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Serious Medical Business First Casualty - SGX Listed Healthway Group - Run Out of $$$

F

frenchbriefs

Alfrescian (Inf)
Asset
Pinkieslut said:
Those who follow digitrends on social media knows that Razer is now pushing many gimmicky products.

I never quite understand them going to "specialised" gaming PCs. Many hardcore gamers (the market they play in) are quite techie and often build their own machines (or custom built from very local mom&pop stores).
Click to expand...

those ultra nerds are only a tiny segment of the population.there is still a majority of the sinkie population with lots of money that are hardcore gamers(like what asian population isnt) and would love a huge honda engine on their motorbike but do not have the technical knowhow and do not want some bullshit lenovo or acer.razer and alienware are catered to this segment of the population.otherwise how the hell do u think Razer Ceo is worth 500 million?i think i remember a long time ago 8 or 9 years ago when lan shops and cyber cafes were still around,the good cyber cafes all had razer mouses cause it was a matter between life and death.
 
S

sandwicherlocum

New Member
Company caught buying its own shares – Jamie Fan Wei Zhi
Fan Kow Hin and partner were substantial shareholders in IHC, and at the traded share price of $0.31 per share in August 2015, their collective shareholdings in IHC were worth more than $166m. Mr Fan was also the chief executive officer (“CEO”) of IHC from 17 May 2015 to 31 January 2016.
https://www.supremecourt.gov.sg/new...international-healthway-corp-ltd-2019-sgca-48
Party B is Wei Yi Shi Ye, a China-incorporated medical centre owner, with which HMC has a management contract.
A Straits Times search on China’s company registration website found a firm called Shanghai Wei Yi Shi Ye. As of 2014, Chinese national Yang Zheng was its sole shareholder. Its sole executive director was Ms Jamie Fan Wei Zhi, the daughter of HMC co-founder and former executive chairman Fan Kow Hin.
Subsequently, the Company underwent a change of management. The new management considered that the acquisition of its own shares by the Company was in breach of section 76 and sought to avoid the transaction, including the standby credit facility. It brought an application to the High Court where it succeeded.
jamie-fan-wei-zhi.jpg

IMG_FA7513B13455-1.jpeg

Dragging down the bottom line was a $15 million allowance HMC took last year for loans extended to Healthway Medical Enterprises (HME), a specialist clinic incubator.
HMC was also forced to take a $21.6 million allowance for loans extended to a certain unrelated “Party B” that HMC declined to name until yesterday.
Party B is Wei Yi Shi Ye, a China-incorporated medical centre owner, with which HMC has a management contract.
A Straits Times search on China’s company registration website found a firm called Shanghai Wei Yi Shi Ye. As of 2014, Chinese national Yang Zheng was its sole shareholder. Its sole executive director was Ms Jamie Fan Wei Zhi, the daughter of HMC co-founder and former executive chairman Fan Kow Hin.
http://www.straitstimes.com/business/healthway-medical-faces-heat-over-contentious-loans
Can this be a CPIB case? Where is the $21.63 million?
 
W

winnipegjets

Alfrescian (Inf)
Asset
PAP will tell sinkees this is why we need CECA ….Ah Neh doctors can eliminate the shortage and the companies can earn more as they will pay less for these Ah Nehs.
 
syed putra

syed putra

Alfrescian
Loyal
winnipegjets said:
PAP will tell sinkees this is why we need CECA ….Ah Neh doctors can eliminate the shortage and the companies can earn more as they will pay less for these Ah Nehs.
Click to expand...
How many times i must repeat and repeat. Indians are in demand and get higher pay than locals. Go ask ramesh and SIA.
 
N

nayr69sg

Super Moderator
Staff member
SuperMod
syed putra said:
How many times i must repeat and repeat. Indians are in demand and get higher pay than locals. Go ask ramesh and SIA.
Click to expand...
Malays have been around for so long. How come we have never heard of Malays in demand? Besides needing them for halal restaurants but that is a different type of "talent"
 
Xisiqomelir

Xisiqomelir

Alfrescian
Loyal
sandwicherlocum said:
Company caught buying its own shares – Jamie Fan Wei Zhi
Fan Kow Hin and partner were substantial shareholders in IHC, and at the traded share price of $0.31 per share in August 2015, their collective shareholdings in IHC were worth more than $166m. Mr Fan was also the chief executive officer (“CEO”) of IHC from 17 May 2015 to 31 January 2016.
https://www.supremecourt.gov.sg/new...international-healthway-corp-ltd-2019-sgca-48
Party B is Wei Yi Shi Ye, a China-incorporated medical centre owner, with which HMC has a management contract.
A Straits Times search on China’s company registration website found a firm called Shanghai Wei Yi Shi Ye. As of 2014, Chinese national Yang Zheng was its sole shareholder. Its sole executive director was Ms Jamie Fan Wei Zhi, the daughter of HMC co-founder and former executive chairman Fan Kow Hin.
Subsequently, the Company underwent a change of management. The new management considered that the acquisition of its own shares by the Company was in breach of section 76 and sought to avoid the transaction, including the standby credit facility. It brought an application to the High Court where it succeeded.
Click to expand...

Decision of the Court of Appeal (delivered by Chief Justice Sundaresh Menon)
Outcome: Court of Appeal dismisses appeal and upholds High Court’s decision that the respondent’s indirect acquisition of its own shares by way of a three-step transaction with the appellants contravened the prohibition against a company acquiring its own shares and was therefore void.
Pertinent and significant points of the judgment:
  • · Even those parts of a transaction that are not the final or most proximate step in a series of steps taken to effect a company’s acquisition of its own shares might nonetheless be caught by the prohibition in s 76(1A)(a)(i) of the Companies Act against a company acquiring its own shares if they are sufficiently proximate to the share acquisition. Whether there is sufficient proximity depends on the commercial substance of the transaction: at [50]–[52].
  • · Section 76A(1A) of the Companies Act, which saves a share acquisition that is prohibited by s 76(1A)(a)(i) from being made void if it involves a “disposition of book-entry securities”, applies only where there is a transfer of shares involving a change in the legal title to the shares: at [98]–[103].
Click to expand...

Company financing dealings in its shares, etc.
76.—(1) Except as otherwise expressly provided by this Act, a public company or a company whose holding company or ultimate holding company is a public company shall not, whether directly or indirectly, give any financial assistance for the purpose of, or in connection with —
(a)the acquisition by any person, whether before or at the same time as the giving of financial assistance, of —
(i)shares or units of shares in the company; or
(ii)shares or units of shares in a holding company or ultimate holding company, as the case may be, of the company; or
(b)the proposed acquisition by any person of —
(i)shares or units of shares in the company; or
(ii)shares or units of shares in a holding company or ultimate holding company, as the case may be, of the company.
[Act 36 of 2014 wef 01/07/2015]
(1A) Except as otherwise expressly provided by this Act, a company shall not —
(a)whether directly or indirectly, in any way —
(i)acquire shares or units of shares in the company; or
(ii)purport to acquire shares or units of shares in a holding company or ultimate holding company, as the case may be, of the company; or
(b)whether directly or indirectly, in any way, lend money on the security of —
(i)shares or units of shares in the company; or
(ii)shares or units of shares in a holding company or ultimate holding company, as the case may be, of the company.
[Act 36 of 2014 wef 01/07/2015]
Click to expand...

This surely gets breached all the time. SGX companies are less governed than former Soviet republics.
 
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