Company Briefs : Compact Metal Industries

Compact Metal Industries

Compact Metal Industries has submitted an application to the Singapore Exchange for its removal from the watch list.

Citing its full-year financial results announced on Feb 26, the aluminium product supplier said that it has demonstrated the ability to satisfy the requirements of continuing listing.

For the financial year ended Dec 31, its pre-tax profit was $4 million. Its average six-month daily market capitalisation is also in excess of the regulatory requirement of $40 million. Compact Metal Industries was placed on the watch list on March 4, 2015.

IPC Corporation

Tycoon Oei Hong Leong has withdrawn his acceptance of an offer for his stake in mainboard-listed IPC Corporation.

The Catalist board's Asia-Pacific Strategic Investments had entered into a conditional letter of offer on Jan 29 for a 46.91 per cent interest in IPC. This would have triggered a mandatory unconditional offer for the rest of IPC's shares.

The Asia-Pacific Strategic Investments board on Thursday said the company "is currently seeking professional advice in relation to the withdrawal and will provide further updates as and when material developments concerning the above arise".

When the proposed acquisition was first announced, Asia-Pacific Strategic Investments pointed to IPC's property development and investment businesses in China and said that it intended to integrate IPC's business with that of its own. Mr Oei was deemed a concert party to the offeror based on a 34.82 per cent interest in Asia-Pacific Strategic Investments, following a sub-underwriting arrangement under which he subscribed for about four billion rights shares.

Uni-Asia Group

Mainboard-listed Uni-Asia Group posted a fourth-quarter net profit of US$1.4 million (S$1.85 million) - a reversal from its year-ago net loss of US$13.6 million - mainly due to greater investment returns and higher income.

Earnings per share for the quarter stood at 2.93 US cents per share, from a loss per share of 29 US cents last year. A dividend of 6.25 cents a share has been proposed, up from three cents for 2016. For the three months ended Dec 31, the group registered a 39 per cent increase in total income to US$30.3 million, while full-year income rose 20 per cent to US$103.9 million.

A version of this article appeared in the print edition of The Straits Times on March 03, 2018, with the headline 'Company Briefs'. Subscribe