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Headliners (SingTel, PSL Hldg, Swee Hong, Fragrance)
Headliners | 25 May 2012
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By: Jade Lee
Articles (97) Profile

SingTel Buys HungryGoWhere For $12m
Singapore Telecommunications (SingTel) announced that it has signed an agreement to acquire the whole of GTW Holdings, which owns Singapore’s popular restaurant review site HungryGoWhere. By taking GTW under its wing of subsidiaries, SingTel will be merging the site with its lifestyle and local search site These two sites combined will bring in an audience of 2m customers, which would make it the largest food and lifestyle audience in Singapore, according to SingTel. Going forward, SingTel will continue to form partnerships for important and unique content, including in retail, entertainment and other lifestyle needs. Going forward, SingTel will continue to form partnerships for important and unique content, including in retail, entertainment and other lifestyle needs. In addition, SingTel will add automated restaurant reservations and use the expertise to expand overseas across Asia as HungryGoWhere has an online presence in Hong Kong, Malaysia, Vietnam, Cambodia and Australia.

PSL Agrees To Divest Subsidiary For $18.75m
PSL Holdings has signed a sale and purchase agreement with JP Nelson Equipment to divest its 80% interest in Antar Crances Services. Antar is specialised in hiring, trading, repairs and servicing of cranes for construction and shipyards. It also provides rental and hiring services of cranes while supplying spare parts which include crane booms, crane jibs, crane hooks and accessories. PSL said that the divestment was in line with its strategy to re-organise its existing business and explore other viable business opportunities that can enhance shareholder value over the long term. PSL opined that local crane leasing industry requires large economies of scale to work on a cost effective basis and reasonable profit margins. The crane leasing business also requires large capital outlays which places stress on the firm’s balance sheet. Thus, PSL feels it is timely to exit the crane leasing business while making a gain on divestment.

Swee Hong IPO Draws Strong Demand
Swee Hong received strong demand from retail investors despite uncertain market conditions. In a filing with SGX, Swee Hong, a civil engineering firm, said that its initial public offering (IPO) was approximately 1.5 times oversubscribed with total valid applications amounting to 145.6m shares versus the 97.8m shares that were on offer. Ong Hock Leong, managing director of Swee Hong said that the management team was encouraged by the positive response to its IPO by investors who recognise the strong business prospects Swee Hong represents. The firm opines that Singapore’s robust construction demand in the next few years will underpin its growth moving forward. The company also intends to develop capabilities in modular prefabrication construction technology which could revolutionise the way buildings are constructed in Singapore and thus accelerate on-site and off-site construction programmes while boosting productivity.

Fragrance Group’s Earnings Jump 54.8%; Proposes Bonus Issue
Fragrance Group posted a positive set of 1Q12 results, which saw earnings soared 54.8% to $22.1m. The strong performance was mainly due to the maiden revenue contribution from Parc Rosewood, a joint venture residential condominium project which has commenced construction during the period following a successful sales launch. On the other hand, revenue contribution from hotel sector increased 28.8% to $14.9m, attributed mainly to the additional revenue of $2.7m contributed by Parc Sovereign Hotel, Fragrance Hotel-Riverside and Fragrance Hotel-Elegance. As at the end of 31 March 2012, Fragrance’s cash and cash equivalents stood strong at $97.5m. In a separate announcement, Fragrance also proposed a bonus issue of new ordinary shares on the basis of 1 bonus share for every 1 existing ordinary share, as a way to increase the liquidity of its shares in the market, to reflect the growth and expansion of its business as well as to reward its shareholders.

Jade manages and oversees a portfolio of stocks which are mainly focused on the mining and property sectors at Shares Investment.

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Singtel  3.160 -0.01 -0.32%   
Business: Asia's leading communications group. [FY19 Turnover] Mobile Comm (31.1%), Data & Internet (19.2%), Infocomm Technology (17.5%), Sale of Eqmt (16.5%), Digital Biz (7.2%), Fixed Voice (5.2%), Pay-TV (2.1%), Leasing (0.8%), others (0.4%).

Insight: May-19, FY19 operating revenue remained flat at $1... Read More
Swee Hong  -- -- --   
Business: Co is engaged in civil engrg works and micro-tunnelling works as a main contractor. [FY18 Turnover] Civil engineering (96.4%), tunnelling (3.6%).

Insight: May-19, 3Q19 revenue fell 60.8% to $4.6m due to lo... Read More
Fragrance Group  -- -- --   
Business: Co operates as a property developer in Singapore and Australia. [FY17 Turnover] Property development (84.2%), Hotel Operations (7.6%), Commercial Investment (7.4%), Hospitality investment (0.8%).

Insight: Feb-19, FY18 turnover increased 64.7% mainly due t... Read More

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