Specialist contractor and vehicle parts manufacturer LH Group has received applications to subscribe to 10.1 million conditional placement shares, adding up to $8.1 million, as part of a reverse takeover.
This is about 35 per cent more than its minimum placement target of $6 million.
The firm said the conditional placement has been "well-supported" by companies including Koh Brothers and "prominent businessmen" affiliated with Tang Group of Companies, Home Fix DIY, and Food Empire Holdings.
Mr Michael Tan, the executive chairman of LH Group, said: "Amid much uncertainty in the global economy, it is reassuring to see our investor community's confidence in the true potential of the developments that will ensue post-reverse takeover." An extraordinary general meeting is being held tomorrow at 10am to approve the reverse takeover.
China Environment, an industrial waste gas treatment specialist, has engaged a legal firm in China to handle a number of civil suits lodged against the company and its subsidiaries.
The legal firm will file a report with the Chinese authorities on former executive chairman Huang Min's alleged fraud against the company, and will pursue legal action against customers with outstanding trade receivables owed to wholly-owned subsidiary Fujian Dongyuan Environmental Protection.
Wing Tai Holdings
Property and lifestyle company Wing Tai Holdings' second-quarter net profit surged 98 per cent to $2.14 million, despite a 50 per cent slide in revenue to $60.9 million.
This was due largely to an increase in the share of profits from associated and joint venture companies, which more than doubled in the three months ended Dec 31, compared with the same period a year earlier. This was mainly because of the higher contributions from Wing Tai Properties in Hong Kong and Uniqlo in both Singapore and Malaysia.
For the half year ended Dec 31, net profit inched up 3 per cent to $3.2 million as the group recorded a 55 per cent slide in revenue to $131.1 million. This decrease was largely due to lower contributions from development properties.
Earnings per share for the second quarter was 0.27 cent, up from 0.14 cent a year earlier. Net asset value per share was $4.09 as at Dec 31, from $4.04 as at June 30.