Corporate digest
PACC Offshore Services Holdings
MAINBOARD-LISTED PACC Offshore Services Holdings (POSH) requested a suspension of trading with effect from 9am on Friday, after the Kuok group's cash offer for its shares closed on Thursday. POSH lost its free float on Dec 11. The offeror, Quetzal Capital, has applied to delist POSH. The offeror and concert parties owned, controlled or agreed to acquire about 96.48 per cent of POSH shares as at the offer's close. The offeror will compulsorily acquire the remaining shares by Jan 28 at the same offer price of S$0.215 apiece.
Sembcorp Industries
SEMBCORP Industries, through wholly-owned SembWaste, has signed an agreement with Veolia Environmental Services Asia to acquire Veolia ES Singapore and the public cleaning business of Veolia ES Singapore Industrial for about S$28 million. The businesses to be acquired hold contracts for public and commercial waste and recyclable collections, and associated properties including a materials recovery facility. Sembcorp said the acquisition will double SembWaste's fleet of vehicles to close to 400. The consideration will be internally funded and paid in cash.
Tan Chong International
AUTOMOBILE firm Tan Chong International warned of a fall in profit attributable to shareholders for the year ended Dec 31, 2019 due to lower vehicle sales. It expects "a material decrease" from HK$600 million (S$104 million) the previous year. It said that despite the profit decline, the group's business operations remain relatively stable and the group's balance sheet continues to be in a healthy state.
The group is still preparing its consolidated final results for the year, with the results announcement expected to be published before the end of March. Tan Chong also expects to record an unaudited unrealised gain of HK$309 million on its investments designated as at fair value through other comprehensive income, compared to an audited unrealised loss of HK$931 million in the previous year. The unrealised gain will be reported in its other comprehensive income statement and is not expected to be reclassified to its consolidated profit or loss.
