Corporate digest
Jumbo
SEAFOOD restaurant group Jumbo has lodged its preliminary offer document for a listing on the Catalist board of the Singapore Exchange. The group plans to open more outlets in Singapore and China under new or existing brands to tap a bigger customer base. It currently has 14 outlets in Singapore and two in China, under five brands. Jumbo also intends to acquire or lease bigger premises. For FY14, Jumbo earned a net profit of S$11.52 million on revenue of S$112.4 million.
International Healthway
INTERNATIONAL Healthway Corporation (IHC) has announced terms for its proposed acquisition of Healthway Medical Corporation (HMC). The consideration for each HMC share is S$0.10 and will be satisfied through the issue of new shares in IHC at an issue price of S$0.45. No cash will be paid to HMC shareholders. Each HMC shareholder will be entitled to one consideration share for every 4.5 HMC shares. Catalist-listed HMC owns and operates about 70 medical clinics and manages some 30 medical clinics in Singapore. Once the acquisition goes through, HMC will be delisted.
Soilbuild Construction
SOILBUILD Construction Group's subsidiary Soil-Build has won the tender for the lease of land at Airport Road (Defu 1) from the Building and Construction Authority for S$26 million. The land area is around 20,400 square metres and the lease term is 30 years starting September this year. The group estimates that it will further invest about S$50 million over the next two years for the development of an integrated construction and precast hub and the procurement of highly automated precast equipment. Construction is expected to start in November, and the plant is scheduled to start operations in the fourth quarter of 2017.
Magnus Energy
A SUBSIDIARY of Magnus Energy is forking out A$1 million (S$1 million) in cash to subscribe for 8 million shares in a new Australian oil and gas company. The unlisted firm, Royal, was incorporated in June, and seeks to hold equity stakes in developed or assets nearing production. Royal is in the process of raising funds for its plans, and intends to raise between A$5 million and A$10 million.
Q&M Dental Group
Q&M DENTAL Group has completed the acquisition of TP Dental Surgeons, a multidisciplinary centre offering a complete range of dental services in the premium dental market. It has, however, revised downwards the profit target with TP Dental's shareholder and dentist in charge Hwang Yee Cheau, and will retain S$1.6 million from Dr Hwang's portion of the cash consideration for the eight year period that the profit target agreement is in force.
