BreadTalk to Operate Jumbo Seafood Restaurants in China
BreadTalk Group Limited Friday announced that its wholly-owned subsidiary, Together Inc Pte Ltd (TIP), has entered into a 30:70 joint venture agreement (JVA) with Jumbo F&B Services Pte Ltd (JFB), to incorporate a company in Singapore under the name of JBT (China) Pte Ltd (JVCO) which in turn will register a fully-owned subsidiary in Shanghai, China.
JVCO will carry on the business of an investment holding company whereas the subsidiary will operate restaurant(s) under the “Jumbo Seafood” brand in the agreed territories in China.
TIP and JFB would collectively contribute an investment amount of up to S$3.0 million in JVCO, of which S$2.1 million will be injected as share capital to the subsidiary by JVCO; with the balance of S$0.9 million as shareholders’ loan.
BreadTalk Group Limited closed Friday at S$0.55
Chip Eng Seng Clinches S$137.73-million HDB Contract
Chip Eng Seng Corporation Limited Friday announced that its wholly-owned subsidiary, Chip Eng Seng Contractors (1988) Pte Ltd (CESC), has been awarded a S$137.73-million contract by the Housing & Development Board (HDB) for building works at Bukit Panjang neighbourhood.
The contract comprises of the construction of seven blocks of residential buildings with 862 dwelling units and other community facilities. The construction period is approximately 33 months.
The contract is not expected to have any material impact on the net tangible assets and earnings per share of the group for the current financial year ending 31 December 2012.
Chip Eng Seng Corporation Limited closed Friday at S$0.415
Chosen Holdings’ FY2012 Net Profit Surges to S$1.17 million
Chosen Holdings Limited reported Friday net profit of S$1.17 million for the full year ended 30 June 2012, up more than eight times from only S$144,000 previously.
The group attributed the significant gain to S$2.80 million sum which came from the insurance claim made for disruptions to its plant in Thailand due to floods.
Turnover for the financial year grew 14.2 per cent to S$99.40 million from a year earlier on the back of a 41.5-per cent gain in revenue from its Malaysian operations to S$21.54 million and a 21.0-per cent rise in its China operations to S$33.04 million.
Revenue from all major product categories (printing and imaging, communication, medical devices and automotive) increased resulting in higher revenue for the group while revenue for Thailand operation declined owing to the flood.
For the rest of FY2013, the group is mindful that challenges including the possible effects from economic slowdown in USA, Europe and Asia, fluctuations in exchange rates and competitive price pressures, will affect the group’s business and profitability.
The group’s management said it will continue to focus on enhancing its core competence as a precision component supplier.
Chosen Holdings Limited closed Friday at S$0.105
Magnus Energy Issues Profit Warning
Magnus Energy Group Limited Friday announced that the group expects to report a loss for the full year ended 30 June 2012 as compared to the net profit for the full year ended 30 June 2011, mainly due to unrealised foreign exchange loss and lower revenue.
The higher earnings in previous financial year were partially due to one-off gain from disposal of its subsidiary Songyuan Yongda Oilfields Exploration and Technology Co Ltd.
Further, the group expects to report a loss in the fourth quarter ended 30 June 2012 due to unrealised foreign exchange loss.
Magnus Energy Group Limited closed Friday at S$0.02
China Aviation Oil Aborts Plan for Greenfield Oil Storage Plant in Malaysia
China Aviation Oil (Singapore) Corporation Limited (CAO) said Friday it has aborted the plan to enter into a joint venture with Centralised Terminals Sdn Bhd (CTSB) for the design, construction, development, operation, management and maintenance of an oil storage terminal at the Port of Tanjung Langsat, Johor, Malaysia
On 6 October 2011, CAO entered into a conditional shareholders’ agreement with CTSB for the establishment of a joint venture company in Malaysia to operate and maintain the terminal three facility, in which CAO would acquire a 26-percent equity stake.
“In view of the fact that the fulfilment of certain key conditions precedent agreement, CAO and CTSB have agreed to let the shareholders’ agreement lapse on 20 August 2012 as it is no longer commercially feasible to continue with the project,” CAO said in a statement.
“We will continue to explore other suitable collaboration opportunities in the region with CTSB,” said Meng Fanqiu, Chief Executive Officer of CAO.
China Aviation Oil (Singapore) Corporation Limited closed Friday at S$0.98