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Singapore Daily Bulletin – 04/03/11
Daily Bulletin | 04 March 2011
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Teledata & Star Pharma Added To SGX Watch-List
Teledata and Star Pharmaceutical have been added to watch-list for failing to meet criteria for continued listing on the stock exchange. Teledata was one of 10 firms in the watch-list after posting a third consecutive year of losses during the results season that has just ended. On the other hand, Star Pharmaceutical posted a net profit of Rmb2.7m ($520.6k) for the year ended 31 Dec, turning around its net loss of Rmb52.3m the year before. It halted trading on 3 Mar morning pending an announcement that as at 11pm yesterday had not been released. Under listing rules, any company with 3 straight years of pre-tax losses and whose average daily market value over the last 120 trading days dips below $40m, will be put on the watch-list. Meanwhile, the other nines are United Fiber System, China Auto Corporation, Jiutian Chemical Group, Samko Timber, HLH Group, Fu Yu Corporation, Mirach Energy, HL Global Enterprises and Pacific Healthcare Holdings.

Significance: Prospects for companies put on the watch-list seem depressing, with a good number ultimately delisting. For example, no exit offer for General Magnetics, Chuan Soon Huat Industrial Group and Fastech Synergy as these companies were unable to propose one.

Wilmar To Enter Indonesian Flour Market
Shares of Wilmar International, the world’s largest listed palm oil company rose by nearly 3% on 4 Mar after news about its plan to enter Indonesia’s flour market. Wilmar plans to enter Indonesia’s consumer flour market, possibly in 2012, which will intensify competition in the country, sources familiar with the plan told Reuters. Wilmar might use flour mills owned by the unit of Malaysia’s PPB Group in Indonesia and use its own distribution network to sell the flour. PPB’s unit, FFM Berhad, has a milling capacity of around 1k tonnes per day and the group plans to spend US$46m to double its flour production capacity in Indonesia and Malaysia over the next 2 years, state news agency Bernama said. Wilmar recently bought a 20% stake in FFM.

Significance: With global fears over rising wheat and food prices due to tight supply, the plan to enter Indonesia consumer flour market should be positive for Wilmar.

Shareholder Offers To Purchase Jackspeed
Cheng Kwee Kiang, a substantial shareholder of Jackspeed Corporation offered to buy up the 54% of the company he does not already hold, after acquiring sufficient shares on 3 Mar to trigger a mandatory conditional cash offer. Cheng offered to buy all remaining shares at 10.3 cents each, a discount of about 1.9% to its closing price of 10.5 cents. In Dec-10, Jackspeed’s founder Jackson Liew stunned the market by selling most of his shares or about 23% of the company to Cheng, saying that he planned to retire in the US. Cheng entered into agreements with 7 separate vendors to acquire what amounted to 18.4% of Jackspeed’s total issued shares on 3 Mar-11.

Wilmar Int'l  3.640 +0.03 +0.83%   
Business: Co's integrated agribusiness model encompasses the entire value chain of the agricultural commodity processing biz, from origination and processing to branding, merchandising and distribution of a wide range of agricultural pdts.

Insight: May-19, 1Q19 revenue fell 6.2% to US$10.4b driven ... Read More
Jackspeed Corp  -- -- --   
Business: Sales of leather trim, accessories & OEM to car distributors & dealers, automobile, marine & aviation mfr. [FY19 Turnover] Accessories (65%), non-accessories (35%).

Insight: Apr-19, FY19 revenue slid 11% to $46.7m due to a d... Read More


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