GKE shareholders in potential sale discussion

GKE shareholders in potential sale discussion

Chan Chao Peh
15/02/17, 08:44 pm

SINGAPORE (Feb 15): GKE Corporation, which has interests in logistics and building materials, announced that “some of its substantial shareholders” have been approached “to explore a potential acquisition” of shares in the company, said the company’s CEO Neo Cheow Hui in an announcement after the market closed on Wednesday.

Over the past month, GKE shares have been climbing steadily. From 10.6 cents on Jan 24, it has nearly doubled to 19 cents on Tuesday. It closed on Wednesday at 18.9 cents, down 0.1 cent. The company is now valued at nearly $130 million. SGX has yet to publicly query the company on its unusual trading pattern.

“The Company further understands that the discussion is at a preliminary stage and there is no assurance that any definitive agreement or transaction will materialise,” says Neo.


“Taking into consideration the above, the Company wishes to inform that it has not received any formal nor written indications from the substantial shareholders on the matter,” he adds.

The company’s single largest shareholder is chairman Chen Yong Hua, a Chinese national with interests in property, logistics and printing. He owns 9.83%. Another significant shareholder is Spencer Tuppani, who recently took on a 7.05% stake in the company after selling his company, TNS Ocean Lines, a port services provider, to GKE, last November.

The Edge Singapore understands that the potential buyer is a state owned Chinese company, joining the list of Chinese capital acquiring assets here in Singapore.



Sentifi - The Edge Markets Singapore - Top themes and market

Despite record earnings, OCBC's Tsien sounds note of caution

SINGAPORE (July 27): Oversea-Chinese Banking Corp reported a sterling set of results, with net profit up 11% q-o-q and 22% y-o-y to a record $1.08 billion. Yet, there was a note of caution from its top management during a results briefing on Thursday. This was despite all three businesses — core banking, insurance and wealth management — recording growth. Notably, Great Eastern Holdings doubled its contribution to group profit before tax to 23% in 1H17 from 11% a year ago. Wealth management did very well too with sector income rising 33% during 1H17 to $789 million. “Wealt....

Japfa sinks into the red amid weak swine market in Vietnam

SINGAPORE (July 27): Agri-food producer Japfa posts a loss of US$3.4 million ($4.6 million) for the 2Q17 ended June, compared to earnings of US$44.6 million a year ago. The decline was largely due to a substantial loss in Vietnam, as the average selling prices (ASPs) of swine continued to slide to levels well below operating costs. This was the result of import restrictions in China started in 4Q16, which has significantly reduced demand in Vietnam’s swine market. Japfa’s operating profit in 2Q17 was halved to US$52.1 million, from US$107.8 million a year ago. The group’s Ani....

Singhaiyi 1Q earnings surge to $16.4 mil on higher revenue

SINGAPORE (July 27): Property group Singhaiyi reported 1Q18 earnings surged 7.5 times to $16.4 million from $2.2 million a year ago. Revenue surged 26.4 times to $282.9 million from $10.7 million, lifted mainly by revenue recognised for the group’s completed Executive Condominium (EC) project, The Vales. Revenue contribution in 1Q17 came mainly from sales of completed units from Vietnam Town. The lower rental income in 1Q18 was attributable to ongoing Asset Enhancement Initiative (AEI) programme underwent by Tri-County Mall (TCM) in the US. Management fee income pertained to project ma....