Company Briefs: Vard Holdings

Vard Holdings

Fincantieri Oil & Gas has extended its offer for shipbuilder Vard Holdings to the business close of Aug 8 after shareholders of the target approved a delisting, according to filings on the Singapore Exchange yesterday. Fincantieri, whose 25 cents per Vard share offer is now unconditional, controlled 87.06 per cent of the company as at 5pm on Tuesday.

About 96 per cent of votes cast at an extraordinary general meeting of Vard shareholders on Tuesday were in favour of delisting, which is estimated to take place about two to three weeks after the closing of the offer. Vard said shareholders should note that approving the delisting resolution does not constitute acceptance of the exit offer.

Trading of Vard shares resumed yesterday.

Natural Cool Holdings

Natural Cool Holdings has extended the maturity date of its zero coupon convertible bonds issued by HMK Energy in 2014 with a principal value of US$1.68 million (S$2.3 million), the air-conditioning services company said yesterday.

The decision to extend the bond maturity date from August 2018 to August 2020 was approved by a super-majority vote in a meeting of bondholders held on Tuesday. The company abstained. None of Natural Cool's directors or controlling shareholders has direct or indirect interest in the decision, except for Mr Wong Leon Keat, a director and shareholder of Rhodus Capital, a shareholder of HMK Energy.

Mr Wong did not attend the bondholders' meeting or participate in the deliberations or decision to extend the bond maturity date.

Lonza Group

Lonza Group's first-half net profit rose 78.4 per cent to 405 million Swiss francs (S$556 million) from a year ago on strong organic sales growth and improved margins, the group reported yesterday. Earnings per share rose to 5.39 francs from 3.68 francs for the corresponding half of the previous year.

For the six months ended June 30, revenue increased 33.3 per cent to 3.08 billion francs.

Lonza's pharma and biotech segment contributed significantly to the group's strong performance with 14.7 per cent organic sales growth and improved margins, including a core earnings before interest, tax, depreciation and amortisation (Ebitda) margin of 26 per cent, said the Swiss company, which has a secondary listing on the Singapore Exchange.

A version of this article appeared in the print edition of The Straits Times on July 26, 2018, with the headline 'Company Briefs'. Subscribe