Company briefs: Cheung Woh Technologies

Cheung Woh Technologies

Cheung Woh Technologies, a manufacturer of hard-disk drives, has posted a net profit of $264,000 in the third quarter, down 83.2 per cent from a year ago.

Revenue for the three months to Nov 30 was $20.4 million, down 18.6 per cent from a year earlier on lower sales in the hard-disk drive components segment as the manufacturing of air combs was phased out of the Zhuhai factories to make way for the manufacturing of base plates. This was partially offset by higher takings in the precision metal stamping components segment, which was lifted by sales to a new customer.

Third-quarter earnings per share was 0.09 cent, down from 0.52 cent a year ago. Net asset value per share was 36.9 cents as at Nov 30, up from 36.81 cents as at Feb 28 last year.

Fraser & Neave

Fraser & Neave unit Times Publishing has entered into a conditional agreement to acquire the entire issued share capital in the sales and distribution offices of Penguin Random House in Singapore and Malaysia for $8 million.

This will be paid in cash and funded from internal resources. The price is subject to certain post-completion cash, debt and working capital adjustments.

After the sale is completed, Penguin Singapore and Penguin Malaysia will enter into an exclusive distribution agreement with The Random House Group, Penguin Books, Dorling Kindersley and Penguin Random House.

Penguin Singapore had a net asset value of $6.99 million as at Sept 30 last year while Penguin Malaysia had a net asset value of $2.96 million.

Sembcorp Marine

The standstill agreement between Sembcorp Marine unit Jurong Shipyard and North Atlantic Drilling has been extended for a further six months.

The delivery of the West Rigel semi-submersible drilling rig is now on July 6 this year, Sembcorp said yesterday.

During the standstill period, North Atlantic will continue to market the unit for an acceptable drilling contract and Jurong Shipyard will have the right to sell it.

If neither of these outcomes eventuate when the standstill period concludes, the parties will form a holding company for joint ownership of the unit: 23 per cent owned by North Atlantic and 77 per cent by Jurong Shipyard.

A version of this article appeared in the print edition of The Straits Times on January 10, 2017, with the headline 'Company Briefs'. Subscribe