Company Briefs: Challenger Technologies

Challenger Technologies

Mainboard-listed Challenger Technologies has set up a new unit called Challenge Ventures (CVPL).

The IT retail chain store operator said yesterday the unit will focus on investing in companies and businesses to complement Challenger's existing business.

CVPL was set up with an initial paid-up capital of $1 million, and may get more capital of up to $20 million in the future if suitable investments can be identified, said the firm.

Jacks International

Health supplement distributor Jacks International reported a half-year net loss of $57,000, reversing from a net profit of $479,000 in the preceding year.

This was mainly owing to lower revenue, higher marketing and distribution expenses, and foreign exchange losses in the current reporting period.

Revenue fell 6.2 per cent to $7.4 million for the six months to July 31.

Loss per share for the period was 0.05 cent, down from a profit per share of 0.38 cent a year earlier, while net asset value was 42.37 cents as at July 31, up from 8.76 cents as at Jan 31.

HG Metal Manufacturing

Steel stockist HG Metal Manufacturing is suing Gayathri Steels for an outstanding $1.81 million in allegedly unpaid debts, the firm said yesterday.

It said the claim was for the "non-payment of supplies of steel materials", including interest.

Gayathri Steels has filed a defence and counterclaim to deny that it owes HG Metal Manufacturing that amount. It said the claim is premature and the firm is also not entitled to claim the outstanding sum.

It is also claiming that the steel stockist has caused a loss of profit of about $2 million, owing to "an alleged breach of contract on the part of the company".

HG Metal Manufacturing is seeking legal advice and will defend those claims.

The firm said that legal proceedings are not expected to have any material impact on the net tangible assets per share and earnings per share for the financial year ending Dec 31.

It will "release further announcements to update its shareholders on any material developments in relation to the legal proceedings as and when appropriate".

A version of this article appeared in the print edition of The Straits Times on September 09, 2015, with the headline 'Company Briefs: Challenger Technologies'. Print Edition | Subscribe