Company Briefs: China Yongsheng

China Yongsheng

Catalist-listed concrete supplier China Yongsheng could be delisted after a conditional offer for all the firm's shares was flagged yesterday.

CIMB Bank made the offer on behalf of Torrington Place, a special vehicle. China Yongsheng makes and supplies concrete and related products in Suzhou, Jiangsu province.

Torrington Place is offering 3.2 cents a share, to be paid in cash. The deal depends on Torrington Place receiving at least 90 per cent of the shares. The directors of Torrington Place are Mr Sun Jinnan, Mr Zhao Lei, and Mr Cao Xiaping.

Torrington Place plans to delist and privatise China Yongsheng, and noted its shares have been trading at a substantial discount to the consolidated net asset value per share.

Soilbuild Construction Group

Soilbuild Construction Group yesterday reported a 28 per cent drop in fourth-quarter net profit to $5.6 million. Revenue for the three months to Dec 31 soared 44 per cent to $98 million.

The firm said major revenue contributors included projects like an industrial development at Tuas Crescent and a global distribution centre at Pioneer Turn. It won nine construction contracts and two project management contracts last year.

Quarterly earnings per share was 0.84 cents, down from 1.17 cents a year ago, while net asset value was 13.64 cents as at Dec 31, up from 12.72 cents a year earlier.

Sime Darby

Malaysia's Sime Darby, the world's largest oil palm planter by land size, said it was looking to sell its real estate assets in Australia and Singapore, in what is seen as a move to cut down on debt.

Chief executive Mohd Bakke Salleh said the firm hoped to raise up to RM1.8 billion (S$598.5 million) from the sale.

Sime Darby owns 13 properties in Australia and three in Singapore.

The conglomerate reported a 22 per cent drop in second-quarter profit earlier in the day, as it struggled with weak commodity prices and consumer demand.

Its slide in net profits in the second quarter follows the trend of diminishing profits over the past three quarters.

Sime Darby also has significant investments in the real estate and automotive industries. Reuters

A version of this article appeared in the print edition of The Straits Times on February 25, 2016, with the headline 'CompanyBriefs'. Print Edition | Subscribe