Wee Hur Holdings

[Xiaosaint]

Hi guys, anyone going to the upcoming AGM?

[cyclone]

Award of A New Project from the Housing & Development Board

Wee Hur Holdings Ltd. announced that its wholly-owned subsidiary, Wee Hur Construction Pte Ltd, had secured a new project worth S$96,000,000.00 from the Housing & Development Board.

The scope of the Project covers the building and contingency works at Geylang Contract 43A.

The Project will commence in July 2019 and is expected to complete in fourth quarter 2022.

The Project is not expected to have a material impact on the consolidated net tangible assets per share and consolidated earnings per share of the Group for the financial year ending 31 December 2019.

[cyclone]

Award of A New Construction Project at 95 Portsdown Road

Wee Hur Holdings Ltd. announced that its wholly-owned subsidiary, Wee Hur Construction Pte Ltd, had secured a construction project worth S$38,980,000.00 from Tanglin Trust School Limited.

The scope of the Project covers the additions and alterations to existing Tanglin Trust School involving new erection of 11-storey educational institution block with carpark and sports and recreational facilities Mk 03 on Lot 05252w at 95 Portsdown Road.

The Project will commence on 15 July 2019 and is expected to complete on 15 July 2021.

The Project is not expected to have a material impact on the consolidated net tangible assets per share and consolidated earnings per share of the Group for the
financial year ending 31 December 2019.

[cyclone]

Award of a Tender for the Land known as Pioneer Lodge Situated at Soon Lee Road

Wee Hur Holdings Ltd. announced that Active System Development Pte Ltd (“ASDPL”), a 75%-owned subsidiary of the Company held through Wee Hur Dormitory Pte Ltd, has been awarded the tender for the land known as Pioneer Lodge situated at Soon Lee Road on state land Lot 4564K PT MK06 from the Building and Construction Authority (“BCA”) at a monthly rent of S$724,500 per month (GST exempted) and BCA’s administration fee of S$58,500 per month (excluding GST).

The lease of the Land is for a period of 3 years commencing from 1 October 2019 to 29 September 2022 and for the purpose of building a foreign workers dormitory.

[cyclone]

Award of A Tender for Land Parcel at Jalan Bunga Rampai by Urban Redevelopment Authority

Wee Hur Holdings Ltd. announced that its wholly-owned subsidiary, Wee Hur Development Pte Ltd, has been awarded the tender for the State Lease of the land parcel at Lot 10613W of Mukim 24 at Jalan Bunga Rampai by the Urban Redevelopment Authority at a tendered price of S$93,390,000.00.

The Land, which under a 99-year lease, has a site area of 4,666.6 square meter. The Land is located around 400 meters away from the Bartley MRT station. It can yield an estimated 115 residential units.

The award of the Land is not expected to have a material impact on the consolidated net tangible assets per share and consolidated earnings per share of the Group for the financial year ending 31 December 2020.

[CY09]

Wee Hur's business has been badly hit as its segments in construction, student accommodation and worker's dorm are being affected by COVID

With Singapore's gradual relaxation of border measures, its construction should start to turnaround. What remains is its Aussie student dorm which requires Australia's borders to reopen for foreign students to re enter.

A definite turnaround story but it really depends on how Singapore and Australia manages covid

https://links.sgx.com/FileOpen/WHH_1HFY2...eID=679001

[weijian]

Nice headline of 1.6bil aud. After excluding debt, non-controlling stake and 13% roll-on, it would still be 355mil aud, impressive in the sense that it is ~70% of market cap before the announcement.

The good thing is, value is been unlocked from balance sheet items. The bad thing is, the unlocked value is not released from the balance sheet. Since this is a substantial transaction and there will be an EGM, OPMIs will be questioning about the usage of the proceeds even though the Gohs have >50% to vote it.

The ideal scenario for OPMIs would be the Gohs rolling on the 13% retained stake using their own money, funded via a special dividend distributed from this sale and their million dollar salaries. But Gohs prefer to roll on the money (theirs and OPMIs) for their own entrepreneurship purposes.

