Company briefs


THE Temasek Holdings unit Singapore Technologies Semiconductors has accepted the final cash offer from China's JCET-SC to buy out its controlling stake in Stats ChipPac.

JCET-SC (Singapore) is offering 46.577 cents a share, or $1.03 billion. Listed semiconductor packaging and testing private enterprise JCET had offered to buy all the outstanding shares of Stats ChipPac at 45.2 cents each last November.

Mainboard-listed Stats ChipPac last traded at 51 cents. As part of the offer agreement, it announced yesterday a proposed offering of perpetual securities by way of a non-renounceable rights issue to raise gross proceeds of US$200 million (S$269 million).

MS Holdings

NET profit at crane rental company MS Holdings fell by 37.5 per cent to $2 million in the 12 months to April 30 from $3.2 million a year ago due to depreciation expenses and one-off listing-related expenses.

While average rental rates declined during the year, revenue rose by 0.6 per cent to $17.1 million as the group expanded its fleet size, with the acquisition of one mobile crane in the second half of the previous financial year and two mobile cranes in the first half of the period under review.

But depreciation expenses increased correspondingly, resulting in gross profit dipping to $6.4 million with a gross profit margin of 37.6 per cent.

One-off expenses related to its initial public offering of $700,00 also increased general and administrative costs significantly.

Earnings per share came in at two cents, down from 3.2 cents, while net asset value was 27.1 cents, up from 20.5 cents a year earlier.

A version of this article appeared in the print edition of The Straits Times on June 27, 2015, with the headline 'COMPANYBRIEFS'. Print Edition | Subscribe