SG briefs: Wilmar, SIA Engineering, China Sunsine Chemical, Medtecs, Natural Cool

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Singapore company briefs: Wilmar International, SIA Engineering, China Sunsine Chemical, Medtecs International and Natural Cool Holdings.

Wilmar International

Wilmar International said Friday its direct wholly owned subsidiary Wilmar Pakistan Holdings (WPH) subscribed as part of a rights issue exercise for an additional 170.44 million shares in Pakistan-listed Unity Foods at 27 Pakistani rupees each for a total of 4.6 billion Pakistani rupees, or around US$26.4 million. 

The subscription brought WPH’s direct shareholding of Unity Foods’ enlarged share capital to 20.15 percent, the company said in a filing to SGX. 

Unity Wilmar Agro (UWA), which is 52 percent owned by WPH, also holds 163.17 million Unity Foods shares, representing around 13.67 percent of Unity Foods’ enlarged share capital, the filing said. 

Wilmar International’s effective stake in Unity Foods via UWA and WPH is around 27.26 percent, the filing said.

Read Wilmar’s filing to SGX.

SIA Engineering

SIA Engineering said Friday it formed a component services division (CSD) as a new business unit to focus on the component MRO business and increase the range of offerings as the company prepares for demand growth. 

All existing component repair and fleet management services, including inventory technical management services, will be consolidated under CSD, SIA Engineering said in a filing to SGX.

Read SIA Engineering’s filing to SGX.

China Sunsine Chemical 

China Sunsine Chemical guided Friday that it expected to report a material increase in net profit for the second half and full year on higher average selling price (ASP) and sales volume. 

“With the Covid-19 pandemic largely under control in China, the Chinese economy recovered strongly in FY2021, which led to the increase in prices of our raw materials and increased demand for our products. As such, the group was able to sell more products and increase its ASP,” China Sunsine Chemical said in a filing to SGX.

Medtecs International

Medtecs International warned Friday it expected to report a net loss for the fourth quarter, which resulted in a net loss of the second half despite a third quarter profit; the company said it still expected to report a 2021 profit. 

“The net loss for 4Q2021 was mainly due to inventory provisions for personal protective equipment (PPE) amounting to approximately US$3 million arising from the lower average selling prices for PPE in the current global market,” Medtecs said, noting it lowered its PPE average selling price by around 20 percent to 30 percent toward the end of the year to remain competitive in the global PPE market. 

Read Medtecs’ filing to SGX.

Natural Cool Holdings

Natural Cool Holdings warned Friday it expected to swing to a net loss for 2021 from a net profit in 2020, mainly on impairment on fixed assets, continued losses in its investment division and food division, and a fair value loss on other investment. 

The results will be released on or before 1 March, the company said in a filing to SGX.