $444 million at a 25% premium to current share price to gain full control of the hotel portfolio, below book value of $523 million,&rdquo says Tan. Meanwhile, FEHT has also been upgraded to &ldquo buy&rdquo with a lowered target price of 60 cents from 69 cents previously. &ldquo We remain comfortable that FEHT can continue to deliver steady returns of about 6.0% at current levels, backed by the fixed rent of its master leases which we estimate to contribute some 97% of our revised FY20F revenues (around 70% on normalised levels),&rdquo says Tan. Additionally, FEHT&rsquo s master lessees are entities and affiliates of its sponsor, Far East Organization, which is expected to provide the trust in these tough times. As at 12.05pm, units in FHT are trading at 48 cents or 0.7 times FY20 book with a distribution yield of 3.7% units in FEHT are trading at 48 cents or 0.6 times FY20 book with a distribution yield of 5.5%. https://www.businesstimes.com.sg/companies-markets/could-dbs-trustee-have-done-more-for-eht-unitholders |
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| 22-Apr-2020 09:53 |
DBS
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DBS
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Could DBS Trustee have done more for EHT unitholders? WED, APR 22, 2020 - 5:50 AM IN what sounded like a reprimand, the Monetary Authority of Singapore (MAS) and the Singapore Exchange Regulation (SGX RegCo) on Monday directed DBS Trustee to set out the actions it will take to protect the interests of unitholders in Eagle Hospitality Trust (EHT). As spelled out in EHT' ... https://www.businesstimes.com.sg/companies-markets/could-dbs-trustee-have-done-more-for-eht-unitholders |
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| 22-Apr-2020 09:38 |
SIA
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SIA
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Sias raises questions about Singapore Airlines' cash call, ahead of EGMTUE, APR 21, 2020 - 2:50 PM THE Securities Investors Association (Singapore) or Sias has drafted a series of questions for Singapore Airlines (SIA) to address and publish before the national carrier' s April 30 extraordinary general meeting (EGM) on its proposed S$15 billion debt and equity capital raising. The airline last month announced the massive cash call to tide it over the coronavirus pandemic that has decimated global air travel. One part of it is a proposed S$8.8 billion renounceable rights issue, comprising a three-for-two issue of up to 1.78 billion shares to raise S$5.3 billion and an offering of up to S$3.5 billion in 10-year mandatory convertible bonds (MCBs). The other component is an additional issue of up to S$6.2 billion in additional MCBs to be offered to shareholders via one or more rights issues down the line. For the S$8.8 billion rights issue, Sias president and CEO David Gerald asked why a large portion of it - 38 per cent or S$3.3 billion - will be used for capital expenditure purposes. In a letter addressed to SIA chief executive officer (CEO) Goh Choon Phong on Tuesday, Mr Gerald also requested that the company explain why it is raising such a large amount in its cash call. As for the rights issue price of S$3 per share, Sias asked how this figure was determined, and whether the discount - of about 53.8 per cent to March 25' s closing price of S$6.50 - is in line with market levels. Sias also questioned why the carrier chose to raise cash from shareholders, and whether it has explored other means such as taking out loans from banks. Some of his other questions involve the rationale behind the MCBs' conversion price of S$4.84, the differences in yield depending on when the MCBs are redeemed, the conduct of the EGM to ensure it is accessible to all shareholders and how the airline plans to improve its operational performance to shore up its stock price in light of the Covid-19 crisis. The investor advocacy group' s list of questions are: - Why is SIA raising such a large amount? How did you determine this amount? - The rights issue may have a significant dilutive impact on some retail shareholders who do not have sufficient cash to subscribe for the rights. Why is SIA choosing to raise cash via shareholders, instead of from other debt? Have you explored other means? - SIA stated that the rights issue was meant " to strengthen the company' s balance sheet and liquidity position" and " to meet its ongoing financial commitments" . However, a significant portion of the funds raised is for capital expenditure (capex). Why is there such a large percentage committed to capex? If the funds raised are purely for cashflow and balance sheet reasons, does SIA really need to proceed with such a sizeable rights issue, given the substantial impact on share dilution and share price? - How was the rights issue price of S$3 per share determined? Is the discount in line