Fu Yu Corporation

Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Hi Desmond,

Mr Ng was a former executive director of Fu Yu.

Here are some background info (ctrl + F "Ng Hock Ching"):
1. http://www.asiaone.com/print/News/AsiaOn...97892.html
2. http://infopub.sgx.com/Apps?A=COW_CorpAn...W88Soh95PY

In matters regarding their subsequent then-executive director: http://www.fuyucorp.com/Attachments/FYC_...gation.pdf. He left the company shortly. http://www.straitstimes.com/business/com...urt-ruling

of course, the firm is led by better management these days.
A few years ago, he made an offer to acquire 10 percent of fuyu shares at around half the current share price. The offer did not succeed. What's interesting to me is that I sat next to him during the agm. The offer was still open at that time. A few Shareholders were questioning the board about the offer but no one seems to realize the offerer was sitting in the room as a shareholder. Actually I think most of the so called shareholders prob knew. If you have attended fuyu agms, there are always a lot of shareholder whom I believe are company staff who are there to quickly propose and second the agm motions.
Off my memory, I remember Mr Ng slowly built up to his current holdings through some off market purchases, probably from the previous chairman Mr Lui, whom seem to have completely divested his shares through the years.
Financial Results for the Year Ended in 31 December 2018 ("FY2018")

1. Group revenue in FY2018 edged higher by 1.4% to S$197.7 million
2. Gross profit margin expanding to 17.8% in FY2018 from 17.1% in FY2017
3. Group’s net profit attributable to owners of the Company ("PATMI") jumped 165.5% to S$11.9 million in FY2018 from S$4.5 million in FY2017
4. Group’s operating profit in FY2018 increased 16.9% to S$15.5 million from S$13.2 million in FY2017
5. Sound balance sheet with cash balance of S$80.3 million and zero borrowings
6. Shareholders' equity stood at S$164.1 million, equivalent to net asset value of 21.80 cents per share, inclusive of cash and cash equivalents of around 10.67 cents per share
7. Final dividend brings its total dividend payments for FY2018 to 1.6 cents per share .

More details in :
1. https://links.sgx.com/1.0.0/corporate-an...uddies.com
2. https://links.sgx.com/1.0.0/corporate-an...uddies.com

Fu Yu Corporation today closed at S$0.21, +0.0050 (+2.44%).
Specuvestor: Asset - Business - Structure.
Redevelopment Project at 9 Tuas Drive 1, Singapore

Following the Company’s announcement on 13 August 2019, the Group has obtained approvals from the regulatory authorities to proceed with the Redevelopment Project. This project is in conjunction with the lease renewal of the Group’s premises at 7 Tuas Drive 1 (“Plot 7”) and Plot 9 for a further term of 20 years from 16 November 2021. Plot 7 and Plot 9 have land areas of 4,756 square meters and 4,755 square meters respectively. As part of the lease renewal, the Company also has to assign its premises at 5 Tuas Drive 1 by 10 September 2020.

The Group is embarking on the Redevelopment Project to expand and improve its operations in Singapore. The Redevelopment Project entails the demolition of the existing building and construction of a larger building to house a factory, warehouse and office space. The new building will have an estimated gross floor area of 9,000 square metres which is more than three times the size of the existing building.

As part of the Redevelopment Project, the Group plans to invest in new manufacturing equipment to expand its production capacity and enhance its capabilities to produce higher precision and better quality products. The layout of the new building will also be modified to facilitate a seamless workflow across tooling, moulding and assembly operations. Together with the investments in new and advanced production equipment, the Group expects to benefit from higher productivity and operational efficiency. The Group believes that its investment in the Redevelopment Project is a key element of its long term strategy as Singapore is an important and growing base for its manufacturing operations. With the improvements, the Group’s operations in Singapore will be able to elevate its manufacturing competencies to deliver greater value to its customers.

Based on current cost estimates, the capital expenditure for the Redevelopment Project is now expected to be approximately S$15.4 million which will be financed by the Group’s internal funds. Construction works has commenced and is targeted for completion in the fourth quarter of 2020.
Specuvestor: Asset - Business - Structure.
Fu Yu
Wang Shao Ren (Wang Shaoren) @ Ong Shao Jin
Pilgrim Partners Asia (Pte.) Ltd. entered into a sale and purchase agreement with Hew Lien Lee, Ho Nee Kit, Tam Wai and Ching Heng Yang on 13 January 2021 to acquire 224,392,511 shares in Fu Yu Corporation Limited (the "Sale Shares"). Completion under the sale and purchase agreement has not taken place. Pursuant to section 4(7) of the Securities and Futures Act, Cap. 289 of Singapore, Pilgrim Partners Asia (Pte.) Ltd. is deemed to have an interest in the Sale Shares.

Pilgrim Partners Asia (Pte.) Ltd. ("Pilgrim") is a fund manager. It is intended for the 224,392,511 shares in Fu Yu Corporation Limited acquired by Pilgrim to be held by a variable capital company ("VCC") to be incorporated and established by Pilgrim as fund manager. It is intended for the VCC to be structured as a closed end fund with Wang Shao Ren (Wang Shaoren) @ Ong Shao Jin as a member holding an 85% shareholding.

Stay home and stay healthy, everyone.
Diversify into commodity business

[Image: uc?id=1-RN-UZmu7JJ68tAxn2AT9K3z-5BO9rFO]

Stay home and stay safe, everyone.

Forum Jump:

Users browsing this thread: 1 Guest(s)