Company Briefs: Fabchem China

Fabchem China

Fabchem China, which makes commercial explosive products, said it has posted three consecutive years of pre-tax losses, a trend that is likely to put it on a watchlist.

Under Singapore Exchange's listing rules, a company is put on a watchlist if it posts three straight years of pre-tax losses, and has an average daily market value of less than $40 million over the last six months.

Fabchem China said its latest six-month average daily market value stood at $8.54 million.

It separately announced that its audited net loss for the 12 months ended March 31 stood at 19.8 million yuan (S$4.1 million), which is 4.72 million yuan higher than its unaudited figure.

This discrepancy arose from a fair-value adjustment to account for interest income from a related party's interest-free loan that went towards buying leasehold properties from the same related party.

Shares of Fabchem China last traded at 16.5 cents.

FLT

The manager of Frasers Logistics & Industrial Trust (FLT) said it has sold a property in Australia for A$90.5 million (S$91.2 million) through its trustee.

The property at 80 Hartley Street, Smeaton Grange, is located in New South Wales and comprises a cross-dock, regional distribution facility with a high clearance warehouse, and office accommodation of 2,033 sq m.

The property was purpose-built for Coles Supermarkets Australia and will have a remaining lease term of about five years, upon extension of the existing lease.

The sale price represents a 40.3 per cent premium above the book value of the property as of March 31, and a 39.2 per cent premium over the original purchase price paid by FLT when the property was acquired during FLT's listing in 2016.

A version of this article appeared in the print edition of The Straits Times on July 05, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe