Advance SCT

Advance SCT to buy 40% stake in M&E firm for $3.5 mil in pursuit of smart city ambitions

SINGAPORE (Jan 29): Advance SCT has entered into a conditional sale and purchase agreement to acquire 40% stake in N&T Engineering Enterprises for up to $3.5 million.

The purchase price will be fully satisfied via the issuance of new shares at 0.1 cent each.

The initial $2.8 million will be paid upon completion of the deal, while the remaining $0.7 million is to be paid when N&T Group – comprising N&T and newly-incorporated N&T Smart Engineering – achieves net profit after tax of at least $1.2 million for the full year ending Feb 28, 2019.

Advance SCT eyes diversification into M&E engineering for smart cities

SINGAPORE (Nov 7): Advance SCT is jumping on the smart-city bandwagon in Singapore and Southeast Asia and eyeing a change of name to Citicode Ltd to reflect the new business direction.

The proposed business diversification and proposed name change are subject to the approval of shareholders to be obtained at an EGM at a later date.

In a Wednesday press release, the supplier of copper-related products says it plans to diversify into the business of engineering for Mission-Critical Facilities and Infrastructure (MCFI) and Mission-Critical System (MCS).

Advance SCT back in the black in FY17 with $1.5 mil earnings

SINGAPORE (Feb 27): Advance SCT, the supplier of copper-related products and recycled copper, reported full-year earnings of $1.5 million for FY17 from a loss of $8.2 million in FY16.

Notably, the group posted net profit from recurring operations of $0.67 million in FY17 which the group says "signals that it has recovered from the tumultuous years and is on the path of growth".

In FY17, the group generated a revenue of close to $80 million, a 70% increase compared to FY16. Meanwhile, gross profit improved by 281% to $1.43 million.

Advance SCT swings back to profitability in 3Q on higher revenue

SINGAPORE (Oct 19): Advance SCT posted earnings of $158,000 for the 3Q17 ended September, reversing out of a net loss of $340,000 in 3Q16 a year ago.

Revenue in 3Q17 grew 48% to $24.6 million, from $16.6 million a year ago.

For the first nine months of FY2017, Advance SCT saw its revenue more than double to $60.8 million. It has reported earnings of $1.3 million in 9M17, compared to a net loss of $2.6 million in the corresponding period last year.

Advance SCT signs debt agreements with two creditors

SINGAPORE (July 9): Advance SCT, the supplier of copper-based products, has entered into agreements with two major creditors to resolve its outstanding debt issues.

In an exchange filing on Sunday, the group said it was informed that Qingyuan Shengli Copper Materials (QSCM) had on July 7 entered into an agreement to assign the entire debt of 41.4 million yuan (S$8.40 million) owed by Advance SCT to a certain Zhang Baoan.

Yeo Hiap Seng, Hong Leong Finance, Duty Free International, Advance SCT, Rowsley

SINGAPORE (April 27): Here are some stocks to watch this Thursday morning:

F&B and property group Yeo Hiap Seng reported 1Q earnings of nearly $139 million compared to $6.5 million a year ago. This was mainly due to gain on disposal of investment in Super Group of $138.4 million. Shares of Yeo Hiap Seng closed at $1.37 on Wednesday before the announcement.

Advance SCT swings back to profitability in 1Q

Credit: Recycling Today

SINGPAPORE (April 26): Advance SCT has posted earnings of $125,000 for the first quarter ended March 2017, reversing out of a net loss of $1.3 million a year ago.

Revenue surged to $21.3 million in 1Q17, from $1.4 million a year ago.

According to a filing to SGX on Wednesday, Advance SCT says turnover has improved steadily since the major restructuring in 1Q16.

In addition, the higher revenue was attributable to higher metal prices.

Advance SCT’s FY16 losses narrow to $8.3 mil on restructuring efforts

SINGAPORE (March 1): Advance SCT, the metal trader and recycling & waste management company, saw FY16 losses narrow by a third to $8.3 million from $12.3 million a year ago.

Placed on the SGX watchlist since March 4, 2015, Advance SCT says it has managed to terminate its 2011 scheme of arrangement and restructure itself into a “leaner entity, with much reduced debt and lower operating expenses”.

Advance SCT collaborates with consulting firm to turn company around

SINGAPORE (June 27): Advance SCT on Monday entered into a binding heads of agreement with BT Consulting & Management to study the various options to resolve its outstanding debt issues and undertake a strategic business review to revive its ailing business.

Apart from looking at various options to resolve its debt, the collaboration will also involve exploring the acquisitions of new assets and undertakings that are earnings and yield accretive for Advance SCT, the supplier of copper-based products.

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