Company Briefs: New Silkroutes

New Silkroutes

New Silkroutes Group said it made US$80,000 (S$107,000) in net profit for the three months ended March 31, swinging back from a loss of US$294,000 in the same period last year.

The investment holding firm also clocked a 31 per cent rise in revenue in the third quarter to US$164.4 million. An increase of US$37.5 million in oil trades and a contribution of US$1.5 million from newly acquired healthcare subsidiaries helped boost its bottom line.

New Silkroutes entered the healthcare business after acquiring Singapore-based Healthsciences International in December 2016. It further acquired six dental clinics and two dental supplies companies in July, and three dental clinics in November last year.

OUE Commercial Reit

OUE Commercial Reit's distribution per unit for the first quarter fell 8.9 per cent to 1.12 cents due to an enlarged unit base from a private placement completed in March last year.

Revenue for the three months to March 31 edged 1.6 per cent lower to $44.1 million on the back of lower rental income. But net property income was 1.8 per cent higher at $35.28 million due mainly to lower maintenance expenses and utilities cost.

The amount available for distribution to unit holders rose 4.7 per cent to $17.42 million due to higher income support drawn.

Vard Holdings

The Singapore Exchange yesterday told Vard Holdings to hold another extraordinary general meeting to get shareholders' approval on its delisting plan. It said: "SGX RegCo has reviewed the company's submissions in relation to its EGM, and noted certain inaccuracies in the financial evaluation of the terms of the exit offer presented in the Independent Financial Adviser's (IFA) letter."

At issue is an inaccuracy that was found in the circular to shareholders. In the document, CIMB had stated that the historical price to net asset value (P/NAV) for Sembcorp Marine was 1.2 times, when it should have been 1.7 times.

"The inaccuracy in Sembcorp Marine's historical P/NAV multiple has a consequential effect on the mean P/NAV multiple of the Comparable Companies stated in the IFA letter," SGX said, noting that the figures are part of information shareholders consider before deciding on a proposed voluntary delisting.

A version of this article appeared in the print edition of The Straits Times on May 11, 2018, with the headline 'Company Briefs'. Subscribe