Loyz Energy: Upstream energy group Loyz Energy on Wednesday said that it is welcoming a new controlling shareholder and has made changes to its board and management team to better weather the current challenging environment in its upstream oil and gas business.
Wave Link LP, an existing shareholder of the company, has entered into an agreement with Jit Sun Investments, the largest shareholder of Loyz Energy, to acquire an additional 9.85 per cent stake in Loyz Energy from Jit Sun.
With this, Wave Link will become the company's second largest shareholder with a 16.7 per cent shareholding interest, after Jit Sun which holds 17.18 per cent.
Former CFO Jeffrey Pang has also been appointed as CEO to replace Adrian Lee, managing director, who has been appointed as non-executive director on the board.
Simon Charles Lockett, chairman of the group, has also stepped down from the board but will continue to contribute as an adviser to the board. Lead independent director William Teo, who currently chairs the audit committee, has been appointed chairman of the board.
Oxley Holdings: Property developer Oxley Holdings on Wednesday said that its retail bond offering of four-year 5.15 per cent retail bonds to private banking, institutional and other investors has been oversubscribed within the first day of its launch.
In view of the strong interest received, S$25 million in principal amount was reallocated from the public offer of up to S$125 million to the placement.
With this, S$50 million and S$100 million of bonds are now being offered under the placement and the public offer, respectively.
The closing date for applications for the bonds under the public offer is May 16 at 12 noon.
Singapore Post: SingPost on Tuesday reported that net profit for the three months ended March 31 jumped 196.4 per cent to S$105.38 million from the previous year, on the back of a 27.7 per cent year-on-year rise in revenue to S$317.58 million.
The revenue expansion was partly due to higher contribution from e-commerce logistics, the inclusion of new logistics subsidiaries and the consolidation of US subsidiaries Trade Global and Jagged Peak, SingPost said.
Fraser and Neave: Beverage maker F&N saw its second-quarter net profit slump 54.1 per cent from restated earnings on a reclassification of profits from its brewery business in Myanmar. This business was sold off in 2015.
Stripping that out, profit from continuing operations were stronger from a year ago, given an expansion in margins in its beverages and dairies business.
On Tuesday, it said that net profit for the three months ended March 31, 2016 stood at S$12 million, down from S$26.2 million a year ago on a restated basis. This translated to earnings per share of 0.8 Singapore cents, down from 1.8 Singapore cents.
Wilmar: Wilmar International's net profit grew 3.2 per cent in the first quarter despite a drop in revenue, as its cost of sales fell even more and its investment securities delivered a gain versus a loss last year.
The palm oil processor recorded net profit of US$239.4 million for the three months ended March 31, up from US$232 million a year ago. This translates into earnings of 3.8 US cents per share, compared with 3.6 US cents in the same period last year.
Revenue slipped 4.3 per cent to US$9 billion on lower commodity prices. Stripping out investment and foreign exchange gains, its core net profit fell from US$254.1 million to US$222.4 million.