Company Briefs: Fraser and Neave

Fraser and Neave

Fraser and Neave said it would buy the remaining stake of a Malaysian beverage manufacturer that it does not own for RM23.4 million (S$7.6 million).

Its Malaysian unit, Magnolia-PDL Dairies (1993), yesterday exercised a call option to acquire the remaining 30 per cent of Yoke Food Industries, which makes, markets, distributes and exports beverages.

Based on the latest financial statement ended Sept 30, the 30 per cent stake in Yoke Food has a net tangible asset value as well as book value of RM17 million.


Accrelist

Accrelist, formerly known as WE Holdings, has secured $4 million in a convertible loan from Singapore Rixin Zhonghe Investment for its new corporate accretion services business.

The new business will focus on the promising education and financial technology sectors.

Under the agreement, Singapore Rixin is granted the right to convert the loan into new Accrelist shares.

In the fintech space, Accrelist intends to provide a securities-based crowdfunding avenue for retail investors to projects in various industries that are concurrently supported by the company, as well as partner a foreign-based industry leader to provide local merchants with the technological and structural support to streamline and improve the efficiency of their business process.

The group also intends to enter into discussions with a leading home-grown education investment company to explore business opportunities.


Sen Yue Holdings

Sen Yue Holdings' net loss has worsened to $926,000 from $226,000.

This was despite revenue rising by 49.6 per cent to $152.2 million for the year ended Sept 30, mainly due to higher revenue from the trading of commodities.

Sen Yue reported a pre-tax loss of $1.2 million, reversing from a profit of $1 million last year, mainly due to foreign currency translation loss of $2.1 million from the trading of commodities arising from the fall of the Chinese yuan and US dollar against Singapore dollar.

Loss per share widened to 0.15 cent from 0.04 cent previously while net asset value per share slipped by 0.06 cent to 3.85 cents.

A version of this article appeared in the print edition of The Straits Times on November 24, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe