Company Briefs: Yongnam Holdings

Yongnam Holdings

Yongnam Holdings has secured three new contracts worth a total of $70 million, two in Singapore and one in Myanmar.

One of the Singapore deals was awarded by Kimly Construction and involves making and installing structural steelwork for JTC Logistics Hub @ Gul. The project is expected to start in the fourth quarter and be completed in 2019.

The second project here, awarded by Penta-Ocean Construction, involves making king posts and supplying and installing steel struts for Woodlands Health Campus. It is expected to be completed by the second quarter of 2018.

Yongnam has also been engaged as the main contractor for building works required for the extension of a factory for Japan Tobacco International in Myanmar. Construction is expected to be completed by the second quarter of next year.

Hengxin Technology

Hengxin Technology has posted a net profit of 68.6 million yuan (S$14 million) in the first half, up 35.8 per cent from the same period a year earlier.

Revenue in the six months to June 30 was 852.8 million yuan, up 17.1 per cent from a year ago on higher sales of antennas, telecommunication equipment and accessories, although sales of RF coaxial cables fell.

Earnings per share was 0.177 yuan, up from 0.13 yuan a year ago. Net asset value per share was 3.75 yuan as at June 30, from 3.60 yuan as at Dec 31 last year.

Aspen (Group) Holdings

Aspen (Group) Holdings said that Bandar Cassia Properties, an associate company of one of its units, has completed the acquisition of a 41-acre freehold site in Bandar Cassia, Penang for RM67.9 million (S$21.5 million) - excluding tax - from Penang Development Corporation, the state-owned statutory body.

Aspen's portion of the parcel price is RM20.4 million. The site, together with a 10 acre-plot, will be developed as an integrated shopping centre by Bandar Cassia, to be managed by IKEA Southeast Asia. Aspen also intends to buy a 45-acre plot in Bandar Cassia for RM98 million from Penang Development Corporation through a 20 per cent deposit payment, to be developed as a mixed development.

It intends to use RM38 million of the net proceeds from its initial public offering to fund these acquisitions.

A version of this article appeared in the print edition of The Straits Times on August 31, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe