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steel price moving up rapidly, HG is the counter to watch for the next few months.
Ah....yes......Feb-Mar 2006 they sold off FC.....sori...
knightrider ( Date: 06-Apr-2010 09:19) Posted:
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Man behind HG revamp quits board
Sia Ling Sing no longer largest shareholder, wants to focus on BRC Asia
By JAMIE LEE
THE man who sparked the ouster of the key management of HG Metal Manufacturing about four months ago has resigned as a board director.
This comes after Sia Ling Sing last week swopped his substantial stake in HG Metal for more shares in HG's associate BRC Asia, of which he is non-executive chairman.
Besides the reason that he was no longer the largest shareholder of HG, Mr Sia said he was unable to devote sufficient time to discharge his director duties as a result of other work commitments.
Mr Sia told BT that he agreed to do a share swop after being approached by Chye Hin Hardware.
Chye Hin Hardware - a stockist for structural and mild steel products - is now a substantial shareholder of HG Metal, after it gave up an 8.3 per cent stake in BRC for a 10.4 per cent stake in HG Metal.
Speaking in Mandarin, Mr Sia said that rather than split his money between HG Metal and BRC, he had decided to focus on investing in BRC, a company he sees as being more profitable than HG.
On why he was leaving HG so soon after successfully helping to install new leaders there, Mr Sia said his investment at HG for more than seven years was already 'too long'.
'I was never interfering with the management at HG Metal,' he said. 'I was just exercising my shareholder rights.'
Mr Sia added that he would not be taking an active role in the management of BRC. He now holds a 26.1 per cent stake in BRC.
HG Metal CEO Chng Hee Kok told BT that Mr Sia's decision was a personal one and that having a new substantial shareholder in the form of Chye Hin Hardware 'can't be bad' because it is a significant creditor of the company.
HG Metal is a major client of Chye Hin Hardware, the latter's managing director, Yap Xi Ming, told BT. Mr Yap and Chye Hin's chairman, Tan Kim Seng, are friends of HG Metal's co-founder, Tan Chan Too. The latter is on the board of HG Metal, but has stepped down as the executive chairman.
Mr Chng added that HG Metal is trying to buy time with its creditors by selling shares in BRC to raise money to cover its short-term debt. The company currently pays about $3 million a month to creditors, he said.
HG Metal's recent sale of BRC shares has cut its stake to 27.5 per cent from 43.67 per cent. Mr Chng said that unless an attractive offer for BRC comes along, the company is unlikely to sell its associate for now.
In December last year, Mr Sia proposed to boot out then-CEO Wee Piew, then-executive director Lee Leng Loke and then-chairman Tan Chan Too. Mr Sia had put the blame on the three executives for the five straight quarters of losses posted by the steel stockist, starting from the fourth quarter of fiscal 2008.
Mr Wee and Mr Lee resigned a day before the deciding shareholders' meeting, while Mr Tan stayed on after shareholders voted against removing him.
FYI, they take up Ferrochina in the IPO as an pre-IPO arrangement at that time, and sold off immediately after the window period, thus it is not sold off months b4 suspension. Thus they sold off years ago and the same year as Ferro IPO, fyi !!!
Andrew ( Date: 04-Apr-2010 14:55) Posted:
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HG METAL MANUFACTURING LIMITED
(Incorporated in the Republic of Singapore)
(Company Registration No. 198802660D)
_________________________________________________________________________
(Incorporated in the Republic of Singapore)
(Company Registration No. 198802660D)
_________________________________________________________________________
(A) RESIGNATION OF NON-EXECUTIVE DIRECTOR
(B) CHANGES TO THE COMPOSITION OF THE NOMINATING COMMITTEE
_________________________________________________________________________
The Board of Directors (the “Board”) of HG Metal Manufacturing Limited (the “Company”) wishes to announce that Mr Sia Ling Sing has tendered his resignation as the non-executive director with effect from 1 April 2009 due to the following reasons:
• He is unable to devote sufficient time to discharge the duties as a director as a result
of his other work commitments; and
• He has ceased to be a substantial shareholder of the Company.
