Company Briefs: Manhattan Resources

Manhattan Resources

A unit of coal shipping firm Manhattan Resources has sold 22 tugs and 22 barges for 170.58 billion rupiah (S$18 million). The vessels comprised about 66 per cent of the firm's fleet.

The buyer, Karunia Samudera Lines, is an Indonesian shipping and barge firm. The sale will result in the disposal of a substantial portion of a loss-making business segment at a premium to their book value, improve the group's balance sheet and enable it to conserve its resources, Manhattan Resources said in an exchange filing yesterday. This means it can devote more time towards other opportunities, like producing electricity. It will also focus on property-related activity and mining in China.

Singapore Medical Group

Specialist clinic operator Singapore Medical Group (SMG) has acquired the Astra Women's Specialist group of clinics for $60 million.

The group comprises six obstetrics and gynaecology (O&G) clinics, and five doctors.

The acquisition will add additional scale to SMG's O&G segment, the company said in a statement yesterday. It will give SMG a total of eight O&G doctors, making it one of the largest specialist practitioners in the private sector dedicated to women's health. The five new doctors will serve six-year service agreements.

The acquisition will be funded via issuance of about 81,110,310 new shares at $0.33288 per share, and a payment of $33 million in cash, to be paid in three tranches. The deal also includes a minimum profit guarantee of $4.6 million a year over five years.

GKE Corporation

Logistics firm GKE Corporation has recorded first-quarter net profit of $126,000, from a net loss of $109,000 in the same period a year ago.

It registered a 30.4 per cent rise in revenue to $11.4 million for the three months to Aug 31, compared with $8.7 million last year. This was due to a stronger showing in the warehousing and logistics business, and the contribution from its ready-mix concrete plant.

The acquisition of marine logistics service provider Marquis Services helped boost the warehousing and logistics segment despite the economic slowdown, said chief executive and executive director Neo Cheow Hui.

Earnings per share for the quarter was 0.02 cent, from negative 0.02 cent in the corresponding period a year ago. Net asset value per share was 13.32 cents as at Aug 31, down from 13.43 cents three months earlier.

A version of this article appeared in the print edition of The Straits Times on October 12, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe