Corporate digest
XMH Holdings
ENGINE maker XMH Holdings lost S$88,000 in the second quarter ended Oct 31, down from a year-ago net profit of S$2.8 million, as weak market sentiment dragged down project revenue. Overall revenue slipped 2.8 per cent to S$25.1 million. Administration expenses jumped 87 per cent to S$5.2 million from the year-ago expenses of S$2.8 million. Looking ahead, XMH sees ongoing weakness in the oil and gas sector, but potential for benefits from rising coal prices.
Oriental Group
STEEL trader Oriental Group said that it has not received any notice in writing by four persons who are being nominated as directors that they are willing to be elected; those persons would therefore be disqualified as directors under the company's constitution, even if they were elected at an EGM that has been requisitioned for Dec 9. The requisitioning shareholders, Aseanzon (S) Pte Ltd and Dingji Investments Ltd, are seeking to remove directors Tan Song Kwang, Koh Choon Kong and Lim Kok Hui; and to appoint Aloysius Wee, Choong Yoon Fatt, Liu Ye and John Lim Ah Kow.
Olam International
COMMODITY trader Olam International has priced an upsized US$175 million of five-year notes at a coupon of 3.9 per cent, which is a spread of 199 basis points over five-year US Treasuries. Olam had initially offered just US$100 million of notes, but added a further US$75 million to meet demand. Proceeds will be used to repay existing bank debt and for general purposes. Rabo Securities was the sole placement agent.
China Environment
A KEY subsidiary of China Environment, an industrial waste gas treatment specialist, faces two additional civil suits in addition to a number of suits and letters of demands. A suit by Fujian Tongyong Hengxin Electrical Engineering Co against China Environment's Fujian Dongyuan Environmental Protection Co over a construction contract dispute will be heard before The People's Court on Dec 16. A suit by Longyan City Dongxiao Construction Engineering Co against the same subsidiary and also over a construction contract, will be heard on Dec 20.
YuuZoo Corporation
SOCIAL networking, e-commerce and entertainment company YuuZoo Corporation has introduced an electronic wallet service. The mainboard-listed company announced the launch of YuuWallet, a proprietary electronic wallet, on Tuesday in a filing to Singapore Exchange. The e-wallet, designed for use in developing as well as developed markets with low credit card penetration, can be used without credit cards.
