Company briefs: Ipco International

Ipco International

Investment holding firm Ipco International has issued a profit warning for its first-quarter results.

The group is expected to report a net loss for the three months ended July 31, it said in an exchange filing yesterday.

This is due to a general decrease in demand for burn-in boards in the semiconductor sector and additional safety expenses as mandated by the regulatory authorities under oil and gas industry guidelines and practices in China.

The company is preparing its financial results, which will be released on or before Sept 14.

Meanwhile, shareholders are advised to exercise caution when dealing in the shares of the company, the statement said.

HG Metal Manufacturing

Steel stockist HG Metal Manufacturing has terminated an agreement to buy a stake in Min Dhama Steel Structures, which manufactures and fabricates steel structures and parts in Myanmar.

HG Metal Investments, a unit of HG Metal Manufacturing, had entered into an agreement last October to purchase a 40 per cent stake in Min Dhama Steel Structures from Mutual Profit Trading.

It had also entered into a joint venture agreement with Min Dhama Heavy Industrial as part of this deal.

All parties have mutually agreed to terminate these agreements, HG Metal Manufacturing said in an exchange filing yesterday.

This was done after the company considered the political changes and challenging business environment in Myanmar.

The company will continue to explore opportunities for acquiring and developing other value-added projects in the region, it added.

The termination of the joint venture will have no material impact on the group's earnings for this financial year, the statement said.

Separately, HG Metal Manufacturing has terminated share subscription agreements with two individuals.

The company entered into the agreements last October with Mr Yang Ho and Mr Tan Cheng Soon, who agreed to subscribe for a total of 253,498,089 new shares in the company at 4.2 cents per share.

The termination of the agreements will not have any material adverse impact on the business operations and financial position of the company, it said in an exchange filing yesterday.

A version of this article appeared in the print edition of The Straits Times on September 06, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe