Tat Hong issues profit warning for Q4 and full year

Roland Ng, managing director and chief executive officer of Tat Hong Holdings.
Roland Ng, managing director and chief executive officer of Tat Hong Holdings.PHOTO: THE BUSINESS TIMES

SINGAPORE - Crane supplier Tat Hong Holdings has issued a profit warning for its fourth quarter as well as full-year results.

The company said on Friday (May 4) that it expects to report losses due to weak revenues from its operations in the Asean region, and unrealised foreign exchange losses.

The group said it will disclose further details in its financial statements. The release date has yet to be announced.

In the meantime, shareholders and potential investors are advised to exercise caution when dealing in the shares of the company.

Bidders seeking to privatise Tat Hong recently raised their offer by five Singapore cents to 55 Singapore cents per share.

THSC Investments, the takeover vehicle controlled by Tat Hong Holdings chief executive Roland Ng, and SCPE - the private equity arm of Standard Chartered - also extended the deadline for accepting the offer to May 14, 2018.

The bidder has cited Tat Hong's low trading volume and the compliance cost of maintaining a listed status as reasons for taking the company private. The bidder has also said that a privately held company will provide more managerial flexibility and allow better use of resources.