The Board thanks Mr Sia Ling Sing for his contributions during his term as the non-executive director of the Company and wishes him success in his future endeavours. Subsequent to the abovementioned, effective from 1 April 2010, the composition of the Nominating Committee be constituted as follows:-
Nominating Committee (“NC”)
Mr Roy Ling Chung Yee (Chairman, Independent Director)
Mr Gui Kim Young (Member, Independent Director)
Dr Tan Eng Liang (Member, Independent Director
BY ORDER OF THE BOARD
Chng Hee Kok
Chief Executive Officer
5 April 2010
CIMB Reports Apr 2010
HG Metal (HGM SP; S$0.125) – BUY – Buy on weakness as the stock could soon rise to test S$0.145 and possibly even S$0.185 next if the S$0.145 level is taken out.
HG Metal (HGM SP; S$0.125) – BUY – Buy on weakness as the stock could soon rise to test S$0.145 and possibly even S$0.185 next if the S$0.145 level is taken out.
so chances are price not moving significantly ... when will i move up to 0.30 ...
Also and luckily......they sold off stakes in FerroChina months before the SUSP.......they know something abt FC......so clever.
But they did not see the arrows coming from the back.......
lawcheemeng ( Date: 04-Apr-2010 13:23) Posted:
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if my memory did no fail me they writeoff their inventory one time loss almost 90 million..........they are holding 80over million stock now...if they revalue up 100%......wah.......gain back liao lor......hehehe...not vested
Andrew ( Date: 04-Apr-2010 12:52) Posted:
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Too many bad news about the management. CEO problem la....Chairman problem laa.....such a mess. There are still many companies out there you can play lor.
Or I would like the dust settle first.....show some promising results then enter.....Ya...too late. but better late than sorry.
If HG is so good....the new boss would not have swap the stock lor. And the inventory, when did they bought anyway....during the high or low?? It make a big difference.....
Not vested.
lawcheemeng ( Date: 04-Apr-2010 12:40) Posted:
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there still a opp that they will revalue the inventory of steel stock ...they holding leh.....may gain up to 100% leh with the new system...hehehe......no vested......
Actually I noticed that, Mr Jamie always post bad comment on HG METAL and Mr Sia. For me, there is nothing wrong with the married deal between Mr Sia and Chye Hin Hardware. Mr Sia and his Lingco unit invest in HG METAL since it listed in 2003. I believe they bought with 20 sen per share. From 2003 – 2009, they never sold any shares in open market even the share price hit 40 sen. So what is the right for Mr Jamie to question Mr Sia’s decision. The share swap is done between Lingco and Chye Hin Hardware. Mr Sia himself still directly hold 3.75 % of HG METAL shares.
About selling of 28 million BRC shares which said to be benefit to BRC's group managing director Lim Siak Meng and at least five key executives of the company. They bought the shares with 13.5 sen per shares and the translation had been done on 15/3/2010. For your information, management of BRC on 25/5/2010 announce the 100 million shares placement with the placement price only 13 sen. Lim Siak Meng and other at least five key executives of the company really take advantage on HG METAL? Are they not able to bought it with cheaper price?
Brought in Chye Hin Hardware is a good new for small holders of HG METAL in long term. They are experience and involve in steel business since 1977. Managing director Yap Xi Ming and chairman Tan Kim Seng of Chye Hin Hardware are not idiot. If they are willing to swap the BRC shares which are so profitable ( according to Mr Jamie posting), do you think HG METAL really worthless? Be patient, I believe they will make sure HG METAL will on track. Chye Hin Hardware become substantial holder is much stronger if compare to Lingco which are not familiar with steel business.
Agreed, if not the previous director will not just changed of the share at a discounted price. But on the other hand, if this new people who take on the HG shares are experience and confident, and as mentioned in my below post, the iron ore price went up for 90% in Brazil (from one of the post by someone, I just cut and paste here, below). Then it may help to boost the confident level in this counter ! Lets watch the next qtr result. Good Luck.
hmm thanx for tt info. at least explain y tt rise in price ~ bt doesnt sound gd
HG Metal owner takes on stake in associate He gives up 10.39% block in parent company for 8.28% interest in BRC; move raises questions about his plans for HG
By JAMIE LEE
THE man who kicked out HG Metal Manufacturing's CEO and a director has swapped his substantial stake in the firm for more shares in HG Metal's associate, BRC Asia, where he is also the non-executive chairman. It posted net profit of $6.8m for Q1 ended Dec 2009 The move - which comes about three months after the now-former largest shareholder Sia Ling Sing launched an ouster to bring in new management at HG Metal - has raised questions over his intentions with HG Metal. Mr Sia, who is also a non-executive director, swapped a 10.39 per cent stake in HG Metal for an 8.28 per cent stake in BRC with a now-former substantial holder of BRC, Chye Hin Hardware. This leaves him with a 0.27 per cent stake. This was done through a couple of married deals struck on Monday, both BRC and HG Metal said on Wednesday in separate regulatory filings. Mr Sia did not respond to BT's call for a comment. His latest play has helped to tighten his control over BRC Asia, as he raised his stake in the maker of fabricated and prefabricated steel products for the construction industry to 26.07 per cent. BRC - on which HG Metal spent $48.1 million to buy an approximate 70 per cent stake in 2008 - is said to be HG Metal's golden goose. In its first quarter ended Dec 31, 2009, BRC posted a net profit of $6.77 million, compared with $176,000 in net profit registered a year ago. For its fiscal year ended Sept 30, 2009, its net profit surged by nearly four times to $16.5 million, from $4.44 million. In contrast, HG Metal swung into the black only in its first quarter ended Dec 31, 2009, after posting a string of losses in the earlier five quarters. These losses had led Mr Sia to launch his ousting bid in December last year. This share swap by Mr Sia follows HG Metal's recent sale of BRC shares that cut its stake to 27.50 per cent from 43.67 per cent. In January, HG Metal's subsidiary - which holds BRC shares - had sold 80.6 million BRC shares through a private placement. This raised about $11.7 million. Then in early March, it said it would sell another 28 million shares of BRC at a $700,000 loss to pare its short-term debt. These shares were sold in March at a 5.9 per cent discount based on five-day volume weighted average price to 12 buyers, who included BRC's group managing director Lim Siak Meng and at least five key executives of the company. With Mr Sia's share swap, Chye Hin Hardware - a stockist for structural and mild steel products - is now a substantial shareholder of HG Metal. Chye Hin is run by managing director Yap Xi Ming and chairman Tan Kim Seng. HG Metal's link with Mr Yap goes back to July last year, when he forked out $1 million to buy 10 million new shares under a placement worth $22.5 million. When contacted, Mr Yap said that he and Mr Tan are friends with HG Metal's co-founder, Tan Chan Too, given that the trio all work in the steel business. It is unclear what Chye Hin's involvement in the company will mean for the new management. While Mr Tan Chan Too remains on the board after shareholders voted against booting him out during the shareholders' meeting, he has stepped down as executive chairman. Former CEO Wee Piew and executive director Lee Leng Loke - who quit a day before the meeting - have been replaced by ex-CEO of Hartawan Holdings Chng Hee Kok and hedge fund manager Roy Ling, whom Mr Sia recommended. Mr Yap declined to give more details about the share swap, saying that it was his chairman's idea. Mr Tan did not return a call from BT.
arite ! time to chiong ! hope it maintain bt mostly cant ~ bt stil a gd sign tat ppl is still paying attention to tis counter~
GREAT. RESULTS PROVEN! 20CTS SOON!
Thursday, 1st APRIL 2010 2:56pm
S$0.125 +S$0.020
Agreed ! Future looking bright at the other of the tunnel !
up up up!