Singapore Corporate News - 27 Dec 2007

YHS warns of loss due to tax provision

FOOD & beverage and property group Yeo Hiap Seng (YHS) has warned of a loss for 2007 caused by a tax provision relating to three property projects.

In a statement yesterday, YHS said two of its wholly-owned subsidiaries - YHS Manufacturing Pte Ltd and YHS Dunearn Pte Ltd - have been negotiating with the Inland Revenue Authority of Singapore (IRAS) on the tax treatment of revaluation surpluses of $128.8 million and $86.5 million on land used for The Sterling, Gardenvista and Jardin residential projects.

STX unit sets up JV in Dubai with Pakistan company

STX Pan Ocean Co Ltd is establishing a new venture in the Middle East.

The joint venture was incorporated in Dubai, United Arab Emirates, yesterday, following an agreement earlier this year between its wholly owned subsidiary STX Pan Ocean Singapore Pte Ltd and Kopak Shipping Company.

Xpress aims to tap Vietnam's stock boom

SINGAPORE'S Xpress Holdings, a dotcom firm turned printer, plans to expand in Vietnam to tap demand from the country's growing financial sector for services, company officials told Reuters.

The expansion will involve setting up 'print stations' in Hanoi and Ho Chi Minh City where customers can get help with design and translation, as well as a network of printers to speed up the printing and delivery process.

SPH Magazines to acquire Asian luxury titles

SPH Magazines, a wholly owned subsidiary of media group Singapore Press Holdings, is acquiring all the luxury magazines owned and published by Adkom Ltd.

The proposed acquisition of the titles, which is being made through wholly owned Blu Inc Media (HK), includes the transfer of all other businesses, assets and benefits related to the publishing of the magazines.

The total consideration is about $23.2 million.

The luxury titles include Asia-Pacific Boating, China Boating, Jet Asia-Pacific, Luxury Properties, AsiaSpa, Polo China and Action Asia. They are published and circulated in major cities in Asia and are targeted at affluent and active-lifestyle readers.

Nera bags $5m supply, maintenance deal

NERA Telecommunications yesterday said that it and its Indonesian unit PT Nera Indonesia have sealed a $5.1 million deal for the supply, delivery, installation and maintenance of microwave transmission equipment with a cellular operator in Indonesia. Of the total amount, $4.1 million is for the supply of the equipment and $1 million is for maintenance services. The deal is not expected to have a significant impact on the performance of the group for the current financial year.

Viz Branz announces 3-for-10 warrant issue

VIZ Branz yesterday announced a rights issue of up to 47.7 million warrants at an issue price of five cents each. The issue is on the basis of three warrants for 10 existing shares. Each warrant is convertible to one share at an exercise price of 15 cents. Viz Branz intends to use the estimated net proceeds of between $1.8 million and $2.1 million from the warrants issue to refinance the group's short-term borrowings.

AsiaSilk warns red ink possible in FY2007

ASIASILK Holdings warned yesterday that it may not achieve profitability for financial year 2007. It had at the half-year stage said that 'barring unforeseen circumstances, the directors expect the group to remain profitable in FY2007'. The change in profit guidance stemmed from events in the second half, including the group's Guizhou project not progressing as well as intended for various reasons, plus a drop in profit margin.