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Ace Achieve Infocom Limited announced that it has secured a repeat contract from China Unicom Limited to supply IT equipment and related services in 13 provinces. Barring unforeseen circumstances, this contract is expected to contribute approximately RMB 18 million to the group’s revenue in the next twelve months. (S$0.036, +2.86%)
3G mobile has great potential to the company but with the BB action and general bad sentiment towards S stock, this counter has turned out to be another junk a'S's stock. Look at the Rights issue of 1:1 @ 4c, mkt is uninterested and the fund manager for the rights issue is disinterested in generating interest by pushing up the parent share.
Use of Proceeds
The Company intends to utilise the proceeds from the Rights Issue in the following manner:
Use of Proceeds
Amount (S$) Percentage of Proceeds (%)
Investment in hardware and software required to build a proprietary company database
2,797,000 21.99
Investment in research and development activities and to build and/or upgrade telecommunication platforms which will provide valueadded services to end-users
7,578,000 59.57
General working capital requirements
2,346,000 18.44
Total
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_589764799240048A4825785A003E603B/$file/AceAchieve_21March2011.pdf?openelement
doesn't seem to boost future profitability but more for upgrade the company IT framework and providing after sales service plus working capital whereby can be easily use to pay fat bonuses.
Really an a'S's junk stock!
12,721,000 100.00