Raffles United Holdings

Raffles United gets 6.5 cents mandatory cash offer to take firm private

SINGAPORE (July 1): Raffles United Holdings, the property investor and distributor of ball bearings and seals, has received a mandatory unconditional cash offer for the shares it does not own at 6.5 cents each.

The offeror is Raffles Infinity which is solely owned by Teo Xian-Hui Amanda Marie, the daughter of Raffles United's managing director Teo Teng Beng.

Raffles Infinity does not intend to preserve the listing status of the company.

Raffles United proposes $12 mil rights issue; another shareholder called up by CAD

SINGAPORE (Jan 10): Raffles United Holdings is seeking to raise up to $11.7 million by proposing to undertake a renounceable, non-underwritten rights issue of up to 234 million new rights shares at 5 cents each.

This represents a discount of about 39% to the counter’s closing price on Jan 8, the last trading day prior to the announcement.

Assuming full subscription, the net proceeds are estimated to be $11.6 million after deducting about $0.1 million for professional fees and related expenses.

Several Raffles United executives to report back to CAD for further investigations

SINGAPORE (June 19): Raffles United Holdings, formerly known as Kian Ho Bearings, said several top executives interviewed by the Commercial Affairs Department (CAD) have to report back to the white-collar crime division for further investigations.

See: Raffles United under CAD probe for possible Securities and Futures Act infringement

CAD interviews Raffles United executives for possible Securities and Futures breaches

SINGAPORE (May 8): Raffles United Holdings, formerly known as Kian Ho Bearings, revealed that the Commercial Affairs Department (CAD) has interviewed several of its executives, staff and ex-staff.

Among those interviewed are Teo Teng Beng, managing director; Teo Xian-Hu Amanda Marie, executive director and deemed substantial shareholder; Ho Hui Min, CFO and head, corporate of the company; Koh Hai Yang, business development directory of the group’s principal subsidiary, Kian Ho Pte Ltd (KHPL); and Kwek Che Yong, adviser to KHPL.

Raffles United under CAD probe for possible Securities and Futures Act infringement

SINGAPORE (May 4): Raffles United Holdings, formerly known as Kian Ho Bearings, announced Friday that the company and its subsidiary, Kian Ho, are under investigation by the Commercial Affairs Department (CAD).

According to Raffles United, the company on Wednesday received a letter from the authorities regarding the probe into an alleged offence under the Securities and Futures Act.

The company says it has handed over the documents, information and IT equipment from 2015 to date that were requested by CAD.   

Raffles United swings back to black in FY17

SINGAPORE (Feb 23): Raffles United Holdings, formerly known as Kian Ho Bearings, has swung to a profit of $3.6 million for FY17 ended December 2017, from a loss of $6.7 million in the preceding financial year.

Raffles United recorded a 2% improvement in revenue for FY17 to $73.0 million from $71.4 million in FY16 primarily due to contribution from the group's subsidiary, Acee Electric, which was acquired last March and a significant increase in sales contribution from the Original Equipment Manufacturer market in Singapore, Malaysia, Indonesia and Vietnam.

Raffles United to sell stake in Taiwan subsidiary; announces net loss expected for FY2016

Raffles United Holdings logo

SINGAPORE (Nov 30): Raffles United Holdings on Wednesday announced the disposal of its 60% stake in Taiwan subsidiary Ascend Bearings Co. for $1.04 million.

In addition, Raffles United issued a profit guidance, warning of an expected net loss for FY2016.

In an SGX filing, Raffles United says expected losses are mainly due to expected material loss on disposal of Ascend Bearings; realised losses arising from active inventory clearance at reduced prices; and provision for slow-moving inventories and depressed selling prices for bearings and seals.

Be informed of the stories that matter

Subscribe

Be informed of the stories that matter