Lifecycle services

Procurri acquires remaining 49% stake in Rockland JV for US$22 mil

SINGAPORE (Nov 19): Procurri Corporation is acquiring the remaining 49% stake it does not already own in US joint venture (JV) company, Rockland Congruity, for US$22 million ($30.2 million).

The consideration is to be paid in two tranches, with US$12 million due upon completion of the purchase, and another US$10 million in Jan 2020.

Procurri intends to fund the acquisition using internal resources and/or bank loans.

Procurri gets a downgrade following 4Q earnings miss

SINGAPORE (Feb 23): DBS Vickers Securities has downgraded its “buy” call on Procurri Corporation to “hold”, while lowering its target price to 40 cents from 56 cents previously.

This comes after the data centre equipment provider on Tuesday posted a 48% decline in 4Q16 net profit to $2.5 million, which was 35% below the research house’s expectations due to cost escalations and higher tax.

In a Thursday report, analyst Sachin Mittal says he expects corporate tax rates to remain high at about 25% in the future as a result of expiry of tax incentives in Singapore.

Procurri acquires UK-based EAF Supply Chain for $2.6 mil

SINGAPORE (Nov 8): Procurri has announced its first post-IPO acquisition of UK-based EAF Supply Chain for $2.6 million by its UK subsidiary, Procurri UK.

EAF Supply Chain is a provider of IT spare parts, and fits into the company’s Independent Maintenance Services business, Lifecycle services segment.

EAF Supply Chain is also a long-standing supplier for Procurri UK.

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