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Stocks In Focus SG (Popular, SingPost, Tigerair) – 15/01/15
Chuan Hup Holdings has declined the $0.495 cash offer made by Falcon Energy Group for all shares in CH Offshore it does not own, after due consideration and reviewing of the offer documents and offeree circular. As at 10 September, Chuan Hup owns 23.8 percent of CH Offshore.
ISDN Holdings has signed an agreement with Perusahaan Daerah (Holding Company) Gowa Mandiri to indirectly acquire 49 percent of shares in PT Punggawa Datara Energy (PT DTE). The acquisition amount is US$0.6 million, which will be satisfied by cash upon completion. PT DTE is in the business of constructing, operating and maintaining of hydropower plants and the production of electric power in Indonesia, but has yet to commence operations.
Popular Holdings announced the receipt of a voluntary conditional cash offer from Grand Apex Holdings, for all issued and paid-up shares of the company at $0.32 per share. Popular Holdings’ chief executive officer Chou Cheng Ngok jointly owns Grand Apex together with his wife, Hu Nan Lee, and believes that the privatisation will provide greater management flexibility to develop its business, optimise use of resources and facilitate strategic initiates and operational changes. Shares of the company surged as it opened at $0.315 this morning. Its last traded price before the trading halt was $0.23.
Singapore Post has indirectly acquired a 90 percent interest in Famous Pacific Shipping (NZ) through its subsidiary Famous Holdings. An initial consideration of NZ$3.6 million (approximately $3.7 million) has been paid. However, the considered sum will be subjected to working capital adjustments. Coupled with a potential earn-out consideration of up to NZ$4.4m, SingPost could be looking at NZ$8 million for the investment. Net asset value of Famous Pacific Shipping (NZ) for FY14 stood at NZ$0.8 million (approximately $0.8 million). The acquisition will widen SingPost’s freight network, and allow entry into New Zealand’s freight market.
Tiger Airways Holdings and Scoot, a subsidiary of Singapore Airlines, have continued their cooperation in greater depth. The airlines have agreed on joint venture services of parallel flight routes from Singapore to Hong Kong and Bangkok, offering more schedule choice and harmonised policies. Scoot will increase flights frequencies to Perth to daily, while Tigerair redirects its aircraft to other markets. Both carriers are working to allow seamless booking of each other’s flights on their respective websites. Other areas of partnership being explored include common ground handling, procurement and service centres.
United Engineers has announced on behalf of indirect subsidiary Wearnes Engineering and Distribution, the disposal of its entire 21.3 percent interest in RFNet Technologies to Panasonic Asia Pacific for approximately $2.4 million. As at 31 December, the company’s carrying value of RFNet was approximately $1.8 million.
Unionmet (Singapore) has released its financial results for FY14, stating a 92.7 percent rise in revenue to US$0.2 million on the back of contribution from newly acquired subsidiary, Biofuel. Gross profit margin rose by 33.7 percentage points from 30.9 percent in FY13 to 64.6 percent in FY14. Still, the company made a net loss of US$4 million as operating expenses continued to outweigh gross profit.
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