Singapore eDevelopment (Formerly CCM Group)

I am always amused by re-imaging exercises. After renaming with a prefix e, and few totally new ventures, will the company not only survive, but prosperous?

The company had done badly in its Singapore core business. The latest issue is a contract termination in Balestier.

http://www.straitstimes.com/news/busines...d-20140422

The company share is top active in SGX lately

(not vested)

Singapore eDevelopment goes on road to market new core business

Singapore eDevelopment (SeD) said it is meeting retail and institutional investors in Singapore to outline how it intends to enhance shareholder value through property development – chiefly in the United States and Australia – and info-communications technology (ICT) after disposing its Singapore construction business in May, 2014.

Its construction business had led to significant losses in the financial year ended 31 December 2013 (FY2013) which spilled over into FY 2014. Singapore eDevelopment is seeking legal advice on a call made to settle a corporate indemnity related to its legacy construction business.
...
http://www.theedgesingapore.com/the-dail...iness.html

real business so easy meh... want to be the next tencent, alibaba... just look at the shares less than 2 cents... lol...

more share play than doing real business..

Not Vested
GG

(25-08-2014, 11:39 AM)CityFarmer Wrote: I am always amused by re-imaging exercises. After renaming with a prefix e, after a previous named of CCM Group, and few totally new ventures, will the company not only survive, but prosperous?

The company had done badly in its Singapore core business. The latest issue is a contract termination in Balestier.

http://www.straitstimes.com/news/busines...d-20140422

The company share is top active in SGX lately

(not vested)

Singapore eDevelopment goes on road to market new core business

Singapore eDevelopment (SeD) said it is meeting retail and institutional investors in Singapore to outline how it intends to enhance shareholder value through property development – chiefly in the United States and Australia – and info-communications technology (ICT) after disposing its Singapore construction business in May, 2014.

Its construction business had led to significant losses in the financial year ended 31 December 2013 (FY2013) which spilled over into FY 2014. Singapore eDevelopment is seeking legal advice on a call made to settle a corporate indemnity related to its legacy construction business.
...
http://www.theedgesingapore.com/the-dail...iness.html

FYI, the newly named company has negative equity, and market cap (@ 0.3 cent) of slightly more than $90 million.

What an interesting top volume counter in SGX. Who are the buyers?

(not vested)

Singapore eDevelopment's former unit fails to stop S$4.2m claim
25 Aug 2014 08:29
SINGAPORE eDevelopment is seeking legal advice after a former subsidiary could not stop a S$4.2 million claim from a previous client.

Singapore eDevelopment, the property developer formerly known as the construction company CCM Group, said that an injunction by CCM Industrial Pte Ltd to contest the claim by Pan-Asia Logistics Investments has been set aside.

CCM Industrial was disposed of on May 21 as part of Singapore eDevelopment's restructuring. But the former CCM Group, together with CCM Industrial and CCM Industrial managing director Liew Sen Keong, had all given indemnities as part of a performance bond related to a contract between CCM Industrial and Pan-Asia Logistics Investments.

The contract was for the building of a four-storey warehouse and office in Tuas.

In its results announcement for the half-year ended June 30, 2014, Singapore eDevelopment disclosed that it had contingent liabilities from corporate indemnities comprising S$12.3 million, including the performance bond amount related to the Tuas contract.
...

Source: Business Times Breaking News

What a wonderful deal!

First of all, the software subsidiary was bought recently with $98,000, and sold with share worth USD 876 mil now.

http://business.asiaone.com/news/singapo...ew-destiny

Next, the market cap of the group is $92 mil, but a subsidiary is selling with price tag of USD 876 mil.

(not vested)

Singapore eDevelopment sells HotApps to US company for $876 mil in shares and bonds

Fragmented Industry Exchange Inc., a US company pending quotation on an over-the-counter bulletin board, is planning to acquire a wholly-owned instant messaging (IM) software subsidiary of Singapore eDevelopment for US$700 million ($875.7 million) in shares and bonds.
...
http://www.theedgesingapore.com/the-dail...bonds.html

This is funny, is HotApps even worth $876mil? The bond size is too huge. Whether eDev can get the money depends whether Fragmented Industry can pay.

HotApps intends to launch its flagship mobile application in Singapore before the end of this year. Don't even have a sizable user base yet!

More on Fragmented Industry Exchange:
Mary Ellen Schloth Pres/CEO/CFO/Chief Acctg Ofcr - only one employee?

http://www.nasdaq.com/markets/ipos/compa...0398-74955
http://business.asiaone.com/news/singapo...ew-destiny

(04-09-2014, 09:20 PM)kelvesy Wrote: This is funny, is HotApps even worth $876mil? The bond size is too huge. Whether eDev can get the money depends whether Fragmented Industry can pay.

eDev won't get a cent. It's a zero coupon perpetual bond.

This has to be one of the most (financially) innovative coys on SGX. 1st piggy back warrants, and now this.

Why didn't we think of this? (sarcasm intended)

Reminds me of the dot com days when companies "exchange revenue" ie one sell $100m worth of advertising and services to the other and the other swap the same. In short no cashflow as well, simply because people were fixated on sales growth

That's what happens when people rely on heuristically simple ratios and indicators

But these guys seriously think investors are dumb because I don't feel the current tech bubble has reached the "ludiculous" stage yet I will be surprised if the 2 exchanges don't clamp them down ie means they have learnt nothing at all. If I am the exchange I will request their auditors to give an opinion on the valuation or to take a revaluation excercise immediately.

PS They are able to do this balance sheet game because of the loophole of being limited liability companies. They have no capacity to lend nor borrow is of no concern when cash is not a prerequisite, just funny money. However banks will not lend them a dime of REAL cash

(04-09-2014, 10:09 PM)lanoitar Wrote:

(04-09-2014, 09:20 PM)kelvesy Wrote: This is funny, is HotApps even worth $876mil? The bond size is too huge. Whether eDev can get the money depends whether Fragmented Industry can pay.

eDev won't get a cent. It's a zero coupon perpetual bond.

This has to be one of the most (financially) innovative coys on SGX. 1st piggy back warrants, and now this.

convincing conjob...

(04-09-2014, 10:50 PM)specuvestor Wrote: But these guys seriously think investors are dumb because I don't feel the current tech bubble has reached the "ludiculous" stage yet

Chan is hoping to ride on the hype of Alibaba's impending listing, for the successful listing of HotApps. The US OTC market is cowboy territory, as witnessed by the recent pump & dump in Cynk (US$6b mkt cap for this 1 employee, 0 revenue, 0 asset company).

Chan has a colorful history. U can even hear it from the horse's mouth:

http://fai185.com/first-few-pots-of-gold

(05-09-2014, 09:36 AM)lanoitar Wrote: Chan has a colorful history. U can even hear it from the horse's mouth:

http://fai185.com/first-few-pots-of-gold

more info on Mr Chan courtesy of David Webb

https://webb-site.com/articles/xpress.asp