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20160202.
For the year ended 31/12/2015, revenue was up 19.6% to S$13,077,000, compared to FY2014 of S$10,930,000.
As a result, gross profit rose by 21.3% to S$8,534,000, compared to FY2014 of S$7,033,000.
Gross profit margin was 65.26%, compared to FY2014 of 64.34%.
Other income was S$5,809,000, compared to FY2014 of S$19,618,000.
Net profit after tax was S$6,781,000, due mostly to decline in other income offset by decrease in other operating costs, compared to net profit after tax of S$12,491,000 in FY2014. A decline of 45.7%.
Net Cash Flows generated from Operating Activities was S$896,000, compared to net cash flow used in operating activities of (S$1,432,000) in FY2014.
Net Cash Flows Used in Investing Activities was (S$13,334,000), compared to net cash flow generated from investing activities of S$5,266,000 in FY2014.
Rock solid balance sheet. Investment properties, I reckon, is recorded at cost.
NAV per share as at 31 December 2015 was $S 31.57 cent (compared to last transacted price of S$ 27 cents).
The company declared dividend of S$ 1 cent per share for FY2015.
Specuvestor: Asset - Business - Structure.
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Award of Two Freehold Sites at Jalan Besar for S$13.8 Million
Hwa Hong Corporation Limited announced that Global Trade Investment Management Pte Ltd, its indirect wholly-owned subsidiary, has on 26 June 2018 exercised an option to purchase two (2) commercial freehold sites comprised in Lots 2706N and Lots 2847M at Jalan Besar, Singapore (the "Subject Sites") from City Developments Limited ("CDL"), for a total purchase consideration of S$13.8 million and on the terms and subject to the conditions of the Option.
The Option had been granted to GTI or its nominee on 12 June 2018 following a public expression of interest exercise undertaken by Jones Lang LaSalle Property Consultants Pte. Ltd. on behalf of CDL. The EOI Exercise was launched on 23 April 2018 and closed on 30 May 2018.
CDL (being an associate of the controlling shareholders of the Company) is an "interested person" for the purposes of Chapter 9 of the Listing Manual, and the Acquisition constitutes an “interested person transaction” under Chapter 9 of the Listing Manual. However, the Acquisition, which was awarded by way of a public tender via the EOI Exercise (as further described below), falls within the exception under Rule 916(5) of the Listing Manual.
The Subject Sites are located in the vibrant Jalan Besar area, a popular location for businesses in the creative industry, and have a freehold tenure. They are located close to City Square Mall and Little India and are served by excellent transport links, being within walking distance of Farrer Park and Jalan Besar MRT stations and a short drive to the central business district. They are also located close to the Beach Road / Ophir-Rochor precinct, one of the key growth areas identified by the Urban Redevelopment Authority of Singapore, and Kampong Bugis, a new waterside residential precinct with approximately 4,000 planned new residential dwelling units.
The Subject Sites have a combined site area of approximately 300.1 square meters (approximately 3,230 square feet) and are zoned “Commercial” with a gross plot ratio of 3.0.
More details in http://infopub.sgx.com/FileOpen/Hwa%20Ho...eID=511938
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11-05-2022, 12:47 PM
(This post was last modified: 11-05-2022, 12:48 PM by weijian.)
Now, real independence is only adequately demonstrated once one cease to become one.
Looking at ex-Chairman Mak's credentials, he was once head of CIMB Singapore and probably doesn't need the money anymore. This once again proves Buffett's view that independence is only found once you have more reputation (than money) to lose.
Hwa Hong discloses potential board candidates’ links to directors, shareholders
The recent developments at the company began on May 4, when Hwa Hong announced the resignation of its former independent and non-executive director, Mak Lye Mun. It attributed the reason to a “disagreement with certain board members on the selection and appointment process of 2 new independent directors”.
https://www.businesstimes.com.sg/compani...areholders
HwaHong's response to SGX: http://hwahongcorp.com/hwahongcorp/wp-co...ueries.pdf
Credentials of Mr Mak: http://hwahongcorp.com/hwahongcorp/wp-co...ge_MLM.pdf
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Voluntary Conditional Cash Offer
S$0.370 in cash for each share.