with the market? - Why did the company propose to issue the MCBs, in addition to the shares? Why are there rights MCBs as well as additional MCBs? How do their terms differ from each other? - The MCBs' conversion price of S$4.84 at maturity is at a 10 per cent premium to the theoretical ex-rights price of S$4.40. Investors will get fewer shares after conversion, with this premium, compared to if the conversion price were lower. What is the rationale for setting a premium and how was the 10 per cent derived? - If SIA redeems the MCBs within the first four years, the yield to call will be 4 per cent per annum, compounded on a semi-annual basis. If the bonds are redeemed within years five to seven, the yield to call is 5 per cent if they are redeemed within years eight to ten, yield to call will be 6 per cent. If held to maturity, the implied yield is 6 per cent per annum compounded semi-annually. The yield to call of 4 per cent and 5 per cent appear to be far lower than the implied yield of 6 per cent if held to maturity. What are the reasons for the differences in yield? - Net gearing was calculated to be -0.23 if all the rights MCBs are converted, and -0.40 if all rights MCBs and additional MCBs are converted. This is arguably too conservative and comes at the expense of lower share prices. Will Singapore Airlines consider reducing the size of the rights issue and take out some debt instead to make up the shortfall? - Some retail shareholders may not be familiar with how MCBs work. Can SIA share any relevant data points or comparables with the market, or provide an illustrations of how the bonds will work, to allow shareholders to make an informed decision? - Earnings per share (EPS) is expected to drop from 57.7 Singapore cents to 23.1 cents after the rights issue but before conversion of all rights MCBs EPS will fall to 16 cents assuming the conversion of all rights MCBs. This significant drop in EPS will likely generate significant downward pressure on the share price. Given the ongoing pandemic and overall uncertainty in the business environment, how does the airline intend to beef up its operational performance? - SIA will be conducting its EGM on April 30 via a live webcast. However, some shareholders might be unfamiliar with accessing a meeting through electronic means. What is the company doing to ensure that the EGM remains accessible to all its shareholders? - Given Temasek&rsquo s irrevocable undertaking to vote in favour of the cash call at the EGM, how will SIA ensure that the EGM procedure is fair to minority shareholders and that their concerns are addressed before they cast their votes? - What is SIA' s assessment of the outlook for the aviation industry, given the Covid-19 situation? Both the rights issue and the additional issue will be tabled for shareholders' approval at the EGM, which will be conducted by the airline group' s chairman Peter Seah and CEO Mr Goh. The carrier' s shares were trading at S$6.05 as at 2.47pm on Tuesday, down S$0.18 or 2.9 per cent. https://www.businesstimes.com.sg/companies-markets/sias-raises-questions-about-singapore-airlines-cash-call-ahead-of-egm |
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| 22-Apr-2020 09:34 |
NetLink NBN Tr
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NetLink NBN Trust
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Corporate digestWED, APR 22, 2020 - 5:50 AM NetLink NBN Trust NETLINK Trust has received permission from the Infocomm Media Development Authority (IMDA) to resume the provision of fibre services to homes and offices, it said on Tuesday. Mainboard-listed NetLink NBN Trust wholly owns NetLink Trust. Last week... https://www.businesstimes.com.sg/companies-markets/corporate-digest-1121 |
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| 22-Apr-2020 09:29 |
Seatrium
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Sembmarine
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Sembcorp Marine told to stop all on-site work due to Covid-19 spread in foreign worker dormsPUBLISHED
APR 21, 2020, 2:31 PM SGTUPDATED
APR 21, 2020, 5:22 PMSINGAPORE (THE BUSINESS TIMES) - Sembcorp Marine (SembMarine) has received a government order to stop all on-site work with effect from Tuesday (April 21), until May 4 or the end of the &ldquo circuit-breaker&rdquo period. The stop-work order follows the steep rise in the number of confirmed Covid-19 cases among foreign workers in dormitories. In response to queries from The Business Times, a SembMarine spokesperson said on Tuesday: &ldquo The Ministry of Trade and Industry informed us yesterday that Sembcorp Marine and some other companies must now suspend all on-site activities with effect from April 21 (today), and that we are granted only a limited permit to carry works required for ensuring the safety of the ships and facilities in our yards.