Company Highlight

Bonvests Holdings Limited announced that Bonaventure has entered into an Addendum to the Agreement with the Government to extend the lease of the Island from 25 years to 50 years, commencing from 26 February 2008, for the purpose of developing, managing and operating a 200 bed tourist resort. (Closing Price: $0.920, unchanged)

Fragrance Group Limited announced that its wholly owned subsidiary, Fragrance Realty Pte Ltd, had submitted a tender bid for the collective purchase of all units and common property known as Novena Ville at the purchase price of S$131.52 million. The vendors of the property had duly accepted the tender bid via a letter of acceptance dated 24 May 2012. The property has a freehold tenure with a land area of 4,746.60 square meters. It is zoned for “Residential with Commercial at 1st Storey” and can potentially yield a gross floor area of approximately
75,453 square feet, including balcony area. There is no development charge payable in respect of the redevelopment of the property. The costs of the above acquisition and development will be funded internally and through bank borrowings. The company intends to redevelop the property subject to obtaining all the necessary approvals from the relevant authorities. (Closing Price: $0.450, +0.005%)

Sarin Technologies Limited announced that Borsheim’s Fine Jewelry, the renown Omaha, Nebraska, jeweller has signed on to Sarin’s Diamond Assay Service (DAS). Borsheim’s Fine Jewelry, since 1989 majority owned by investor Warren Buffett’s holding company, Berkshire Hathaway, covers more than 62,500 square feet (5,810 m2) after its 2006 remodel, and maintains an inventory that includes more than 100,000 pieces. Borsheims is Omaha Nebraska’s leading jewellery retailer and is well known for hosting Berkshire Hathaway’s annual shareholders meetings, which this year attracted some 43,000 people. Led by Susan M. Jacques, who became Borsheims President and CEO in 1994, and who is also the Chairman of the Board of Governors of the Gemological Institute of America (GIA), Borsheims have opted to sign on to Sarin’s newly launched Diamond Assay Service (DAS). (Closing Price: $1.130, +0.030%)

GLP FY2012 profit falls 23.4%, plans 3 cts/shr dividend
Global Logistics Properties Limited reported a 217.9 per cent increase in year on year net earnings to US$156.53 million for the fiscal fourth quarter ended March 31, 2012. Profit surged on share of results of jointly-controlled entities, which increased 736.1 per cent year on year to US$166.11 million. Turnover increased 23.2 per cent to US$153.27 million a year ago. Source: Business Times © Singapore Press Holdings Ltd. Reproduced with permission

Hour Glass FY2012 profit up 29%, plans 6 cts/shr dividend
The Hour Glass on Thursday reported a 29 per cent increase in year on year earnings to $54.71 million for the fiscal year ended March 31, 2012. Turnover rose 17 per cent to $607.01 million from a year ago, as the group benefitted from the successful expansion of its retail network and customer acceptance of its new retail concepts. Source: Business Times © Singapore Press Holdings Ltd. Reproduced with permission

Stamford Land FY2012 profit falls 11.2%, plans 4 cts/shr dividends
Stamford Land Corporation on Thursday said its net profit for the financial year ended March 31, 2012 decreased 11.2 per cent from a year ago to $53.39 million. Turnover increased 93.9 per cent year on year to $486 million. However, other income declined in addition to increase in cost of development properties sold.