Shinvest Holding

SHINVEST announced on Friday that it has further disposed of 198,767 shares of China-based fabless semiconductor firm Espressif Systems.

Following the latest disposal of shares via auction trading on China Merchant Securities' online platform on July 8 at 252.61 yuan per share, the precision manufacturer said that it generated net cash proceeds of 50.2 million yuan (S$10.5 million).

The group expects to record a gain before tax of about S$3.3 million from the disposal based on its financial statements for the financial year ended Aug 31, 2020.

It also expects its pro forma net tangible assets to increase to 512.47 Singapore cents per share from 503.08 cents per share, and for its earnings per share to rise to 125.27 cents from 115.87 cents.

The move is in line with the company's circular to shareholders in September last year when the company said that it was "an opportune time to realise its investments" in Espressif.

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Proceeds from the disposal will be used for general working capital purposes of the group and investment opportunities.

As at July 8, the company has disposed of 1.1 million Espressif shares and currently holds 3.7 million shares.

Sats

INFLIGHT caterer and ground-handler Sats has completed the S$21 million acquisition of 85 per cent shares in Food City Company, making the Thai food facility its indirect majority-owned subsidiary.

The past owner Bangkok Ranch holds the remaining 15 per cent stake in Food City, the main asset of which is the Pathumthani food production facility set up in 2016 and spans a land area of 30,000 square metres.

The acquired facility, after the completion of the shares transaction, will be configured to produce 90,000 ready-to-eat meals per day, Sats had earlier stated.

Including it, the company owns interests in 32 meal production facilities across Greater China, India, Indonesia, Japan, Macau, Malaysia, Maldives, the Philippines, Singapore and Thailand.