Company Briefs: Sysma Holdings

Sysma Holdings

Real estate company Sysma Holdings lifted full-year earnings by 391.9 per cent to $8.3 million, it said yesterday.

The increase was thanks to stronger sales that allowed for a write-back of net provision for foreseeable losses. The firm also managed to slash its cost of sales by 32.4 per cent.

But revenue slid by 23 per cent for the 12 months to July 31, to $97.2 million, compared with the same period a year earlier.

The decline in turnover was due to lower contribution from property development that had already been substantially sold.

Earnings per share stood at 3.19 cents, up from 0.65 cent before, while net asset value grew to 19.54 cents a share, against 16.35 cents the previous year.

A dividend of 0.5 cent has been proposed, compared with no dividend the year before.

Sysma shares closed up 0.2 cent, or 1.35 per cent, to 15 cents, before results were announced.

Fischer Tech

Platinum Equity's takeover offer for plastic components maker Fischer Tech is fair and reasonable, the appointed independent financial adviser has said.

Provenance Capital said the offer is not prejudicial to the interests of shareholders and advised directors to recommend that they vote in favour of the scheme of arrangement, The Business Times reported yesterday.

Global investment firm Platinum Equity offered $3.02 a share in cash in July for the Singapore-listed manufacturer.

Fischer Tech shares closed down one cent, or 0.33 per cent, to $2.98, after the news broke.

Swissco Holdings

A white-knight investor has made a US$28.5 million (S$38.3 million) offer for Swissco Holdings' offshore support vessel business, court-appointed judicial managers from EY have announced.

The Business Times yesterday reported that Asian Strategic Turnaround Ventures will acquire the stakes that a Swissco unit holds in three other entities, and will lend US$4 million to cover mortgages.

The deal is expected to result in a US$12.7 million net loss for the Singapore-listed marine company, which last November filed for judicial management after key creditors nixed a debt restructuring plan.

A version of this article appeared in the print edition of The Straits Times on September 21, 2017, with the headline 'Company Briefs'. Subscribe