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HG Metal a hidden gem ?

abc2020
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18-Mar-2010 09:20

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look like HG Metal react positivity with with disposal

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abc2020
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17-Mar-2010 15:33

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UEM Land, the developer of the biggest township coming up in south Johor, has sold five parcels of land to Singapore-listed HG Metal Manufacturing Ltd for RM23.95 million.

For me , this is a good new. New team already start to restructure the company by reducing the debt

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knightrider
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17-Mar-2010 09:23

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Jia lak liao, I think they need $$, if I remember , they bought the land at $24m, but I cannot remember is it S$ or M$. Can someone check out ? Thks.

The consideration for the Proposed Disposal of Properties is Ringgit Malaysia (RM)

35.5 million (or equivalent to S$14.8 million, based on the exchange rate of S$1.00 to

RM2.40 as on the date of the Option to Purchase) (the “Consideration”). The

Consideration for the Proposed Disposal was arrived at on a “willing-buyer-willingseller”

basis taking into account the following basis:-

(a) The properties were valued at RM33.9 million (or equivalent S$14.1 million) on

9 March 2010 by Colliers, Jordon Lee & Jaafar (JH) Sdn Bhd;

(b) The carrying amount of the Properties as at the latest audited financial results

for the year ended 30 September 2009 was RM37.4 million (or equivalent

S$14.5 million).

million (or equivalent S$15.3 million); and

(d) The commercial and future development of the Properties.

The Consideration is to be satisfied by the Purchasers in cash as follows: -

(a) 2% (two percent) of the Consideration shall be paid upon signing acceptance of

the option terms in the Option to Purchase.

(b) 8% (eight percent) of the Consideration shall be paid upon signing of the Sale

and Purchase Agreement.

months from the date of the Sale and Purchase Agreement (the “SPA”).

abc2020 ( Date: 16-Mar-2010 17:52) Posted:

PROPOSED DISPOSAL

2.3 Information about the Properties
The Properties are located at Nusajaya Industrial Park, Nusajaya, Johor and comprised the following:-
(a) 5 plots of lands namely, PTD154368, PTD154369, PTD154370, PTD154371, PTD154372; and
(b) Buildings comprising one single storey warehouse and two storey office building

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abc2020
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16-Mar-2010 17:52

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knightrider
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08-Mar-2010 16:46

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HG Metal Manufacturing’s subsidiary, HG Metal Pte Ltd (HGPL) has announced that it will

sell 28m shares BRC Asia Limited to help meet short term debt liabilities. HGPL has since

entered into a deal with 12 buyers to sell BRC shares at S$0.135 per share for a total of

S$3.8m, which would trigger a realization of an estimated net loss of about S$700k. We

expect the news to be negative for the stock.

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abc2020
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25-Feb-2010 22:14

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AGREEMENT

Further to the announcement made on 9 February 2010 by the Company in respect of the receipt of a
notice of an adjudication application lodged by LPM Projects Pte Ltd ("LPM") with the Singapore
Mediation Centre (the "SMC") on 5 February 2010 (the "Application"), the board of directors of the
Company (the "Board") wishes to inform shareholders that the Company and LPM have on 24
February 2010 entered into an agreement (the " Agreement"), thereby settling by private agreement
LPM’s claim in the Application.
Pursuant to the Agreement, the Company has agreed to pay to LPM an aggregate sum of
S$1,493,407.33 as what it considers to be due and payable to LPM under the payment claims
referred to in the Application. The payment of the said amount is not expected to have a material
impact on the consolidated net tangible assets per share and no impact on the earnings per share of
the Company and its subsidiaries for the current financial year.
Further, the Board wishes to announce that, pursuant to the Agreement, the Company has on 25
February 2010 received a copy of the Notice of Withdrawal of the Application lodged by LPM with the
SMC as well as the Adjudicator of the Application on 25 February 2010.
BY ORDER OF THE BOARD
Chng Hee Kok
Chief Executive Officer
25 February 2010

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abc2020
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24-Feb-2010 16:33

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The Company refers to the announcement made on 24 December 2009 (the "Announcement") in relation to the divestment of 80,641,080 shares in BRC Asia Limited through a private share placement and Q1 FY2010 unaudited financial results announcement (the “Results Announcement”) for 3 months financial period ended 31 December 2009. Unless otherwise defined, all terms and references used herein shall bear the same meanings ascribed to them in both announcements. The Company wishes to clarify that the net profits of S$2.4 million attributable to Placement Shares being disposed of in the Announcement was computed based on comparison of the Placement proceeds of S$0.145 per share with the initial book value of investment in BRC Asia Limited of S$0.11 per share. In the Results Announcement, the investment in BRC Asia Limited was adjusted to the fair value of $0.16 per share in accordance with FRS 27, Consolidated and Separate Financial Statements. Hence, the disposal of the Placement Shares resulted in a loss of approximately S$1.2 million. BY ORDER OF THE BOARD Chng Hee Kok Chief Executive Officer 23 February 2010

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knightrider
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22-Feb-2010 15:57

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S$0.095 coming liao !!!!!

