Company Briefs: Vard Holdings

Vard Holdings

The majority shareholder of Vard Holdings is making another bid to privatise the shipbuilder after minority shareholders rejected its earlier offer.

Italy's Fincantieri, which holds a 79.34 per cent stake in Vard through a subsidiary, is now offering 25 cents for every share it does not own, one cent more than its previous offer, which closed in January.

Its current bid is being made in the form of an exit offer as part of a proposed voluntary delisting.

Its offer price is set at Vard's last traded price of 25 cents per share last Friday.

Metro Holdings

Metro Holdings sank into the red with a net loss of $13.59 million for the second quarter, weighed down by share of results of joint ventures.

Share of results of joint ventures recorded a $17 million loss, against a gain of $3.91 million in the same period last year, mainly due to a one-off expense from the expiry of a conditional remission of additional buyer's stamp duty for its joint venture project, The Crest at Prince Charles Crescent.

This was partially offset by a reversal of a $9.5 million write-down due from a joint venture.

Revenue for the three months to Sept 30 was up 6.8 per cent at $30.25 million.

United Engineers

United Engineers Limited (UEL) reported a net profit of $10.6 million for the third quarter ended Sept 30, down from $134.65 million a year ago.

The 92 per cent plunge was mainly due to some $123 million of profit attributable to owners of the company in the year-ago comparative period, derived from discontinued operations related to Multi-Fineline Electronix Inc and its subsidiaries and the group's environmental engineering businesses.

UEL had sold its US subsidiary Multi-Fineline Electronix and environmental engineering firm UES Holdings last year.

Excluding discontinued operations, the group's net profit fell 9 per cent.

For the quarter, revenue increased 41 per cent to $143 million, mainly due to revenue recognition from The Manhattan in Malaysia following the completion of the project during the quarter, and higher revenue from sales of property units in Singapore.

A version of this article appeared in the print edition of The Straits Times on November 14, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe