Procurri

Novo Tellus investor group is now 29.6% shareholder of Procurri

SINGAPORE (Mar 19): Private equity firm Novo Tellus will become its largest shareholder in Procurri, the SGX-listed provider of IT lifecycle services and data centre equipment.

This comes after Novo Tellus PE Fund and co-investor A.C.T Holdings on Monday exercised their respective call options to acquire a total of 36.3 million Procurri shares under a put-call agreement signed on Feb 15.

The transaction is expected to close on March 21 and the investors will own 29.6% of the Procurri’s issued shares.

Procurri falls 9.7% to 28 cents as New State also withdraws acquisition offer

SINGAPORE (Feb 19): Shares of Procurri Corporation fell on Tuesday morning after it announced that potential investor New State Capital Partners had withdrawn its acquisition offer.

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.

DeClout expects to return to profitability in FY18

SINGAPORE (Mar 5): DeClout expects to reduce its losses over the course of the year and return to profitability in FY18 given there should be no further losses from Corous360 after restructuring, the absence of major impairments and exceptional items and further reductions in expenses.

Overall, subsidiaries Beaqon, vCargo Cloud and Procurri are also expected to perform better.

The guidance comes after DeClout incurred its first net loss for FY17 of $16.4 million since it listed. This is compared to earnings of $7.8 million in FY16.

Procurri held back by higher costs, poor execution of newly acquired businesses

SINGAPORE (May 15): DBS is maintaining its “hold” call on Procurri with a revised target price of 32 cents as the company has yet to demonstrate better execution.

Despite strong growth expected in the medium term, the delayed bottom-line contribution from acquisitions and cost escalations have lowered expectations of near-term profitability, says DBS.

Procurri’s bumpy ride may smoothen out with more acquisitions

SINGAPORE (Nov 15): DBS Group Research is maintaining a “buy” call on Procurri with a target price of 56 cents, citing a potential acquisition in the works.

Analyst Sachin Mittal notes in a Friday report that Procurri is one of the few companies in the world that offer hardware resale and independent maintenance services, which is reflected in its 33% gross margins. This is further bolstered by 23% earnings compounded annual growth rate which could be aided by potential acquisitions to enhance its global footprint.

Declout reports 3Q losses of $3.3 mil on Procurri IPO costs

SINGAPORE (Nov 10): Declout reported a $3.3 million loss for 3Q16 driven mainly by Procurri’s listing expenses of $2.2 million. Excluding the one-time Procurri expenses, 3Q16 losses would be at $1.1 million due to operating losses from subsidiaries. 

Revenue for the quarter rose 20.2% to 81.2%, driven by improved contributions from existing businesses (10.7%) as well as newly acquired subsidiaries (9.5%).

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.

Declout’s no flash in the pan; plans for growth after spinoffs

SINGAPORE (Nov 1): NRA Capital is maintaining its “overweight” call on Declout with a fair value of 34 cents after management outlined plans to grow its remaining businesses organically and inorganically to offset the revenue gap left by Acclivis within the next one or two years.

(See also: DeClout sells IT services unit Acclivis to CITIC Telecom, books $28 mil gain)

After Procurri and Acclivis, there is still Beacon, Corous 360 and vCargo Cloud for this company

SINGAPORE (Oct 17): DeClout has proven its expertise in growing and spinning off tech companies since its 2012 Catalist listing, according to a unrated report by Maybank Kim Eng.

The company’s biggest success has been the July listing of Procurri – an IT hardware distribution business – on the Singapore Exchange Mainboard, according to analyst Jonathan Cheong.

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