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Stocks In Focus SG (AP Oil International, Genting Hong Kong, TTJ Holdings) – 11/12/14
AP Oil International entered into a sales and purchase agreement with Aik Moh Paints & Chemicals and PT Sari Daya Plasindo, to acquire the collectively owned 60 percent of shares in Heptalink Chemicals. Heptalink Chemicals carries on the business of trading and distribution of chemicals. The consideration of US$625,052 will be paid upon completion, to the respective parties, withholding ten percent as security for indemnity claims and warranty breaches. Based on latest audited financial statements of Heptalink Chemicals for the financial year ended 31 March 2014, the net asset value of the sale shares is US$2.2m.
Fischer Tech announced the disposal of its entire 38 percent equity interest in Zeito International to Chen You Hua, for $3.5 million. Zeito is an investment holding company that owns Dongguan Hyform Electronic Co which currently manufactures and assembles plastic components and keypads, but may change in due time to potentially compete with Fischer.
Genting Hong Kong’s wholly-owned subsidiary Star Cruises Terminal (China) has entered into an agreement to purchase EXA from Golden Hope, a substantial shareholder of Genting Hong Kong. The US$37.9 million acquisition allows Genting Hong Kong to explore new avenues for its business as EXA holds equity interests in yachts dealing companies, namely Wider S.R.L., Grand Bank Yachts, U-Boat Worx and Wider Yacht Asia.
Lee Kim Tah Holdings announced a voluntary unconditional cash offer by Lee Kim Tah Investments for all of its issued shares. Lee Kim Tah Investments is exercising its right as a major shareholder of the company, to compulsorily acquire at offer price of $1.08 per share from non-assenting shareholders.
TTJ Holdings’ revenue fell by 23.1 percent to $24.7 million in 1Q15, compared with the previous corresponding year, due to lower sales recorded in its structural steel business. Despite a lower revenue, the company’s gross profit margin rose from 25.3 percent in 1Q14 to 30 percent in 1Q15, a healthy improvement due to an increase in margins from projects secured and executed during the reporting period. Net profit fell by 9.8 percent to $4.2 million as expenses remained flat while revenue fell. No dividends are declared for the period.
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