Company briefs: Kitchen Culture Holdings

Kitchen Culture Holdings

A 70 per cent-owned subsidiary of kitchen solution provider, Kitchen Culture Holdings, has won a contract worth HK$34.6 million (S$6.1 million) to supply and install Eggersmann kitchen cabinets for the apartments in a prestigious residential development in Hong Kong.

The development project at 8 Mount Nicholson Road, The Peak, is by a joint venture between Wharf (Holdings) and Nan Fung Development.

As the installation works should happen towards the end of the construction phase of the project, expected in 2016, the contract is not expected to have a material impact on the earnings per share or net tangible assets per share of the group for the current financial year ending Dec 31, said Kitchen Culture.

QT Vascular

Medical supplies group QT Vascular has entered into an agreement with a group of investors for a convertible bond investment of up to US$13.14 million (S$18 million).

As at March 31, the company and its subsidiaries have a net cash balance of US$9.7 million. It is proposing to undertake the bond issue to raise additional funding to strengthen the financial position of the group and allow it to focus more resources on further developing its drug-coated Chocolate platform, it said.

Under the deal, the company has agreed to issue and the investors have agreed to subscribe for 8 per cent convertible bonds due in 2017/2018.

It replaces a convertible bond subscription agreement which the firm had cancelled earlier this month due to non-satisfaction of certain conditions in the agreement.

Viva Industrial Trust

Distribution per stapled security (DPS ) for Viva Industrial Trust rose 7.3 per cent to 1.849 cents for the second quarter.

This was on the back of a 17.1 per cent rise in gross revenue to $17.82 million and a 14.3 per cent rise in distributable income to $11.76 million.

The stronger performance was driven by additional rental contribution of $5.4 million from Jackson Square and Jackson Design Hub, and higher rental contributions from the business park spaces at UE BizHub East and Technopark@Chai Chee.

Net asset value per stapled security rose from 75.82 cents at Dec 31 to 83 cents at end-June.

A version of this article appeared in the print edition of The Straits Times on July 25, 2015, with the headline 'CompanyBriefs'. Print Edition | Subscribe