WEE HUR SECURES A$1.6 BILLION EXIT FROM PBSA PORTFOLIO CULMINATING A DECADE OF STRATEGIC GROWTH AND EXCELLENCE

• Wee Hur retains a 13% stake through its subsidiary, highlighting confidence in the long-term potential of the portfolio

• Net proceeds of approximately S$320 million will fuel the Group’s strategic growth, supporting reinvestment in core businesses and expansion into new areas like alternative investments

https://links.sgx.com/FileOpen/Press%20R...eID=828068

[ghchua]

Hi weijian,

It was a disappointment, considering estimated gain for the whole WH PBSA PORTFOLIO is only $36.54 million. In NTA terms, it will only increase at around 7c per share.

Considering that there was much speculation on a higher valuation before the sale, I believe that the market will be quite disappointed over this proposed disposal.

[weijian]

Hi weijian,

It was a disappointment, considering estimated gain for the whole WH PBSA PORTFOLIO is only $36.54 million. In NTA terms, it will only increase at around 7c per share.

Considering that there was much speculation on a higher valuation before the sale, I believe that the market will be quite disappointed over this proposed disposal.

hi ghchua,

I had taken a quick look at its AR - The WH PBSA JV recognizes the PBSA properties as investment properties and so they are subjected to FV accounting. On Weehur's own financials, the JV is equity-accounted and its share of P/L is reflected on Weehur's own P/L and balance sheet. So, there isn't much "hidden value" per say. 

The 36.54mil of recognized gain probably isn't too far off the past 1 year of market valuation gains over end Dec2023.

[weijian]

Nice headline of 1.6bil aud. After excluding debt, non-controlling stake and 13% roll-on, it would still be 355mil aud, impressive in the sense that it is ~70% of market cap before the announcement.

The good thing is, value is been unlocked from balance sheet items. The bad thing is, the unlocked value is not released from the balance sheet. Since this is a substantial transaction and there will be an EGM, OPMIs will be questioning about the usage of the proceeds even though the Gohs have >50% to vote it.

The ideal scenario for OPMIs would be the Gohs rolling on the 13% retained stake using their own money, funded via a special dividend distributed from this sale and their million dollar salaries. But Gohs prefer to roll on the money (theirs and OPMIs) for their own entrepreneurship purposes.

WEE HUR SECURES A$1.6 BILLION EXIT FROM PBSA PORTFOLIO CULMINATING A DECADE OF STRATEGIC GROWTH AND EXCELLENCE

• Wee Hur retains a 13% stake through its subsidiary, highlighting confidence in the long-term potential of the portfolio

• Net proceeds of approximately S$320 million will fuel the Group’s strategic growth, supporting reinvestment in core businesses and expansion into new areas like alternative investments

https://links.sgx.com/FileOpen/Press%20R...eID=828068

Out of the sales proceeds of ~300mil sgd, ~65mil (7cents special dividend/share) or ~22% of sales proceeds have been declared out.

Every OPMI would hope for more, I suppose. But with the ongoing construction boom, having ample working capital might be a key critical advantage to be able to take advantage of it. So, if remaining proceeds are used wisely correctly for weave new magic, there will surely be (more) special dividends down the road after 3-5years.

SPECIAL DIVIDEND AND NOTICE OF RECORD DATE AND PAYMENT DATE

The Company is pleased to announce that, following the completion of the Disposal, the Board has declared and recommended a special tax exempt (1-tier) dividend of S$0.07 per ordinary share for the financial year ended 31 December 2024 (the “FY2024 Special Dividend”), subject to members’ approval at the forthcoming Annual General Meeting (“AGM”) of the Company.

The total dividend of $0.078 per ordinary share, which includes the FY2024 Final Dividend and the FY2024 Special Dividend, if approved, will be paid on 23 May 2025 to members registered in the books of the Company on 9 May 2025.

https://links.sgx.com/FileOpen/WHH%20Ann...eID=838270