SBS Philippines’ unit acquires stake in HK-based Joune Holding

Photo from Flickr, Flazingo Photos

SBS Holdings and Enterprises Corp (SHEC), a wholly owned subsidiary of SBS Philippines Corporationhas acquired a 4.25 per cent equity interest in Joune Holding Limited (JHL), a Hong Kong company majority owned by the Sytengco Family, for $1.5 million (P77 million).

SBS, a listed chemical trading and distribution firm, noted the latest investment is part of its bid to diversify into the property business.

The company disclosed that JHL has entered into a purchase agreement to acquire Maxco International Development Limited, a Hong Kong property holding company that owns, directly and indirectly through its wholly owned subsidiaries, contiguous parcels of land located in Tuen Mun, New Territories, Hong Kong with a combined lot area of approximately 4,641.7 square meters.

The investment by SHEC and the acquisition of the property holding firm by JHL are set to close within a month.

For the first six months of 2017, SBS realized a net income of P53.5 million. It recorded net sales of P512.7 million, down 0.9 per cent compared to the same period of the previous year.

Gross profit from core business grew 11 per cent year-on-year, with gross margin improving from 22.5 per cent to 25.2 per cent.

“For the period, improved sales growth was posted for food ingredients, feeds, cosmetics and personal care product segments versus prior year comparable period. However, demand for industrial products remained weak, affected by the downdraft from the mining industry and pricing action taken on account of the higher importation and supplier costs,” SBS reported.

The company last traded at P6.06 per share on Wednesday (October 18).

Also Read:

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Chemical trading firm SBS Philippines diversifies into property, investments

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.