Company Briefs: Duty Free International

Duty Free International

Duty Free International posted higher revenue for its third quarter, thanks to brisk sales in the duty-free goods segment.

Turnover for the three months to Nov 30 rose 12.5 per cent to RM152.9 million (S$50.2 million), compared with the same period a year earlier. Net profit surged 64.7 per cent to RM16.8 million.

Earnings per share was 1.53 sen as at the end of Nov, up from 0.92 a year earlier.

Net asset value per share stood at 34.83 sen as at Nov 30, down from 35.6 sen as of Feb 28 last year.

Eindec Corp

Eindec Corp, a regional clean air environmental and technological solutions provider, has completed its initial public offering (IPO).

Its placement of 35.8 million shares closed yesterday at noon and was fully subscribed.

It plans to use the net proceeds of about $4.6 million to set up new businesses in China, invest in research and development, and for working capital.

The shares are expected to start trading tomorrow on the Catalist board.

Viva Industrial Trust

The companies that manage Viva Industrial Trust have declined an offer from Ho Lee Group to buy a property comprising a seven-storey production block and five-storey office section in Ang Mo Kio.

Ho Lee Group had offered to sell the property for $255 million.

The managers said it would not be in the Trust's best interests to buy the property, given that a major equity fund-raising exercise would be required to partially finance the acquisition.

Buying the property would increase the distribution per stapled security of the Trust if the managers were to undertake such an exercise under the prevailing depressed market conditions.

A version of this article appeared in the print edition of The Straits Times on January 14, 2016, with the headline 'Company Briefs: Duty Free International'. Print Edition | Subscribe