You probably have never read of the following two Singapore-listed companies in the mainstream media. Though their businesses have been floundering, they may yet spring surprises.  


Latest financials: Moribund business with 1H2015 revenue clocking in at merely US$836K (-9% y-o-y). Net loss was US$1.1 m (1H2014: US$359K loss).

Key shareholders: Executive chairman Ong Boon Chuan and his spouse own 84.8% of Edition. 

Business change: The Group established a management team for its office in Kelantan, Malaysia in the first half of 2015. Subsequently, it finalised architecture design and initial planning for the first high-rise development project. The focus of the Group now is on obtaining development and construction permits for the project.

Separately, it is in discussion for 
other potential opportunities with various business partners in Kelantan. In Singapore, the Group will continue to source for suitable property development opportunities. With the completion of the rights Issue which raised S$21.34 million gross proceeds in July 2015, it is in a better position to participate in future investments.

For the Group's business in Korea, the management has curtailed the pace of general expenditure and improved the cost efficiency of the operation. As a result, operating losses in Korea have been reduced. In view of the continuing loss over the years, the Group is considering a potential disposal of the Korean subsidiaries.

The Group has also obtained the mandate on diversification into high-tech agricultural business in the last EGM. The management has been exploring various options and conducting feasibility studies for the new segment.

Risks: Property ventures need a lot of time to bear fruit. And the risk-reward profile of property development in Kelantan is beyond the common knowledge of many Singapore stock investors. 


Latest financials: 9M2015 revenue RMB254.8 million (-4.8% y-o-y), net loss RMB15.9 million (-4.4% y-o-y).

Key shareholders: Forise Capital Group owns 53.08%, which in turn is entirely owned by Wang Xin. His stake was entirely purchased this year via rights shares that Wen Weiwei, the previous CEO, undertook to sell to him.

Wen Weiwei is now in No.2 spot with a 15.1% stake (down from 68.49% prior to the Aug 2015 rights issue).

Business change: At an EGM on 10 Dec 2015, shareholders voted in favour of a change of name -- from Great Group to Forise International. (By the way, chairman Wang Xin inexplicably did not attend the EGM).

The company circular had said that the name change was to "better reflect the Company‚Äôs profile, business activities and business direction" and that the company intends to diversify into other new business segments, if and when opportunities arise.

ts current principal business is the design, marketing, distribution, wholesale, export, trading, financing and manufacturing of undergarments for men and women, apparel for infants and children.)

The change of name "more appropriately reflects this intention and represents an important signal that the Board and the Company wishes to send to the wider market".

Board change: The board was reconstituted in Aug 2015. Changes included the appointment of Wang Xin as executive chairman and CEO. Christopher Chong, 57, who has significant experience in capital markets, securities law, corporate governance and corporate affairs, was appointed lead independent director. See company announcement here. 

Risks: It's early days still... In fact, there is no substantive news so far on what new businesses Forise will enter into. 


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