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Chasen Clinches Contracts Worth S$4.2 million

Chasen Holdings Limited Friday announced that the company, through its subsidiaries, has secured a series of contracts in both Technical & Engineering and Relocation Services business segments worth about S$4.2 million.

Low Weng Fatt, Managing Director of Chasen Holdings said, “This is certainly a morale booster and a strong vote of confidence in Chasen. We are committed to deliver our best and remain dedicated to working towards concluding quality contracts going forward.”

Chasen Holdings Limited closed Friday at S$0.23


Food Empire Holdings Acquires Belgian Company

Food Empire Holdings Limited Friday announced that its wholly owned subsidiary, EPIQ Food Services Pte Ltd, has agreed to acquire 186 ordinary shares in BVBA Food Expert, representing 100 per cent of the total issued share capital of the Belgian firm.

The purchase price of BVBA amounts to EUR17,984.34. The principal activity of BVBA is wholesale of food products.

Following the completion of the transaction, BVBA will become a wholly-owned subsidiary of EPIQ Food Services.

Food Empire Holdings Limited closed Friday at S$0.370


CCM Group Secures S$3.5-million Deal

CCM Group Limited announced Friday that its wholly owned subsidiary, CCM Industrial Pte Ltd, has secured a repairs and redecoration contract from the Sembawang-Nee Soon Town Council.

The contract amounts to approximately S$3.5 million and covers repairs and redecoration works to 35 blocks of flats in the Chong Pang Division.

The duration of the contract will be for a period of 14 months, commencing on 16 July 2012 and is scheduled to be completed by 15 September 2013.

CCM Group Limited closed Friday at S$0.099


Suntec REIT’s BFC Development Converts to Limited Partnership

Suntec Real Estate Industrial Trust (REIT) Friday announced that BFC Development Pte Ltd (BFCD PL), which holds Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall, has been successfully converted to BFC Development LLP (BFCD LLP).

Suntec REIT, which held a one-third interest in BFCD PL, will continue to hold a one-third interest in BFCD LLP as a partner after the conversion.

With the conversion to a limited liability partnership, the income generated from MBFC properties will not be subject to corporate income tax at the BFCD LLP level as a limited liability partnership is tax transparent for Singapore tax purposes.

Suntec REIT closed Friday at S$1.310


Avi-Tech Electronics Warns of Net Loss in FY2012

Avi-Tech Electronics Limited Friday has advised that it is likely to record a net loss for the year ending 30 June 2012 (FY2012).

The group said that based on the preliminary financial figures, FY2012 results will be adversely affected by poor performance of US subsidiaries (Imaging Equipment and Energy Efficient Products business segment).

This is due to the substantial requirements for research and development, and time taken for the development of new products, to replace older models, resulting in high operating expenses. In addition there is a limited upside in sales due to the current range of product lines becoming less marketable.

“The poor results in this business segment are in line with the Board’s expectations as previously announced on 31 October 2011. In addition the Burn-in Services business segment reported a significant decrease in profits, impacting the bottomline of this key business segment,” said Avi-Tech Electronics in a statement.

Avi-Tech Electronics closed Friday at S$0.090


Novo Expects to Post Losses in FY2012

Novo Group Limited announced Friday that it expects to record a loss for the financial year ending 30 April2012 due to the unpredictable economic situation.

Additionally, heightening concerns of sovereign debt crisis spread across Europe, concerns of a hard landing in the People’s Republic of China and the United States struggled with its weak economic throughout the year under review.

The group expects to announce its annual results on June 25.

Novo Group Limited closed Friday at S$0.175


China Healthcare to Delist on June 19

China Healthcare Limited will be delisted from the Singapore Exchange on 19 June 2012, following the completion of the acquisition by Econ EQT Investment Pte Ltd.

Econ had in March offered to acquire all the issued and paid-up ordinary shares in the capital of China Healthcare at a cash consideration of S$0.28 apiece.

The offer represents a 16.7 per cent premium to the last transacted price of S$0.24 per share and 21.7 per cent premium to the three-month volume-weighted average closing price.