&rdquo In a letter dated April 20 and seen by BT, Alvin Gan, vice-president and head of SembMarine&rsquo s ship repair unit, explained to customers: &ldquo Most of our workers are housed in dormitories and in the last few days, there had been more cases of infections in most dormitories located across Singapore, with some dormitories already identified by the MOH (Ministry of Health) as clusters of Covid-19 infections.&rdquo He added: &ldquo In view of the orders given by our government, we will have to implement a stop-work order of our production activities at our shipyards in Singapore within 24 hours from today (April 20), and as such, the majority of personnel related production activities will not be required on site. &ldquo This production time-out is intended to &lsquo break the circuit&rsquo of transmission of the coronavirus and to reduce the risk of infections spreading amongst the personnel working on the ships, thereby safeguarding the health and safety of the customers&rsquo personnel and our workforce. This stop-work order is in the best interest of your ship in this difficult time.&rdquo The letter had also stated that SembMarine&rsquo s earlier approved exemption to continue onsite work has been rescinded, though BT understands that this information is dated. The MTI has since clarified that the exemption still stands, with a limit imposed on the number of people allowed to work at SembMarine&rsquo s yards. For instance, SembMarine will continue to maintain essential manning to ensure the safety of the work and the facilities, the company said. https://www.straitstimes.com/business/companies-markets/sembcorp-marine-unit-told-to-stop-all-on-site-work-due-to-covid-19-spread |
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| 21-Apr-2020 09:37 |
TEE Intl
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TEE International
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Tee Intl unit receives S$72m letter of award for sports centre in PunggolMON, APR 20, 2020 - 7:16 PMTEE International unit Trans Equatorial Engineering has received a letter of award worth about S$72 million from repeat client Hyundai-Keong Hong JV Limited Partnership, a joint venture between Hyundai Engineering & Construction Singapore Branch and Keong Hong Holdings unit Keong Hong Construction. The letter of award is for mechanical and engineering (M& E) works for the proposed development of a sports and recreation centre in Punggol, the mainboard-listed engineering and infrastructure group said in a statement on Monday after the market close. The M& E works are expected to be completed by the first quarter of 2023, " barring unforeseen circumstances like project delays due to the Covid-19 pandemic" , said Tee International. The S$72 million order was included in the group' s outstanding order book of S$298 million as at Feb 29. Said interim group chief executive Eric Phua: " With the increasing challenges imposed by the Covid-19 pandemic, Tee will continue to work closely with our clients and partners for the smooth execution and delivery of this project, in accordance to the authorities' guidelines." The group has been affected by the current circuit-breaker measures in place from April 7 till May 4 most construction works for ongoing projects having been suspended, with the exception of three projects that have been given approval to continue. This has resulted in significant disruptions to the group' s business and operations, and " will have an adverse impact on its profitability" for the financial year ended May 31, 2020, said Tee International. For the three construction projects that have not been suspended, only essential services are being carried out, so the current workforce - including the subcontractors - has been cut to 30 per cent of what it was previously at those sites, said Mr Phua. The recent stay-home notice for all foreign workers has thus a minimal impact on the company, he added. The letter of award is not expected to have any material impact on the group' s earnings or the net tangible assets for the current financial year ending May 31. Tee International shares closed up 0.1 Singapore cent or 4.35 per cent at 2.4 Singapore cents on Monday before the news. https://www.businesstimes.com.sg/companies-markets/tee-intl-unit-receives-s72m-letter-of-award-for-sports-centre-in-punggol |
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| 21-Apr-2020 09:25 |
HC Surgical
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HC Surgical Specialists IPO (SGX:1B1)
