Fuji Offset Plates Manufacturing

[psolhawk]

Hi psolhawk,

What did you use the gain from the investment instead of the total cash that is likely to be received to add into the potential cash on hand? Is that any exiting loan on the property or something that I didn't realize?

Yet another update 4 months on..

FOP wishes to sell its freehold industrial plot (1 out of the 3 investment properties on hand) to K-Fix, a subsidiary of Kingsmen C. K-Fix has been leasing this premise and I do think they will need it for a long time now hence K-Fix/Kingsmen has decided to purchase the plot instead of leasing it.

Good news?

Summation of ALL three investment properties on hand is just 14.6 million SGD. (http://infopub.sgx.com/FileOpen/2013%20F...leID=21025)

"The excess of the net proceeds of the Property to be disposed of over the net book value is
S$8,818,000 and the gain on disposal of the Property is S$7,712,500."

A gain of 7.7 million SGD is approximately 15 cents of cash per share.

Add this to my previous figure of 21cents of cash per share, you get a whooping 36cents of cash per share. Current bid price of 31cents seems to be too much of a joke still.

No S-chip here, and I figure this cash is really there. Hopefully this is a first salvo of what is to come. With around 18million of cash, the company may attempt to find a new driver of growth. Hope I am going to be watching a movie unfold here (not horror movie I hope).

Hi investright,

You're right, I shouldn't be talking about the gain only since they are getting back the sale amount in cash. 35million RM is approximately 13.67million SGD which translates to around 27.39 cents of cash/shares.

That is a solid 48 cents of cash per share and despite some people playing up the share price (today) to 35 cents, the current bid and sell price still remain immensely attractive for investors standing on the sidelines.

My gut feel is that after the management ceased the Fuji Ice Skating Rink business, they have been busy with Super Group but they are obviously not unaware of the gems they have within FOP. This first sale is an indication to me that they are putting more thoughts into FOP now. To me, that is comforting.