SSC announced tonight that they will be selling of part of their logistics business.
It is likely what is sold off was the following asset they purchased for 5 mil detailed in my first SSC coverage.
NYML, an associated entity of the Vendor, was incorporated in 1988. NYML is 49% owned by the Vendor and 51% owned by ISK Singapore Pte Ltd. It provides distribution, warehousing and other support services and is also in the business of port operations.
- NTA: SGD $1.8 mil
- Net Profit Attributable Then: SGD $0.178 mil
- Acquisition Paid Attributable: SGD $1.5 mil
- ROIC: 11%
Most likely means future net profit impacted by 200k. Not bad to get 6 years of 200k back.