ACN Newswire
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Jubilee Industries Holdings welcomes strategic investor, value-unlocking and synergies to support further growth

indie
2 minutes

SINGAPORE, Jun 22, 2022 - (ACN Newswire via SEAPRWire.com) - Catalist-listed Jubilee Industries Holdings Ltd has entered into a Sales and Purchase Agreement (SPA) with UPC Electronics Pte. Ltd. (Purchaser) for the sale of the Company's 14% stake in WE Components Pte. Ltd. (WEC), the Group's EBU (Disposal).The Disposal offers significant synergies with the Purchaser's existing operations and strategic priorities, leveraging WEC's extensive product portfolio and strong presence across Asia. The Hong Kong incorporated Purchaser's main business is the promotion and distribution of products and solutions of semiconductor manufacturers in the People's Republic of China and overseas.The total cash consideration of US$2.1 million received for the Disposal will be utilised for general working capital purposes and the expansion of Jubilee's business.Jubilee's Executive Chairman and Chief Executive Officer, Dato' Terence Tea, said, "The Disposal reflects the deep value of Jubilee's EBU that we have built over the years. Working together with UPC, we are confident in the EBU's long-term growth prospects as we strive to build sustainable value for shareholders."Under Dato' Terence Tea's leaders...

SeaPRwire

Firm fined $41.5k over damaged PUB water main, causing loss of 1.8m litres of water

aseanpr
2 minutes

SINGAPORE - Tong Shing Contractors was fined $41,500 for damaging a water main and carrying out works without approval from Singapore's water agency PUB. In a statement on Tuesday (June 1), PUB said the damage to the water pipe led to the loss of 1.8 million litres of water, enough to fill about two-thirds of an Olympic-size swimming pool. The water leak had affected three traffic lanes in Admiralty Road West near the junction of Dahan Road when the incident occurred in December 2018. Tong Shing was carrying out pipe-jacking works as part of a road-widening project when the pipe-jacking machine punctured the water main, which has a diameter of 70cm, at a depth of about 3.7m below the road surface. PUB uncovered a hole with a diameter of 30cm on the water main when it went on site to isolate the leak and repair the damage. Its investigations found that Tong Shing had failed to physically ascertain the exact location and alignment of the water main before the works began. In addition, Tong Shing had proceeded with the pipe-jacking works without submitting a plan to do so for PUB's approval. On Tuesday, PUB reminded contractors that it takes a serious view of water main damage and the...

ACN Newswire
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Man Wah FY2021 Revenue from Main Business Up 35% to HK$16.4 Billion Despite Harsh Market Conditions, Net Profit Rises to HK$1.92 Billion

indie
6 minutes

HONG KONG, May 14, 2021 - (ACN Newswire via SEAPRWire.com) - Man Wah Holdings Limited ("Man Wah" or the "Group", stock code: 1999) today announced its audited annual results for the year ended 31 March 2021 ("FY2021" or the "Review Year"). During the Review Year, Man Wah actively promoted the development of its domestic business, enabling the Group to overcome effectively the adverse external impact on its business. The Group's market share in China's recliner sofa market has expanded to 59%, an achievement which has made it the world's top seller of recliner sofas for three consecutive years.In FY2021, the Group's sales revenue (excluding those from real estate, malls and other businesses) increased by 35.3% to HK$16.43 billion as it received a strong boost from sales revenue in the China market where revenue significantly increased by approximately 61.9%. Profit Attributable to Owners of the Company expanded by 17.5% to HK$1.92 billion. Net profit margin was approximately 11.7%. As of 31 March 2021, the Group was in a sound financial position, with a bank balance and cash of approximately HK$2.4 billion, and a current ratio at 1.4. To reward shareholders for their long-term suppo...

SeaPRwire

ITE student expelled after bullying video spreads online

aseanpr
2 minutes

SINGAPORE - An ITE student caught on video bullying a fellow student will be expelled. ITE said in an update on Wednesday morning (March 17) that it has concluded its investigation into the incident and will dismiss the main aggressor, "as is the norm for assault cases in the college". "The other students involved in the incident will be counselled and required to perform community service," the Facebook post added. In a video that spread on social media, the main aggressor is seen restraining a student while repeatedly asking him "what's wrong with you" in a men's toilet at ITE College Central. At least three others look on, including a youth who appears to be blocking the exit. The main aggressor then rips off the victim's mask, slaps him and hurls vulgarities at him. Laughter can be heard in the background as the victim apologises to the main aggressor. Another person tells the group "okay, enough". The main aggressor then hits the victim on the back of his head and kicks his calf. It is unclear when the video was taken. ITE College principal Suresh Natarajan had said earlier that the school takes a serious view of bullying and a firm stance against such behaviour. "As an educat...