Company Briefs: Micro-Mechanics Holdings

Micro-Mechanics Holdings, which makes precision tools and parts for the semiconductor industry, reported net profit of $4.8 million for the fourth fiscal quarter ended June 30, up 21.4 per cent from $3.9 million in the same period last year.

This pushed the company's earnings for financial year (FY) 2021 to $18.1 million, 23.3 per cent higher than earnings of $14.7 million in FY2020.

The company's board of directors is recommending a final dividend of six cents per share and a special dividend of two cents per share for FY2021.

THE BUSINESS TIMES

---

Hong Leong Asia

Hong Leong Asia (HLA) - the trade and industry arm of Hong Leong Group - is forking out some $68.1 million to increase its stake in mainboard-listed steel reinforcement solutions provider BRC Asia to 20 per cent through two transactions.

The first involves Hong Leong Asia Investments - a wholly owned subsidiary of HLA - which last Saturday agreed to subscribe to about 31 million placement shares of BRC Asia at an issue price of $1.48 apiece. This amounts to a total price of some $45.9 million.

This transaction will require the approval of BRC Asia's shareholders.

THE BUSINESS TIMES

---

China Huarong Asset Management

China Huarong Asset Management's long-delayed 2020 results showed a record loss, with leverage hitting 1,333 times and capital buffers far short of the regulatory minimum, emphasising the difficult task ahead for the bad-debt manager that recently secured a government bailout.

Huarong reported a 102.9 billion yuan (S$21.4 billion) loss for all of last year, slashing shareholder equity by nearly 85 per cent, according to a Sunday exchange filing. The company booked 107.8 billion yuan in impairments and suffered a 12.5 billion yuan loss on financial assets.

BLOOMBERG