The Offer is conditional upon the Offeror and its concert parties holding more than 50.0% of the total number of Shares (excluding Shares held in treasury) as at the close of the Offer.
More details in :
1. https://links.sgx.com/1.0.0/corporate-an...5.2022.pdf
2. https://links.sgx.com/1.0.0/corporate-an...5.2022.pdf
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(17-05-2022, 06:07 PM)cyclone Wrote: Voluntary Conditional Cash Offer
S$0.370 in cash for each share.
The Offer is conditional upon the Offeror and its concert parties holding more than 50.0% of the total number of Shares (excluding Shares held in treasury) as at the close of the Offer.
More details in :
1. https://links.sgx.com/1.0.0/corporate-an...5.2022.pdf
2. https://links.sgx.com/1.0.0/corporate-an...5.2022.pdf
Saw dymon Asia again, just wondering what was the underlying governance issues not mentioned but minority shareholders ought to know to make informed decision?
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Families of other Ong Brothers and their associates hold about 212 millions shares or approximately 32.5% issue shares.
Offerors hold 24.3% issue shares and hence that leave undeclared shareholders holding 43.2% issue shares.
Unless some Ong Brothers have agreed to support the offer, Offerors would need to convince and secure the support of and or acceptance by at least 60% of the undeclared shareholders. Will this be a high bar to clear?
Or will the other Ong Brothers come together to bid for the control of the company?
Waiting the event to further develop.
vested,
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(19-05-2022, 12:17 AM)pianist Wrote: [Saw dymon Asia again, just wondering what was the underlying governance issues not mentioned but minority shareholders ought to know to make informed decision?
The underlying corporate governance issues were well documented, with directors quitting, voted out at AGM etc, prompting SGX Regco to issue a Notice of Compliance to the company. Minorities who followed it should be able to make an informed decision.
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19-05-2022, 05:37 PM
(This post was last modified: 19-05-2022, 05:45 PM by ghchua.)
(19-05-2022, 04:08 PM)retired1again Wrote: Or will the other Ong Brothers come together to bid for the control of the company?
Waiting the event to further develop.
vested,
Essentially, this is a battle between Mr Ong Choo Eng (the 3rd brother among the six of them) and his son, Mr Ong Eng Yaw, together with other investors and PE funds against the families of his five brothers. In response to the offer, the board had actually appointed FA Evercore Asia to source for better offers. I think there is a chance that the other brothers might counter offer. We don't know yet, so let's wait and see what the FA can come back with.
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20-05-2022, 07:06 AM
(This post was last modified: 20-05-2022, 07:12 AM by pianist.)
(19-05-2022, 05:32 PM)ghchua Wrote: (19-05-2022, 12:17 AM)pianist Wrote: [Saw dymon Asia again, just wondering what was the underlying governance issues not mentioned but minority shareholders ought to know to make informed decision?
The underlying corporate governance issues were well documented, with directors quitting, voted out at AGM etc, prompting SGX Regco to issue a Notice of Compliance to the company. Minorities who followed it should be able to make an informed decision.
May I ask then what is your informed decision and rationale based on the so called already well documented underlying corporate governance disclosed so far, putting aside the 'short term enticing' monetary value in the offer to win vote? Which camp is more well suited in long term best interest to run the company
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(20-05-2022, 07:06 AM)pianist Wrote: May I ask then what is your informed decision and rationale based on the so called already well documented underlying corporate governance disclosed so far, putting aside the 'short term enticing' monetary value in the offer to win vote? Which camp is more well suited in long term best interest to run the company
Well, those corporate governance issues were surfaced basically because there were two camps and resulted in differences in the company. Therefore, the selection process of the IDs, internal control etc were questioned. The rationale is simple. When I want to make an offer to control the company, especially a hostile one, I will of course "poison letter" the company in order to tempt more shareholders to accept the offer. Yes, there were corporate governance issues, but it was highlighted by the offeror in their offer announcement.
Which camp is more suited to run the company? Of course I will pick the camp which had been running the company for a long time. But as a shareholder looking at takeover offers, I have to make a decision that is best for my overall returns. Therefore, I cannot be emotional and will of course choose one that offers me the best price.
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