THE following companies saw new developments that may affect trading of their securities on Thursday (May 26):
$Wing Tai Holdings(W05.SI): THE wholly-owned subsidiary of Wing Tai Holdings, Winville Investment, has won the tender for the collective purchase of Lakeside Apartments at S$273.9 million, representing a 14.1 per cent premium to the S$240 million reserve price.
In a press statement on Thursday (May 26), the group said it plans to redevelop the site into an “iconic” residential development of more than 300 units with unobstructed waterfront views of Jurong Lake and its surrounds.
Valuetronics reports 39% decline in net profits in FY2022 due to component shortage and expects challenging conditions to persist
Valuetronics: Valuetronics reported an 11.1% y-o-y decline in revenue to HK$2,027 million and a 39.3% y-o-y decline in net profit to HK$113.5 million in FY2022, for the 12 months to Mar 31, 2022.
The poor results were attributed to a global shortage in components. The supply problem for a wide range of electronics components resulted in extreme price surges, prolonged order lead times, frequent delivery delinquent and consequential productivity losses, the company said in a statement.
Boustead Projects: REAL-estate solutions provider Boustead Projects reported a 91 per cent fall in earnings to S$11.3 million for FY 2022 ending Mar 31, down from S$131.7 million the year before, as a result of the absence of a one-off gain.
The board of directors, upon the release of the company’s earnings results after market close on Wednesday (May 25), are proposing a final dividend of S$0.002 per share and a special dividend of S$0.008 per share, subject to shareholders’ approval.
At the end of FY2021, the company had sold its interest in 14 properties to Boustead Industrial Fund (BIF), netting a one-off gain of S$134.8 million. The absence of this one-off gain would have resulted in a loss of S$3.2 million for FY2021.
Hwa Hong: THE board of Hwa Hong has set out the views of non-independent non-executive director, Huang Yuan Chiang, following a dispute over the appointment of a financial advisor and statements made to the media about the events of the company’s annual general meeting.
Executive director Ong Eng Loke, non-executive non-independent director David Ong and non-executive non-independent director Ong Eng Keong (known collectively as the Ong directors), made a bourse filing after market close on Wednesday (May 25) about their differences with Huang — differences which led to Huang refusing to sign off on a May 20 statement to the media.
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