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abc2020
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12-Feb-2010 14:18

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Special gain helps HG Metal post profit in Q1
Business Times By JAMIE LEE Published February 12, 2010

DESPITE a plunge in revenue, HG Metal Manufacturing kept itself on the profit path for its fiscal first quarter ended Dec 31, 2009, helped by improved margins, lower expenses and a $6.4 million gain from the disposal of shares in BRC Asia.

The steel stockist - fresh from a board upheaval - posted a net profit attributable to equity holders of $8.7 million for the three months, against a net loss of $6.42 million a year earlier.

This translates to earnings of 1.12 cents per share compared with a net loss of 1.51 cents per share a year ago.

The group's 'other operating income' jumped to $7.2 million from $900,000.

This was thanks to the $6.4 million in recognised gain from the deemed disposal of BRC Asia as a result of the transfer of BRC Asia shares to HG Metal Pte Ltd in an arrangement which saw the latter becoming a wholly owned subsidiary of the group.

The company also recorded smaller expenses.

Other operating expenses dropped 52 per cent to $3.1 million, due mainly to the reduction in foreign exchange loss as a result of depreciation of the US dollar against the Singapore dollar.

Finance expenses also dropped by 66 per cent to $1.4 million, thanks to lower borrowings due to the decrease in purchasing activities and repayment of bank borrowings.

The swing into the black came despite weaker sales. Revenue dropped 50 per cent to $90.7 million because of lower trading activities and weak demand for steel products. But gross profit rose 96 per cent to $13.8 million because of the recovery of steel prices and lower inventory costs.

HG Metal warned that it would record a loss of about $1.2 million after it sold 80.6 million shares in BRC Asia for a total of $11.7 million as announced on Jan 5 this year.

The firm's string of losses in the earlier five quarters had prompted its non-executive director and single-largest shareholder to successfully oust the ex-CEO and another director.

Shares of HG Metal closed unchanged at 10 cents yesterday.

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abc2020
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11-Feb-2010 13:02

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New research service for firms By Dawn Zeng SINGAPORE companies will soon be able to pay for analyst research to be done on them thanks to a new venture launched by the research arm of the Securities Investors Association of Singapore (Sias) and NRA Capital. After a soft launch in November last year, the Sias-NRA Corporate Initiated Research (SNCIR) scheme has already signed up 12 companies. Combined, NRA Capital and Sias Research have over 10 equity analysts and are confident that they can cover up to 150 companies. The SNCIR scheme was conceived after the Singapore Exchange (SGX) Research Incentive Scheme ended in October 2009. Participating firms will get one year of analyst coverage by either one or both research houses, depending on their individual choice. As to how independent the research can be, given that companies are paying for them, NRA Capital executive chairman Kevin Scully assured that there are safeguards. Firstly, the companies themselves will not get to specify which research house will initiate coverage on them. That decision will be left to the scheme's management committee, whose members comprise Sias president and chief executive David Gerald, Mr Scully and an independent third party who will be named later. Secondly, participating companies have to sign a contract agreeing not to interfere with the research process and recommendation. NRA and Sias Research hope that enlisting Sias to administer the scheme will also address concerns about its credibility. 'Sias... is known for promoting corporate integrity and governance and is regarded as an independent organisation by all constituencies including SGX and MAS (Monetary Authority of Singapore),' said Sias Research vice-president Roger Tan. All research reports will be made available to the public for free and posted on the websites of SNCIR, Sias, Sias Research and NRA Capital. Mr Gerald said the tie-up was an important milestone and urged investors to tap on this new source of free, independent research to make informed decisions, as 'investment without knowledge is a gamble'. Producing reports with an 'investment call' is a key feature highlighted by both groups. Mr Scully emphasised the importance of having a recommendation on the report, which he said was a 'form of accountability for analysts'. Companies signing up # HG Metal Manufacturing # Megachem # Equation Corp # Serial System # Eastern Asia Technology # Noble Group # Petra Foods # Riverstone Holdings # First Reit # Kian Ann Engineering # CFM Holdings # IFS Capital

