Company Briefs: GIC


Investment firm GIC is in talks for a US$50 million (S$70 million) financing round with India-based Little, which acts as a sales channel for merchants. The deal involves fresh funding for Little and follows the raising of a similar amount in July led by other investors, including Alibaba-backed Paytm, Indian media reported.

It is unclear if existing investors will participate in this new round of financing round. Little founder and chief executive Manish Chopra declined to comment, the media reports said.

GIC, with more than US$100 billion in assets under management globally, has recently diversified its portfolio in India, investing in ventures ranging from taxi apps to commercial banking.

Fraser & Neave

Fraser & Neave responded to media reports yesterday to deny submitting an offer letter to Vietnam Dairy Products (Vinamilk) to buy a 45.1 per cent stake in the firm for US$4 billion (S$5.6 billion). It also denied sending a letter to State Capital Investment Corporation, which holds the stake.

Neo Group

Catering group Neo Group has bought a 90 per cent stake in produce trader CT Vegetables & Fruits for $5.4 million.

Neo Group said the acquisition will allow it to lower food supply costs while also ensuring quality and timely delivery.

CT Vegetables supplies more than 300 varieties of fruit and vegetables to customers, including local hospitals, foreign cruise ships and ship chandlers.

Yeo Hiap Seng

Yeo Hiap Seng's net profit surged by nearly 200 per cent to $9.4 million for the third quarter ended Sept 30 but revenue declined 4.6 per cent to $109.5 million.

Earnings per share was 1.64 cents compared with 0.55 cent for the same period a year ago. Net asset value per share was 99.4 cents against 109.15 cents as at Dec 31.

The group said food and beverage margins are expected to come under pressure, mainly due to competitive prices, higher initial operating costs for new production lines and uncertainty in raw material prices.

A version of this article appeared in the print edition of The Straits Times on November 04, 2015, with the headline 'CompanyBriefs'. Print Edition | Subscribe