These are Singapore companies which may be in focus on Wednesday, 25 August 2021: UOL, Lum Chang Holdings, ValueMax, Leader Environmental Technologies, Koda and Nam Cheong.
UOL Group has priced S$400 million fixed-rate notes due 2028 at 2.33 percent, with the net proceeds of the seven-year notes to be used to refinance existing borrowings, the property developer said in a filing to SGX Tuesday.
Lum Chang Holdings
Lum Chang Holdings reported Tuesday it swung to a first half net profit of S$2.81 million from a year-ago net loss of S$9.15 million, as revenue increased 44 percent on-year to S$194.71 million.
For the full fiscal year, the company reported it swung to a net profit of S$2.97 million from a year-ago net loss of S$2.11 million, while revenue edged up 1 percent on-year to S$325.62 million, mainly on increased revenue from the property segment, offset by lower revenue from the construction segment.
“The increase in revenue from property segment arose mainly from more units sold from the group’s residential developments in Singapore and Malaysia,” the company said in a filing to SGX. “The decrease in revenue from construction segment was mainly due to slower progress arising from Covid-19 measures and restrictions imposed at construction sites.”
ValueMax said Tuesday it increased its investment in wholly owned subsidiary VM Credit by injecting S$1 million in cash to be used to meet working capital requirements.
The capital injection was funded with internal resources and brought VM Credit’s issued and paid-up capital to S$6 million, the pawnbroker said in a filing to SGX.
Leader Environmental Technologies
Lin Baiyin, an executive director of Leader Environmental Technologies, saw his deemed interest in the company drop to 0.98 percent from 2.61 percent after his nominee, Bank of Singapore, disposed of 25 million shares of the company for around S$2.08 million in an off-market deal, according to a filing to SGX Tuesday.
Lin’s total holding in the company fell to 1.05 percent from 2.68 percent previously, the filing said.
Koda said Tuesday it has entered a deal to acquire the Singapore freehold industrial building at 18 Tagore Lane for S$11.23 million to replace the company’s existing leasehold building located at 28 Defu Lane, Defu Industrial Park.
The existing lease with JTC Corp. will expire end-November 2023, with no certainty it will be renewed, Koda said in a filing to SGX, adding the deal will be funded with internal resources and bank borrowings.
“Considering the risk of non-renewal of the existing lease and time required to relocate the Singapore operations, it is thus operationally practical for the company to terminate the existing lease before the lease expiry date and find suitable property to replace the existing leasehold building in order to minimise disruptions to the Singapore operations,” Koda said.
Nam Cheong said Tuesday SK Majestic would go from being an indirect wholly owned subsidiary to a 50 percent-owned associate.
SK Global, another indirect wholly owned subsidiary of Nam Cheong, subscribed for 499 new ordinary shares of vessel charterer SK Majestic at US$1 each, and 500 new ordinary shares were placed with three subscribers, Nam Cheong said in a filing to SGX.
None of the subscribers are company directors, substantial shareholders or associates, the filing said.