Engineering and construction group Koh Brothers has entered into a joint venture with two Malaysian parties, which will see it paying RM7.5 million (S$2.5 million) in relation to the purchase of a plot of land.
Its wholly-owned subsidiary, Changi Properties, has signed a conditional agreement with Global Skyline and its wholly-owned special-purpose vehicle, Global KB Venture, to subscribe for new shares in the special purpose vehicle.
Under the agreement, Global Skyline will transfer its leasehold interest of a development land in Johor Baru to the vehicle for some RM35.96 million. The plot has a 99-year lease tenure, starting from Nov 1, 2014, with a gross floor area of about 449,539 square feet.
There are plans to develop the plot into a mixed-use property.
Delong Holdings said it is expecting to report a "significant increase in net profit" in the three-month period and 12-month period ended Dec 31.
This is due to a significant increase in average selling prices amid tighter supplies following production cuts and increased infrastructure and construction activities in China.
But this will be partially offset by a decrease in contributions from a subsidiary which ceased steelmaking operations in August last year.
Delong will announce its results on Feb 27.
China Environmental Resources
China Environmental Resources Group expects to record an increase in losses for the period ended Dec 31, the company said in a profit warning posted after trading hours on the Singapore Exchange yesterday.
The company said this is due to several factors, including an increase in general and administrative expenses to about HK$26.80 million (S$4.5 million) due to its launch of a recycled metal trading business.
Other reasons cited include an increase in loss from changes in fair value less costs to sell off its biological assets to some HK$21 million, decrease of "other income" to about HK$2 million, and a loss on settlement of promissory note of about HK$1.1 million.
Finance costs are also expected to increase to about HK$440,000.