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The eBearing News
September 9, 2003
Kian Ho Reports First Half Profits,
Shareholder Changes
copyright © 2003 eBearing Inc.
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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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Unauthorized reproduction is prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered
trademarks of eBearing Inc.
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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