Hwa Hong Corporation Limited (formerly: Hwa Hong Manufacturing Company Ltd)

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#21
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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#22
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
Specuvestor: Asset - Business - Structure.
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#23
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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