Company Briefs: Rex International Holding

Rex International Holding

Oilfield services firm Rex International Holding yesterday said it has a war chest of about US$70.8 million (S$98 million) comprising cash, cash equivalents and quoted investments as of June 30, and plans to monetise its Oman asset by the year end.

The Catalist-listed firm recorded a net profit of US$23.6 million for its second quarter ended June 30 after monetising its Norway assets, but is buying back shares after its executive chairman said the market is not pricing in the value of its assets.

The firm's second-quarter results listed a share buyback mandate of about $6 million.

Rex's 90 per cent-owned subsidiary Lime Petroleum had in June acquired a 30 per cent interest each in two Norwegian Sea drilling licences. They are slated to be drilled in the second half of this year. Lime Petroleum will continue to benefit from the Norwegian tax system with 78 per cent cash refunds of all exploration expenditures annually.

In Oman, Rex will look to generate revenue from its GA South asset, which it aims to put into production by the year end.

It will be financed mainly through off-balance sheet financing, said the company.

Camsing Healthcare

Camsing Healthcare has suspended all administrative and executive duties and powers of chairman and executive director Lo Ching, who remains in the custody of the Shanghai police, the mainboard-listed firm announced yesterday after market close.

On July 9, Camsing Healthcare had said it was made aware on July 5 that Ms Lo was being held by the Yangpu branch of the Shanghai Public Security Bureau.

Camsing Healthcare said yesterday that the Shanghai police have not disclosed the reasons for or incidents leading to Ms Lo's custody. It will continue making inquiries to ascertain the reasons, and whether there is any relation to the group.

Given that Ms Lo has not been able to discharge her duties as executive director, the company's board resolved yesterday to suspend all her administrative and executive duties and powers with immediate effect.

Camsing Healthcare's shares have been suspended since April 1. This came after China wealth manager Noah Holdings filed a lawsuit against Hong Kong-listed Camsing International Holding, of which Ms Lo is also chairman, in relation to a 3.4 billion yuan (S$667 million) asset management product that is in danger of default.

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A version of this article appeared in the print edition of The Straits Times on August 20, 2019, with the headline Company Briefs: Rex International Holding. Subscribe