Company Briefs: Tee Land

Tee Land

Real estate developer Tee Land's third-quarter net profit plunged 95.1 per cent over the same period a year earlier to $66,000, even though revenue more than doubled to $23.8 million.

The company recognised higher progressive revenue for development projects, particularly Third Avenue in Malaysia and the new project, Hilbre 28, as well as sales of completed units of Peak I.

Cost of sales for the three months ended Feb 28 correspondingly increased by $12.2 million or 205 per cent, compared with the same period last year.

Earnings per share for the quarter was 0.01 cent, down from 0.30 cent a year earlier. Net asset value per share was 35.8 cents as at Feb 28, up from 35.4 cents as at May 31 last year.

Singapore O&G

Healthcare firm Singapore O&G is proposing to split every share into two shares to increase market liquidity of its stock and broaden its base of shareholders.

With the share split, the company will have a share capital of $29.6 million, comprising 477 million shares.

The proposed share split is subject to regulatory approval and must also get the nod from shareholders.

Singapore O&G is a group of specialist medical practitioners focusing on women's health and wellness.

Healthway Medical Corporation

Embattled Healthway Medical Corporation (HMC), which runs Singapore's largest private clinic chain, has secured the first part of a vital financial lifeline.

It said it has received the initial net proceeds from the first tranche of its $10 million convertible notes issue to Singapore-based private equity firm Gateway Partners.

The funds will go towards meeting immediate liquidity needs, including settling salaries and supporting the restoration of normal payment schedules to medical staff and vendors.

The conversion shares will be issued at 3.384 cents each, HMC said in a filing with the Singapore Exchange.

HMC plans to issue a second tranche of convertible notes for $60 million to Gateway that will require shareholders' approval.

A version of this article appeared in the print edition of The Straits Times on March 28, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe