Company Briefs: Haw Par Corporation

Haw Par Corporation

Rising expenses ate into profits at Haw Par Corporation in the third quarter, with net profit slipping 4.4 per cent to $40.5 million.

Revenue for the three months to Sept 30 grew by 7.4 per cent to $53.4 million on the back of stronger healthcare sales. But cost of sales ticked up by 11.8 per cent to $19.36 million.

Earnings per share fell to 18.4 cents from 19.3 cents in the same period the year before.

Sembcorp Marine

Singapore rigbuilder Sembcorp Marine expects to clinch an engineering, procurement and construction contract estimated at US$490 million (S$665.8 million) from Norwegian oil group Statoil Petroleum.

The two parties have signed a letter of intent after SembMarine was selected through a tender process. The actual awarding of the contract has yet to take place.

Under the contract, SembMarine's rigs and floaters unit will provide turnkey services on newbuild floating production storage and offloading hull and living quarters for the Johan Castberg field development.

MindChamps PreSchool

MindChamps PreSchool has lodged its preliminary prospectus for a mainboard listing. An earlier Bloomberg report, citing sources, said the company is seeking a valuation of about $200 million.

China First Capital Group (CFCG), Hillhouse Capital and Target Asset Management have committed to come on board as cornerstone investors, which will give them a collective stake of 11.97 per cent in the company after the initial public offering.

In a previous filing to the Hong Kong stock exchange, CFCG had said it would subscribe for a 4.99 per cent stake in MindChamps in a financial commitment that is not expected to exceed $11 million.

In a separate release yesterday, Singapore Press Holdings announced that its wholly owned subsidiary, Invest Learning, has entered into a sale and purchase agreement with MindChamps to boost its stake by an additional 4.84 per cent for around $3.95 million.

Invest Learning previously acquired a 22 per cent stake in MindChamps for $12 million in 2014. The latest move will lift its stake to 26.84 per cent.

A version of this article appeared in the print edition of The Straits Times on November 11, 2017, with the headline 'Company Briefs Haw Par Corporation'. Subscribe