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HC Surgical brings on board specialist surgeon in acquisition MON, APR 20, 2020 - 7:46 PM HC Surgical Specialists has entered a sale-and-purchase agreement for a new endosocopy and surgery business that will be managed by specialist surgeon Goh Minghui, with whom the company has signed a service agreement, the Catalist-listed company said on Monday after the market close. HC Surgical is acquiring a 51 per cent stake in GMH Endoscopy & Surgery Pte Ltd (GMHES) for a total purchase consideration of S$765,000, from GMH Surgical Pte Ltd - which is wholly-owned by Dr Goh - and Dr Goh herself. GMHES was incorporated on March 17 and has yet to start operations. Following the completion of the proposed acquisition, GMHES will become a subsidiary of HC Surgical. Its principal activity will be providing endoscopic procedures and general surgery services, with a focus on colorectal procedures, which is aligned with the group&rsquo s core business. HC Surgical has also signed a service agreement with Dr Goh, who has worked in public hospitals for over 13 years and is currently a consultant surgeon in Singapore General Hospital' s department of colorectal surgery. She will manage GMHES for at least 11 years. With the addition of Dr Goh, HC Surgical now has six specialists. The total purchase consideration will be satisfied by a mixture of cash and shares. This includes a S$15,000 cash payment upon the signing of the agreement S$189,120 by the issuance of 480,000 shares in HC Surgical upon Dr Goh' s employment, at an issue price of 39.4 Singapore cents per share and a S$560,880 cash payment on Dr Goh' s employment date. The purchase consideration was arrived at on a willing-buyer-willing-seller basis, " taking into account the future potential of GMHES and the synergistic benefits for the group" , said HC Surgical. Subject to completion of the proposed acquisition, HC Surgical will enter into a separate sale-and-purchase agreement to buy the remaining 49 per cent stake of GMHES at a later stage. This is to occur by Nov 1, 2024 or such other date to be agreed between GMH Surgical, Dr Goh and HC Surgical. The additional shares will be purchased at an amount that is 49 per cent of 10 times the audited profit after tax of GMHES, for the financial year ending May 31, 2024. This consideration was arrived at based on arm&rsquo s length commercial discussions among the three parties, " after considering factors including potential earnings and the synergies between GMHES, Dr Goh and the group," said HC Surgical. HC Surgical shares closed down three Singapore cents or 7.14 per cent at S$0.39 on Monday before the news. https://www.businesstimes.com.sg/companies-markets/hc-surgical-brings-on-board-specialist-surgeon-in-acquisition |
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| 21-Apr-2020 09:22 |
Interra Resource
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Interra- cheapest oil stock
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Interra Resources to raise S$2.8m in private placement MON, APR 20, 2020 - 9:15 PM MAINBOARD-LISTED Interra Resource has entered a conditional subscription agreement that will raise S$2.8 million and give placee Poly Legend International a 9.53 per cent stake of its enlarged issued share capital, the watch-listed petroleum exploration and production firm said on Monday night. The agreement is for the subscription of an aggregate of 62.5 million new ordinary and fully-paid up shares in Interra Resources, by way of a private placement at an issue price of 4.5 Singapore cents per share. The subscription price was arrived at following arm' s-length negotiations, and represents a discount of 9.64 per cent to the volume-weighted average price of 4.98 Singapore cents per share based on trades on April 20. The aggregate consideration of S$2.81 million will enable Interra to raise estimated net proceeds of S$2.8 million, which it intends to use fully for general working capital purposes. Incorporated in Hong Kong, Poly Legend' s main business is petrochemicals and other commodities trading. It is a strategic investor in Interra and agreed to subscribe " as part of its business strategy to gain exposure and experience with the upstream business of the oil industry" , said Interra. Poly Legend has not asked for a board seat. Interra shares closed down 0.3 Singapore cent or 5.77 per cent at 4.9 Singapore cents on Monday before the news. https://www.businesstimes.com.sg/companies-markets/interra-resources-to-raise-s28m-in-private-placement |
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| 21-Apr-2020 09:17 |
Keong Hong
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low profile KHH to surprise on the upside
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KEONG Hong Holdings unit Keong Hong Construction has been awarded the main contract for a residential development at Everton Road by developer SL Capital (6) Pte Ltd, for a contract sum of about S$69.5 million. The project is not expected to have any material impact on the group' s net tangible assets per share and earnings per share for the financial year ending Sept 30. |
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