Company Briefs


A private-equity arm of Citic Group Corp has agreed to buy the rest of Singapore-listed medical device maker Biosensors International Group for about $1.1 billion.

Citic Private Equity Funds Management Co, which already controls about 19.6 per cent of Biosensors, is paying 84 cents a share for the stock it does not already own.

That price is about 24 per cent higher than Biosensors' last closing price of 68 cents.

Biosensors makes coronary stents as well as other medical devices used during heart surgery and intensive care treatment.

Great Eastern

OCBC Bank has increased its shareholding in its insurance arm Great Eastern, from 87.17 per cent to 87.6 per cent.

The bank had purchased 2,032,651 shares at $21 per share from a willing seller for a total gross sum of $42.7 million in cash.

Rotary Engineering

Oil and gas infrastructure service firm Rotary Engineering posted a 42 per cent slide in its third-quarter net profit to $6.3 million, down from the same period a year ago. Revenue for the three months to Sept 30 slumped 65 per cent to $60.3 million, as the company reached completion on some of its major projects.

Earnings per share for the quarter came in at 1.1 cents, down from 1.9 cents previously. Net asset value per share stood at 46.4 cents as at Sept 30, up on 45.2 cents as at Dec 31 last year.

Jardine Cycle & Carriage

Indonesia's slowing economy continued to weigh on earnings at Jardine Cycle & Carriage (C&C), which recorded a slide in third-quarter net profit. The group's main profit contributor, Astra International, has been hit by reduced domestic consumption, competition in the car sector, lower commodity prices and a deterioration in the credit quality of its corporate clients.

Net profit for the quarter ended Sept 30 fell 15 per cent over the same period a year earlier to US$182.2 million (S$255.1 million), while revenue fell 20 per cent to US$3.7 billion.

Earnings per share for the July to September quarter was 49.14 US cents, down from 58.27 US cents in the same period a year ago.

Net asset value per share was US$5.17 as at Sept 30, from US$4.07 as at Dec 31 last year.

A version of this article appeared in the print edition of The Straits Times on November 05, 2015, with the headline 'Company Briefs'. Print Edition | Subscribe