New York: 01:45 || London: 06:45 || Mumbai: 10:15 || Singapore: 12:45

Reports Singapore

Singapore stock market and companies daily report (ICP, Longcheer, Unionmet) (June 25, 2014)

June 25, 2014, Wednesday, 06:12 GMT | 01:12 EST | 09:42 IST | 12:12 SGT
Contributed by Shares Investment

ICP’s wholly-owned subsidiary, ICP (IP), has entered into an agreement with Travelodge (IP) to acquire the trade mark rights to the hotel brand name “Travelodge” in 22 territories and countries in the Asia Pacific region excluding Australia and New Zealand for A$3 million ($3.5 million). The company foresees a growth potential in the limited service hotel sector and the acquisition will provide an opportunity for it to gain access to an international mid-scale hotel brand.

Longcheer Holdings has entered into a sale agreement with First Prosperous International to dispose the entire stake of its wholly-owned subsidiary, Mobell Technology for Rmb240 million ($48.2 million). With intense competition and diminishing margins in the mobile handset industry, the company finds the disposal to be in the best interest of shareholders. Proceeds from the disposal will be used to fund the proposed special dividends to be issued estimated to be at $0.256 per share.

Unionmet (Singapore) has agreed to purchase a 51 percent stake in Biofuel Research for $3 million from OEL (Holdings). Biofuel is in the business of processing acid oils and greasy waste using different technologies and the acquisition is in line with the company’s strategy to expand into the oil blending business and to diversify from its existing mineral trading business.

XMH Holdings reported a 20.5 percent year-on-year decrease in revenue to $23.6 million for in 4Q14 mainly due to lower income in the company’s “distribution” business segment and consequently returned a net loss of $1.7 million for 4Q14. On a better note, the company saw a 7.7 percent growth in revenue to $105.2 million in FY14 attributable to the substantial increase in turnover for its “projects” and “after sales” business segments. As a result, net losses shrunk by 46.4 percent to $6.1 million for FY14.