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knightrider
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10-Feb-2010 09:27

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Now funny things start floating out liao ! Take a look :-

The board of directors of the Company (the "Board") wishes to announce that the Company had, on 8

February 2010, received a notice (the "Notice") of an adjudication application lodged by LPM Projects

Pte Ltd ("LPM") with the Singapore Mediation Centre ("SMC") on 5 February 2010 (the "Application")

in relation to a payment claim amount of S$3,269,928.56 by LPM in connection with the proposed

erection of a single-user industrial development at Jurong Port Road. SMC is the Authorised

Nominating Body under the Building and Construction Industry Security of Payment Act (Chapter 30B

of Singapore).

The Board is in discussion with their legal advisers to determine the next course of action. The

Board’s preliminary view is that only about S$1,500,000.00 is due to LPM and the claim will be

resisted accordingly. The Board will release further announcements of any material developments in

connection with the matter.

BY ORDER OF THE BOARD

Chng Hee Kok

Chief Executive Officer

9 February 2010

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abc2020
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02-Feb-2010 23:24

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HG METAL MANUFACTURING LIMITED

WAIVER OF EVENT OF DEFAULT UNDER FACILITY AGREEMENT

The Company refers to the announcement on 1 December 2009 (the "Announcement") in relation to the Facility Agreement. Unless otherwise defined, all terms and references used herein shall bear the same meanings ascribed to them in the Announcement. As set out in the Announcement, under Clause 24.10 of Facility Agreement, it is an event of default under the Facility Agreement if either Mr. Tan Chan Too or Mr. Wee Piew ceases to hold the appointment of executive director of the Company. Mr. Wee Piew resigned as an executive director of the Company as announced on 4 January 2010. Further to the Announcement, the Company wishes to inform shareholders that OCBC and United Overseas Bank Limited, being the lenders under the Facility Agreement (collectively, the "Lenders"), have not served a formal notice of default under the Facility Agreement. The Company also wishes to announce that the Lenders have agreed to waive the event of default under Clause 24.10 of the Facility Agreement, provided that Mr. Tan Chan Too continues to remain an executive director of the Company for so long as any amount is outstanding under the Finance Documents (as defined in the Facility Agreement) or any Commitment (as defined in the Facility Agreement) is in force. BY ORDER OF THE BOARD Chng Hee Kok Chief Executive Officer 2 February 2010

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knightrider
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28-Jan-2010 09:59

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Give Mr.Chng sometime la, he just joined and the ex-CEO still need to hand over in 6 mths time, and he still can collect his fat salary (song song, and woon woon jia bee hoon, in hokkien). Give the new team a bit time and be patience la. I think this co still got some nails to spare. Good Luck.

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abc2020
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28-Jan-2010 08:51

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The founder of HG METAL, Mr Tan Chan Too already sold all his shares. If he still lead the company, do you expect he and his team will run the company in properly?

valentine27 ( Date: 28-Jan-2010 00:07) Posted:

If you study carefully, HG Metal is still fundamentally strong. The current recovery on the steel price will reflect in HG metal future earning. Current situation, i personally feel is like when the company not making profit, shareholders pointing fingers and looking for someone to be responsible. Instead of jointly exploring solutions, they trying to magnify a problem. For years, HG Metal has been doing well but because it did not do better than others in the market doesn't mean the management fail. Look at SinoEnv management, complete failure.

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valentine27
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28-Jan-2010 00:07

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abc2020
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23-Jan-2010 17:17

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knightrider
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20-Jan-2010 10:02

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Yesterday night Bloomberg night news : Warren Buffett want to increases his stake in the Korean biggest steel manufacturer Posco Steel. Just fyi. And the trading in steel price has increase, hope this will help in the large quantity of this counter's inventory ! Also hope this news of their joint venture with Posco will have impact in their future gain ! I just share the info from Bloomberg, good luck everyone.

knightrider ( Date: 01-Jun-2009 13:31) Posted:

The Board of Directors of HG Metal Manufacturing Limited (the "Company", and together with its

subsidiaries, the “Group”) wishes to announce that the Company has on 1 June 2009 entered into a

Joint Venture Agreement (“JVA”) with Posco Steel Service & Sales Company Limited (“Posteel”)

and Novo Commodities Pte. Ltd. ("NC"), pursuant to which the parties will incorporate a new

company in Singapore (the “Newco”).

