Company Briefs: Qian Hu Corporation

Qian Hu Corporation

Higher revenue and better margins yielded from the sales of its dragon fish and ornamental fish export business boosted results for Qian Hu Corporation in its second quarter.

Net profit leapt to $146,000 from $25,000 in the same period last year.

For the three months ended June 30, revenue crept up 1 per cent to $21.9 million.

Revenue growth was driven by expansion in Qian Hu's ornamental fish activities, offset by a reduction in its accessories revenue due to news of the abolishment of the goods and services tax in Malaysia with effect from June 1, causing customers to defer purchases, it said.

Earnings per share rose to 0.13 cent from 0.02 cent previously, while net asset value per share fell to 45.18 cents from 45.48 cents as of Dec 31.


Atlantic Navigation

Atlantic Navigation has entered into a conditional share subscription agreement with Saeed Investment to issue about 263 million new shares priced at 9.89 US cents apiece to raise some US$26 million (S$35.4 million).

The subscription price represents a 10.5 per cent premium to the counter's volume-weighted average price of 12.2 US cents per share on June 13, being the last full market day preceding the agreement. The company added that the directors and shareholders of subscriber Saeed Investment are acquaintances of Atlantic Navigation executive chairman and chief executive Wong Siew Cheong, and that the subscription is "purely for investment purpose".


Abterra

The shares of mineral and resources company Abterra were suspended from trading yesterday after its request for an extension on time to hold its annual general meeting (AGM) was rejected by the Singapore Exchange (SGX) in a letter received last Friday.

Abterra asked in April to push back the meeting deadline by four months, to Aug 31 at the latest, after Mazars sought to resign as its statutory auditors while citing outstanding audit issues at a 51 per cent-owned Abterra subsidiary.

But SGX "noted that sufficient time had passed since the announcement was made and there continues to be no certainty on the timeline" for the appointment of new auditors, finalisation of audited statements for the year that ended last December, and convening of the AGM. The counter will be suspended until SGX is satisfied the firm is complying with the rule to hold an AGM, and that shares in Abterra can be traded on a fair, orderly and transparent basis.

A version of this article appeared in the print edition of The Straits Times on July 17, 2018, with the headline 'Company Briefs: Qian Hu Corporation'. Print Edition | Subscribe