Kian Ann Engineering

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#31
*For the full article, please visit the website.

The Straits Times
www.straitstimes.com
Published on Aug 25, 2012
Kian Ann Engg posts modest rise in Q4 gains


By Melissa Tan

TOUGH competition in a tightening market restricted heavy equipment and engine parts firm Kian Ann Engineering to a modest rise in fourth-quarter net profit.

Earnings came in at $4.5 million for the three months to June 30, a rise of 4 per cent on the previous year, while revenue dipped 2.8 per cent to $42.4 million.

The firm cited a "competitive business environment where supply outstripped demand in some of the group's key markets".

Sales in Singapore shot up 21.1 per cent from the corresponding period a year ago to $9.8 million due to a general increase in demand for parts by the construction and infrastructure sectors.

The construction sector grew by 5.3 per cent year-on-year in the quarter, according to the Ministry of Trade and Industry.

But the buoyant Singapore numbers were outweighed by the 16.2 per cent plunge in sales in Malaysia, Kian Ann's largest market by turnover, to $10.7 million.

The firm said the decline was due to lower demand for parts by the forestry sector.

Full-year net profit expanded 13 per cent to $19 million on the back of a 4.7 per cent boost in revenue to $170 million.

Lower demand for parts from China and India was offset by demand from the mining sector in Indonesia and other South-east Asian nations, plus strong sales to countries outside Asia, it added.
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#32
http://info.sgx.com/webcoranncatth.nsf/V...70029A66A/$file/Announcement_704_31_2.pdf?openelement

Does this announcement an indication to pave way for any impending change of controlling shareholders / takeover....???
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#33
Kian Ann ($0.39) - Good surge today after the announcement made. Anticipating a takeover soon...
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#34
Another trading halt has been announced pending an announcement.

Looks like more details of the anticipated takeover may be forthcoming.

[ S O U R C E ]

[UPDATE]

PROPOSED ACQUISITION BY INVICTA ASIAN HOLDINGS PTE. LTD. OF ALL THE ISSUED AND PAID-UP ORDINARY SHARES IN THE CAPITAL OF KIAN ANN ENGINEERING LTD. BY WAY
OF A SCHEME OF ARRANGEMENT

$0.44 offer by Invicta Asian Holdings.

[ S O U R C E ]
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#35
Sad to see another good company taken out .... Kian Ann has been with me for years.

Just my Diary
corylogics.blogspot.com/


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#36
I was hoping that this delisting would power up the share price of Hoe Leong which is also dealing with similar business. Big Grin
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#37
(15-10-2012, 07:41 PM)corydorus Wrote: Sad to see another good company taken out .... Kian Ann has been with me for years.

Well, we can always vote no during the EGM. A majority of shareholder present and voting must agree for the scheme to go through (assuming all the other regulatory and legal approvals are obtained)

It will again need a 'show of force' from the minority shareholders to vote this scheme off - just like Neratel.

Unlike Neratel, I suspect this may be a bit difficult for the minorities to win. I think the premium offer may be sufficient to tempt those who have bought years ago to say yes.

Let's see how this will play out.
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#38
Finally, 44 cents. it was really pleasantly surprised.
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#39
(15-10-2012, 08:52 PM)SLC81 Wrote: Finally, 44 cents. it was really pleasantly surprised.

May I just double confirm with you guys if the $0.44 offer is excluding the dividends ($0.0082)to be paid next month? From what i read and understand, even after the most recent announced dividends are paid next month, the offer will still stay at $0.44. This could be a fantastic arbitrage opportunity. Also, any idea if the deal does goes through, when will we receive the cash? 180 days?
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#40
Seems like no one has updated the development of Kian Ann.

RESULTS OF COURT MEETING

The resolution to approve the Scheme has been duly passed at the Court Meeting held on 17 Dec 2012.

COURT SANCTION OF SCHEME, LAST DAY OF TRADING AND NOTICE OF BOOKS CLOSURE DATE

The Scheme has been sanctioned by the Court today (17 Jan 2013)

Key Events and Expected Dates

Last day of trading of the Shares : 22 January 2013
Books Closure Date : 25 January 2013, 5.00 p.m.
Expected Record Date : 31 January 2013
Expected Effective Date : 1 February 2013
Expected date for the payment of the Offer Price : 8 February 2013
Expected date for the delisting of the Shares : 14 February 2013
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