Singapore-listed Sincap grabs stake in Perth project
BEN WILMOT THE AUSTRALIAN AUGUST 14, 2014 12:00AM
THE Singapore-listed Sincap Group has expanded its Australian holdings by striking a deal to buy a stake in a South Perth mixed-use development in a play valuing the project at about $66 million.
The Singaporean group, which already has a Perth property, will buy investment holding firm LTN Land, which has a 59 per cent equity stake in the private Richardson 1 Pty Ltd.
The company is backing the One Richardson project, which consists of a 10-storey office building and a 14-storey development comprising 70 apartments, most of which have been pre-sold.
The remaining 41 per cent of the equity in the project will not be affected.
The development has been driven by long-time WA developer Devwest. Sincap’s group chief executive, Ng Hong Whee, already has an 18 per cent stake in LTN Land which he will sell as part of the deal.
Sincap Group Limited is principally engaged in the trading of alumina and thermal coal, as well as the mining and sale of gypsum, in the PRC.
The Group began its core operations in gypsum mining in 1999, and has since grown into one of the leading players in the PRC gypsum industry. It possesses mining and exploration rights to some of the largest gypsum reserves in the Dawenkou Gypsum District in Shandong Province.
In 2005, the Group expanded its operations into alumina trading, and started trading in coal in 2011. The Group has since established a wide network of suppliers and customers in the PRC for these commodities.
Subsequent to the shareholders’ approval for the Group’s business diversification, the Group has diversified its business into property development and property investment since July 2014.
Website :
http://www.sincapgroup.com.sg
Proposed Change of Auditors
Reason : The Company has, as part of its operating costs management, performed a review on, inter alia, its professional audit fees and has obtained various competitive quotes on the Company’s audit fees in relation to the Group’s audit for the financial year ending 31 December 2015 (“FY2015”). Accordingly, the audit fees quoted by Baker Tilly in respect of the FY2015 audit is lower than that of RSM Chio Lim’s. Further, RSM Chio Lim has been the Company’s auditors since financial year ended 31 December 2010.
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Hi Admin/cyclone,
Kindly merged this thread with the one that cyclone started y'day.
GG
Quote:An unknown buyer entered into agreement to acquire Beijing Raffles Investment Advisory Co., Ltd from Sincap Group Limited (Catalist:5UN) for SGD 10 million.
Source: Capital IQ Transaction Database
Type: M&A Transaction Announcements
From: 12/Jun/2017
An unknown buyer entered into agreement to acquire Beijing Raffles Investment Advisory Co., Ltd from Sincap Group Limited (Catalist:5UN) for SGD 10 million on June 12, 2017. Beijing Raffles Investment Advisory Co., Ltd reported net assets of SGD 7.3 million (CNY 35.8 million) and net loss of SGD 1.3 million (CNY 6.6 million) as on December 31, 2016. The Board of Directors of Beijing Raffles Investment Advisory Co., Ltd consider the transaction in best interest of Sincap Group Limited. The transaction is subject to filing and registration with the Ministry of Commerce of Chaoyang District, Beijing Municipality, approval by shareholders of Sincap Group Limited and other conditions. The transaction is expected to close on August 31, 2017. The proceeds from the proposed disposal will be used to expand the business of Sincap Group Limited subsidiary – Orion Energy Resources Pte. Ltd. and will also be used for the working capital of Orion.
In a nutshell, Sincap has sold a stake in its mining subsidiary for $10 million. Their current market cap is only at about $14 million. Their net current asset value as at FY2016 is about $18.2 million. Does this mean that with the sale of its mining subsidiary, their net current asset value will be $28.2 million, valuing themselves at about 0.5x NCAV? The company is loss making but cash flow from operations has been positive in the FY2015 and FY2016.
Up about 30% today since my posting less than 2 weeks ago. Unsure if there have been any fundamental changes in the period inbetween.