Seatrade received an
increasing number of withdrawal notifications from its key stakeholders including
delegates, speakers and cruise lines. The organiser says its planned conference
programme can no longer be delivered as scheduled as regional travel
restrictions have been imposed by other Asian countries.
Andrew Williams,
general manager Seatrade, commented, “This decision has not been an easy one
and we have looked into every possibility, however in consultation with the
industry, we feel that this is the most appropriate course of action.”
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News this week: NASDAQ-listed Global
Sources announced this week
that the company plans to launch a cash tender offer for up to US$50 million in
outstanding common shares at US$7.50. That represents a 43% premium over the
closing price on Tuesday (US$5.23). Under the terms of the offer, the company
may buy back as many as 6.67 million common shares or close to 22% of
outstanding shares. According to its financial statement, as of 31 st
March 2015, the company had US$103.6 million in cash and cash equivalents.
Global Sources has
made similar offers three times in the past - buying back US$50 million worth
of shares at US$10 per share in 2014, US$100 million at US$9 per share in 2010
and US$50 million at US$8 per share in 2008.
Merle A. Hinrich, Global
Sources’ executive chairman, said, “I am pleased to announce that after
carefully considering all of the options to return capital to the shareholders,
the Board of Directors has approved a tender offer as the most efficient
alternative at this time. At the close of the transaction, Global Sources will
still have a strong balance sheet, giving us the financial strength to pursue
our growth initiatives and other options to invest in the business.”
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which is part of our subscription research service, BSG Tracker. Visit our website
to find out more about this service. You can also follow us on Twitter
for all the latest updates.
News this week: Last week, Pico Thailand,
the Thai-listed subsidiary of Pico Far East
Holdings, announced its results for the quarter ended 30 th April
2015. Revenues in the quarter were US$8.7 million, up 34% over the same quarter
in 2014. The company recorded a net profit of US$380,000 in the period,
compared with a net loss of US$94,000 last year.
Pico Thailand attributed the growth in revenue to its event
marketing business stemming from new customers and an increase in
marketing-budget spending from the existing customers.
Pico Thailand also reported its results for the half-year ended
30th April. Revenues in the six-month period were US$15 million, a modest
increase of 1.1% over the same period last year. The company recorded a net
profit of US$377,000, representing strong growth over the 2014 figure of
US$78,000. Earnings per share in the period were Baht 0.059 (US$0.0018).
This post is excerpted from BSG's weekly e-newsletter
which is part of our subscription research service, BSG Tracker. Visit our website
to find out more about this service. You can also follow us on Twitter
for all the latest updates.
Among the 1,675 exhibitors from 16 sectors, 811 were
international exhibitors. This year, a total of 24 country and provincial
groups attended the show, including three new national pavilions representing Germany,
Mexico and Turkey. Three supporting shows including World
of Seafood, World of Coffee
& Tea and the World of
FoodService were held concurrently with THAIFEX.
Michael Dreyer, vice president, Asia Pacific, Koelnmesse Pte
Ltd, said, “THAIFEX – World of Food Asia, celebrated our tenth anniversary last
year. This year, we marked a milestone by expanding our fairground, and the
continued growth and encouraging response is solid proof that we are growing in
the right direction that we started out in. This has been very rewarding for Koelnmesse
and our co-organisers, DITP
(Department of International Trade Promotion) and TCC (The Thai Chamber of Commerce).”
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for all the latest updates.
News this week: The upcoming 5 th edition of The HUB, billed as Asia’s premium brand fashion
trade show, will relocate from Hong Kong to Shanghai this year. The show will
run from 13 th to 15 th October at Central Studios, to coincide with the Shanghai Fashion Week taking place at
the nearby Xintiandi district.
The HUB in Shanghai will showcase around 40 international brands together
with a selection of leading Chinese designers. Confirmed exhibitors so far include
Boy London, Dienastie from Sweden, Rack & Ruin from the U.K., Swims of
Norway, Flying Zachinnis and Juma from the U.S., along with leading
Beijing-based designers Zhang Chi and Capitale Nord.
Richard Hobbs, co-founder of The HUB, said, “From the outset just two
years ago we knew that at some point we would take The HUB to Mainland China
and now is the right time… From today, China will be reducing import tariffs on
a number of clothing and footwear categories and we can only see more openness
as China makes it easier for brands to import, find buyers and partners.”
This post is excerpted from BSG's weekly e-newsletter
which is part of our subscription research service, BSG Tracker. Visit our website
to find out more about this service. You can also follow us on Twitter
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