THE following companies saw new developments that may affect trading of their securities on Wednesday (May 25):
ESR-Logos Reit: ESR-LOGOS REIT's manager announced that it has entered into an agreement to divest 3 Sanitarium Drive, Berkeley Vale, New South Wales, Australia to Australasian Conference Association Limited for $53.4 million (A$55.0 million) (excluding divestment costs and applicable goods and services tax).
The agreed sale price represents an 18.5% premium to the fair value of the property of $45.1 million (A$46.4 million) and is 61.8% above its purchase price of $33.0 million (A$34.0 million). The net proceeds from the divestment will be deployed to repay outstanding borrowings, finance upcoming asset enhancements and/or fund general working capital requirements.
Straco: For the 1QFY2022 ended March, the company reported a wider loss of $2.96 million, vs red ink of $658,700 in the year earlier period.
Revenue in the same period was down 40.3% y-o-y to $4.8 million, as its various attractions suffered from suspensions imposed by authorities trying to curb the pandemic.
Nordic: NORDIC Group said its subsidiary Avitools Singapore will be acquiring a precision-machining and turnkey-manufacturing services company for S$10 million, as the group announced separately that it has clinched S$19 million in contracts.
In a bourse filing on the proposed acquisition of Eratech on Tuesday (May 24), the systems-integration solutions provider said Avitools Singapore has entered into a non-binding term sheet to buy the entire issued and paid-up share capital of Eratech.
The move is expected to raise the revenue of the group’s precision-engineering division, as it presents an opportunity for the group to widen its range of products and services and expand its customer base, it added.
Japan Foods: Japan Foods reports higher revenue but lower earnings in FY2022 due to higher costs and lower rental concessions
Japan Foods Holding reported a 7.1% year-on-year increase in revenue to $54.6 million for the year ended March 31, 2022, the company's FY2022. The revenue increase during the period under review was driven mainly by a seasonally stronger second half and the performance of Japan Foods’ new Halal segment, which grew from one restaurant under one brand in November 2020 to nine restaurants under three brands as at end-March 2022, contributing 20.5% to total revenue.
Goss profit in FY2022 rose 6.9% y-o-y to $46.2 million, while gross profit margin remained at 84.6%. In FY2022, the Group’s associated companies also had a good showing, contributing share of profit of $83,000 compared to $33,000 in FY2021.
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