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Stocks to watch: Ipco, Ezra, MindChamps, Oceanus, Innotek
THE following companies saw new developments that may affect trading of their shares on Friday:
Ipco International: The mainboard-listed construction and turnkey project company has dismissed its chief financial officer, Carlson Clark Smith, 63, on several grounds of "misconduct", effective Feb 27. Ipco said on Thursday that Mr Smith had continued to be absent from the office without seeking prior approval from the board, and did not conduct on-site visits of the group's subsidiaries in China and the US where he was key officer over the last four years. In addition, Mr Smith as a former board member, had failed to inform shareholders that his passport had been impounded by the Singapore Commercial Affairs Department since 2014, the Ipco board said.
Ezra Holdings: The distressed offshore and marine (O&M) group said on Thursday that it has entered into a binding proposal with Asia Fund Space (HK) Ltd (AFS) that will see existing assets spun off under a separate trust. AFS, a financial consultancy specialist, will also invest S$1 million into the reorganised Ezra in exchange for 92 per cent of its enlarged share capital.
MindChamps PreSchool: The largest premium preschool operator and franchiser in Singapore said on Thursday that net profit fell 15 per cent to S$4.6 million for the financial year ended Dec 31, as higher costs offset its higher revenues. Revenue rose 24 per cent to S$22.8 million, largely thanks to a $3.2 million gain in school fees from new centres it acquired or opened.
Oceanus Group: The premium seafood supplier, which has been on the Singapore Exchange's (SGX) watch-list since December 2015, said on Thursday that it was finally back in the black, with a net profit attributable to shareholders of 176 million yuan (S$36.8 million) for the year ended Dec 31, 2017, from a loss of 62.2 million yuan the year before.
InnoTek Limited: The precision metal components manufacturer announced on Thursday a dividend of one cent for fiscal 2017, double the dividend for the previous year. For the fourth quarter, it reported a 42 per cent decrease in net profit to S$2.8 million from S$4.8 million as revenue crept up 1.3 per cent to S$56.1 million, mainly due to increased revenue from its precision machining business.