Posteel is a company incorporated in Republic of Korea. It is principally engaged in the business of

distribution of and sales of various kinds of high-quality steel products around the world.

NC is an investment holding company incorporated in Singapore. It is a wholly-owned subsidiary of

Novo Group Ltd., a company incorporated in Singapore and listed on the Singapore Exchange

Securities Trading Limited.

The Newco will have an initial issued share capital of US$2,000,000 divided into 2,000,000 shares.

The shareholding interest of NC, Posteel and the Company in the Newco will be 24.5%, 51% and

24.5% respectively. The Company shall subscribe for 490,000 ordinary shares in the NewCo at an

aggregate consideration of US$490,000.

After such subscription of shares in the NewCo, the NewCo will become an associated company of

the Company. The Newco will be engaged in the procurement of high-grade and high value steel

products and materials for sale to buyers in Singapore and South East Asia in order to provide end

users with a wide range of materials.

The proposed transaction will be funded through internal sources and is not expected to have a

material impact on the earnings per share and the net tangible assets per share of the Group for the

current financial year.

None of the Directors and controlling shareholders of the Company has any interest, direct or

indirect, in the above transaction.

BY ORDER OF THE BOARD

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knightrider
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08-Jan-2010 11:06

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From Straits Times a few days ago !

....investments the company has made in the past...for instance, nobody knows what is happening about the piece of land in Johor bought two years ago.' Fears of a rudderless company were compounded by a technicality.

This is my personal opinion, just for laugh : " Build a mini- IR in JB with no entrance fee of $100, then this will lure new injection of business from Sporeans who like gambling , don't forget, they bought 5 plots of land, quite a big land bank !" ha ha LOL.

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knightrider
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08-Jan-2010 10:58

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Published January 8, 2010, BusinessTimes

Chng Hee Kok is HG Metal's new CEO

Tan Chan Too quits as exec chairman, will stay as an exec director

By JAMIE LEE

FRESH from an upheaval of its board, HG Metal Manufacturing has found its chief executive in the form of Hartawan Holdings' CEO Chng Hee Kok.

Mr Chng: Says 'we are in discussion with the banks' regarding a loan facility of $101 million issued by UOB and OCBC last year

In another sign of a change of guard, the company's co-founder Tan Chan Too has quit as executive chairman and will remain as an executive director.

Besides raising speculation over the links between HG Metal and Hartawan, the latest changes could impact a loan facility of $101 million issued by United Overseas Bank and OCBC Bank in October last year.

One of the loan covenants was for former CEO Wee Piew and the chairman to stay in their posts.

'We are in discussion with the banks,' Mr Chng told BT, adding that he had received calls from the banks yesterday.

He added that he was unaware of the reason that Mr Tan chose to leave his post and that the company is open to appointing new directors to take on the position of chairman.

This means Hartawan director Tan Eng Liang - who was expected to replace chairman Tan Chan Too if he had been removed from his post - could be appointed later for the position.

The board shake-up began last month when HG Metal's non-executive director and its single-largest shareholder Sia Ling Sing called a shareholder's meeting to vote out Mr Wee and executive director Lee Leng Loke - who resigned a day before the meeting - and the chairman.

Shareholders chose to keep Mr Tan as chairman during the vote.

Mr Sia was unhappy over the company's five straight quarters of losses and the firm's poor risk control that led it to hold high inventory levels. The company posted a net loss of $67.5 million for the fiscal year ended September 2009, reversing from a net profit of $22.6 million a year ago.

Mr Chng and hedge fund manager Roy Ling Chung Yee were appointed to replace the former directors.

Hartawan's company secretary Sophia Lim has also become the second company secretary of HG Metal.

Mr Chng will remain as a non-executive director of Hartawan. His CEO duties will be taken up by chairman Winstedt Chong Thim Pheng.

A long-time friend of HG Metal's Mr Sia, Mr Chong is also a shareholder of HG Metal and owns at least 3.75 per cent of the firm.

Mr Chong is the largest shareholder of Hartawan with a 36.6 per cent stake.

Shares of HG Metal closed unchanged at 12.5 cents yesterday.

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knightrider
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08-Jan-2010 10:57

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Big is good especially for hungry Singapore Infra-structure ! Ha Ha LOL

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