Company Briefs: Duty Free International

Duty Free International

Duty Free International (DFS) has posted a net profit of RM3.3 million (S$1.1 million) for the third quarter, down 84.7 per cent from the same period a year earlier.

A net foreign exchange loss of RM7.5 million versus a RM9.6 million net forex gain in the same period a year earlier was the main drag on the bottom line.

Revenue in the three months ended Nov 30 was RM133.5 million, up 0.4 per cent from the same period a year earlier. A third interim dividend of one cent a share was declared.

Third-quarter earnings per share was 27 sen, down from RM1.81 in the same period last year. Net asset value per share was 46.44 sen as at Nov 30, up from 44.88 sen as at Feb 28 last year.

Global Logistic Properties

Global Logistic Properties (GLP) is set to delist from the Singapore Exchange on Jan 22, making its exit in a record $16 billion privatisation deal.

The scheme of arrangement became effective and binding yesterday, after a copy of the relevant court order was lodged with the authorities, the GLP board announced.

Shareholders can expect to receive their payment by Jan 19.

National sovereign wealth fund GIC is GLP's single largest shareholder, with a nearly 37 per cent stake.

Nesta Investment Holdings - a Chinese private equity consortium backed by senior executives from GLP - will cough up $3.38 a share in cash for the warehouse provider, in the largest private equity buyout of an Asian company by enterprise value.

GLP shares last traded at $3.37 on Jan 4.

Rotary Engineering

The cash bid to take mainboard-listed Rotary Engineering private has been declared unconditional following a shareholder vote at an extraordinary general meeting yesterday. The 46 cent-per share offer was made through Orochem, which is 64.7 per cent held by Rotary Engineering's controlling shareholder, the Chia family group, and 35.3 per cent by an investment arm of the Oman government.

The Chia family group includes Rotary chairman Roger Chia Kim Piow, his brother and executive director Chia Kim Chua, and his spouse and non-executive director Jenny Wong. Orochem and its concert parties now control 73 per cent of Rotary Engineering shares. The exit offer will remain open for acceptance until Jan 24.

A version of this article appeared in the print edition of The Straits Times on January 11, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe