Company Briefs: Ipco International

Ipco International

Ipco International said it is holding an extraordinary general meeting on Jan 19 next year in the wake of a requisition notice it received last month.

The meeting will consist of three resolutions, the first being the appointment of Mr Ng Fook San and Mr Joseph Chen as independent directors of the company with immediate effect.

The other two resolutions are the removal of Mr Carlson Clark Smith as executive director and chief financial officer, and the immediate removal of any directors and key office bearers appointed subsequent to the date of the requisition notice.

OKP Holdings

Infrastructure and civil engineering company OKP Holdings posted a 62.4 per cent drop in its third-quarter net profit to $742,000, on the back of lower revenue, which was partially due to an accident in July at the worksite of its subsidiary, Or Kim Peow Contractors.

Revenue decreased 3.6 per cent to $27.1 million.

OKP said that the decrease in revenue from the construction segment was largely attributable to a lower percentage of revenue recognised from a few construction projects that were reaching completion, coupled with no revenue generated from a construction project at the Pan-Island Expressway exit to Tampines Expressway during the quarter.

Earnings per share for the three months to Sept 30 slipped to 0.24 cent from 0.64 cent previously.

BHG Retail Reit

Higher rental reversion and increase in occupancy boosted results for retail owner BHG Retail Reit in its third quarter.

Distribution per unit rose to 1.41 cents from 1.29 cents in the same period last year.

Income available for distribution expanded 13.9 per cent to $5.1 million.

For the three months to Sept 30, gross revenue rose 7 per cent to $16.5 million while net property income increased 10.5 per cent to $10.5 million.

Higher rentals were achieved for new and renewed leases, the latter on the back of in-built rental escalation for ongoing tenancies.

The Reit's properties include Beijing Wanliu Mall, Chengdu Konggang Mall, Hefei Mengchenglu Mall, Xining Huayuan Mall and Dalian Jinsanjiao Property in China.

A version of this article appeared in the print edition of The Straits Times on November 08, 2017, with the headline 'Company Briefs'. Subscribe