Corporate digest
Oxley Holdings
OXLEY Holdings is buying a freehold property in the southern part of Singapore for S$121 million. It plans to redevelop the property known as 231 Pasir Panjang Road, subject to obtaining all the necessary approvals from the relevant authorities.
The option to purchase the property was entered into by its wholly owned subsidiary, Oxley Amber Pte Ltd, on July 11 with Casuarina Properties (Pte) Ltd.
This proposed purchase will be funded by internal resources and bank borrowings.
Duty Free International
MAINBOARD-LISTED Duty Free International's (DFI) net profit for the first quarter fell 24.1 per cent to RM15.1 million (S$4.85 million). Earnings per share for the three months ended May 31, 2017, stood at 1.24 sen, down from 1.76 sen a year ago.
DFI's revenue for Q1 2018 decreased by 13.1 per cent to RM167.5 million, due to customers' lower demand in certain products as well as the Malaysian government's imposition of goods and services tax at border outlets and duty free zones with effect from Jan 1, 2017.
An interim one-tier exempt dividend of S$0.0035 per share, to be paid on Aug 16, has been declared.
Sincap Group
SINCAP Group said on Wednesday it has received a requisition letter to convene an extraordinary general meeting to remove the directors. The company's board received the notice from "certain shareholders" and is in the process of confirming if the special notice conforms to the provisions under the Companies Act, it said in a filing on Singapore Exchange.
Sincap, which is principally engaged in the mining of gypsum minerals and trading of alumina and coal in China, advised its shareholders and potential investors to "exercise caution before making any decision in respect of their dealings in the shares". The group said it will provide further updates "as and when appropriate".
Katrina Holdings
FOOD and beverage company Katrina Group has entered into a subscription and shareholders' agreement with Big Benefit Group, a wholly owned subsidiary of Ajisen (China) Holdings.
Katrina will hold a 30 per cent stake in a joint-venture company called So Pho International, which will manage and operate restaurants, snack bars, cafes and other food services serving Vietnamese-style dishes under the "So Pho" brand in China and Hong Kong.
Katrina and Ajisen China will provide funding for working capital purposes for So Pho International of up to US$450,000 and US$1.05 million, respectively, by way of interest-free shareholder's loans as and when required by So Pho International.
Katrina will also grant So Pho International a sole and exclusive right to use, sub-license and franchise the trade name of "So Pho" and the associated trademarks, logos, designs and trade names in China and Hong Kong.
