Kian Ho Reports First Half Profits,Shareholder Changes
Resource from: CBCC Likes:3064
Sep 11,2003
Kian Ho Bearings Ltd. (Singapore) reported improved sales and earnings for the first half of 2003, and a realignment of major shareholder stakes.
Sales for the first half of 2003 reached S$32.9 million (USD $18.7 million), up from S$30 million ($17.0 million) in the first half of 2002. Back in 2001's first half, Kian Ho had sales of S$35.3 million ($19.7 million).
Net profit for first half 2003 was S$1.41 million ($806,000), up from S$0.88 ($503,000) in 2002.
Founded in 1956, Kian Ho is a manufacturer and distributor of a wide variety of automotive and industrial bearings, bushings, seals and o-rings.
The company has its base in Singapore and maintains operations in Malaysia, China (Acker Machinery in Shanghai) and Taiwan (Ascend Bearing).
Kian Ho manufactures water pump and double-row ball bearings under the Komei brand. It also produces ball bearings in the following series: 6000-6008, 6200-6207, 6300-6306, 4200-4212, 4303-4310, 5202-5212, 5304-5310, 3200-3212 and 3304-3310. All in open, double shield (ZZ) or double seal (2RS).
The company is also a major bearing distributor, with brands that include IKO, FAG, SKF, NTN, Koyo, NSK, Nachi, Timken, URB and NOK.
Kian Ho gained unwanted notoriety in 1999 when CEO Kwek Che Tong was caught embezzling several million dollars. Managing Director Tan Gwan Him took over from Mr. Tong, who is now working to repay the funds
Change in shareholder weighting
Kian Ho also saw a change in the holdings of its key shareholders.
KHB Holdings Pte. Ltd. divested 5,000,000 shares via a prearranged sale and purchase agreement as of September 1, 2003. The 5,000,000 shares represent 3.2% of Kian Ho's outstanding shares.
Prior to the divestment, KHB Holding had 7,242,800 shares, or 4.6% of the shares outstanding. After the divestment, KHB has 2,242,800 shares, or 1.44%.
Indirectly (or by "deemed interest"), KHB holds 26,000,000 shares, or 16.66% of the shares outstanding. KHB did not divest any of the deemed interest shares.
In the second part of KHB's sale and purchase transaction, the 5,000,000 shares were acquired by Kerr Keng Hong, another Singapore-based holding company.
While KHB Holding has 26,000,000 deemed interest shares, Kerr Keng Hong has 15,604,000 deemed interest shares, or 10% of Kian Ho.
Prior to acquiring the 5,000,000 shares from KHB Holding, Kerr Keng Hong held no direct shares.
In deemed and direct shares, KHB Holding now holds 28,242,000 shares, or 18.1% of Kian Ho. Kerr Keng Hong now holds 20,604,000 shares, or 13.2% of Kian Ho.
Kian Ho, KHB, and Kerr Keng Hong did not disclose the terms of the arrangement or the reasons for the change in key ownership stakes.
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
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