Company Briefs: Medinex


Medical support services company Medinex is seeking a listing on the Catalist board of the Singapore Exchange to raise money for expansion and possible acquisitions.

The initial public offering (IPO) will be an all-placement deal comprising new shares and vendor shares sold by existing shareholders, according to the preliminary offer document.

Medinex's controlling shareholders are its executive director and chief executive Jessie Low, with 26.04 per cent; HC Surgical Specialists Limited, holding 32.76 per cent; and Shinex Capital, holding 6.42 per cent.

After subtracting expenses linked to the IPO, Medinex plans to use the funds raised for business expansion via potential acquisitions, joint ventures and the expansion of its marketing and business development team.

Ark Leadership, which is a key supplier for Medinex, has agreed to give Medinex a right of first refusal on the entire issued and paid-up share capital of Ark Leadership.

The board intends to recommend and distribute dividends of at least 70 per cent of its profit after tax for each of the financial years 2018, 2019 and 2020, the document said.

Medinex reported $1.06 million net profit attributable to shareholders for half-year 2018, up from $583,000 a year ago.

Oxley Holdings

Oxley Holdings' deputy chief executive bumped up his stake in the property developer on Monday, as the share price dropped to a fresh 12-month low, with the purchase disclosed in a filing the next day.

Mr Low See Ching paid $0.295 a share in a market transaction for 300,000 shares, bringing his interest in the company to 29.78 per cent, from 27.77 per cent previously.

His latest buy follows a steady stream of purchases made by the company's directors and management, as the bottom keeps falling out of the market. He bought 500,000 shares at $0.30 apiece on Nov 15, the day before chief executive Ching Chiat Kwong paid $0.2969 a share for 1.55 million shares.

The counter is down from its one-year high of $0.60 a share in January, with a 12-month average of about $0.441. Along with other industry players, it took a hit in July when property market-cooling measures were unveiled - slumping overnight by 15.85 per cent to $0.345 on July 6.

Oxley Holdings has been the worst-performing billionaire stock in the year to Nov 13, the Singapore Exchange noted last week in a report. The developer's return in that period was negative 40.9 per cent.

A version of this article appeared in the print edition of The Straits Times on November 21, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe