United Engineers

[opmi]

An example of the ineffectiveness of audit.

1mdb auditing also another example.

[specuvestor]

Audits like most regulations, cannot be 100% effective. It is only meant to deter 90% wannabe crooks and thats good enough. Enforcement agencies are set up for the remaining 10%

Imagine an alternative world where audit is absent

my gripe is that the auditors are paid by the company they audit. That is as dumb as the old LIBOR structure. I've suggested several times that companies should pay an audit fee based on share capitalisation or market cap to SGX or MAS and they are the ones that appoint the auditors

It may look redundant but incentives flow from where the gravy train lies.

[LionFlyer]

Time to buy a distressed stock (once the full extent is disclosed and persons charged)? Cyclical and macro events that affect the business tends to have longer cycles compared to accounting fraud, as long as the company don't sink.

[vesfreq]

Ue is fundamentally strong counter. Has good assets.

Its a good stock to keep and strong shareholders.

[vesfreq]

Any vested share holders? Share price suddenly dipped faster than usual. Any news on the market?

[odie]

ANNOUNCEMENT – INCORPORATION OF ASSOCIATED COMPANY

United Engineers Limited (the “Company”, and together with its subsidiaries, the “Group”) wishes to announce that its indirect 67.6% subsidiary, O’Connor’s Holdings Pte Ltd (“OCH”), has incorporated an associated company in Thailand, namely, O’Connor’s (Thailand) Co., Ltd. (“OC Thailand”), with an initial issued and paid-up capital of THB10,000,000 (equivalent to approximately S$417,000), comprising 100,000 shares of THB100 each. OCH has subscribed for 49,000 shares, representing 49% of the total equity interest in OC Thailand.
OC Thailand is principally engaged in the business of system integration and trading and distribution of engineering systems.
The incorporation of OC Thailand is not expected to have any material impact on the net tangible assets or earnings per share of the Group for the financial year ending 31 December 2015.
None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the said incorporation.

BY ORDER OF THE BOARD
Tan Chee Keong Roy
Group Chief Financial Officer
31 December 2015

[ngcheeki]

Trading halt this morning.

Based on the last traded price of $1.79 and NAV of $2.94, the Price to Book is 0.61x and net gearing of 58% and annualize pe of 13.5x

http://infopub.sgx.com/Apps?A=COW_CorpAn...5c1c0799fd

[egghead]

Because of this ?

[ngcheeki]

Because of this ?

Bingo !!!
"
4. RATIONALE FOR SUPPORTING THE PROPOSED TRANSACTION
The Board is supporting the Proposed Transaction because it is in line with the Company’s strategic review and objective of streamlining activities and businesses across the Group. The Proposed Transaction also allows the Company to exit from non-strategic or non-core operations of WBL and WBL’s subsidiaries, and to enhance capital management and unlock value for the Shareholders.
5. PROCEEDS FROM THE PROPOSED TRANSACTION
The net proceeds from the Proposed Transaction are intended to be used to repay external borrowings and as general working capital of the Group. This would further strengthen the Group’s balance sheet and enhance the Group’s financial flexibility.

Gain on completion of the Proposed Transaction
The Group would expect to realise an attributable net disposal gain of approximately S$115.2 million, and receive net proceeds of approximately S$505.3 million.
"


http://infopub.sgx.com/Apps?A=COW_CorpAn...eFinal.pdf

[opmi]

seems like the PRC companies are the ones scouring SGX/SG-controlled companies for acquistions.