Summary judgement from the High Court will be heard on Jan 6

 

[SINGAPORE] Global luxury and fashion goods company Louis Vuitton has applied for summary judgement for its lawsuit against a wholly owned subsidiary of mainboard-listed   ValueMax Group   : T6I 0% over alleged trademark infringement and passing off.  

 

Louis Vuitton, known popularly as LV, lodged a lawsuit in mid-September against ValueMax Retail, alleging that it was selling a gold charm and offering for sale a pair of gold earrings that are counterfeits that infringed its trademarks.

 

ValueMax Retail denied infringing LV&rsquo s trademarks or passing off, pointing out in its defence filed in October that the items under dispute had symbols that were neither identical nor similar to any of the LV marks.

 

However, LV has proceeded to seek summary judgement from the Singapore High Court, which is set to be heard on Jan 6. The application means it is claiming that ValueMax Retail plainly has no defence to its claim, and is asking the court to decide in its favour without going through a trial. 

 

A claimant must first show that it has a prima facie case &ndash meaning, on first impression &ndash for summary judgment for such an application. If it fails to do that, its application will be dismissed. 

 

However, once it shows that it has a prima facie case, the burden is then shifted to the defendant who will have to establish that there is a fair or reasonable probability that there is a triable issue, a real defence or that for some other reason there ought to be a trial.

 

If the defendant is able to do that, it will be allowed to continue to defend the action. Conversely, summary judgement will be awarded to the claimant.

 

Yeah Lee Ching, managing director (retail and trading) at ValueMax Group, told The Business Times on Tuesday (Dec 30) that the defendant will be opposing LV&rsquo s summary judgement application. 

 

LV&rsquo s allegations

LV has four trademarks registered in Singapore: the LV monogram and three graphic motifs. It said its brand is one of the world&rsquo s most valuable, and is also one of the most counterfeited luxury brands in the world. There is therefore a need to deter similar infringement, as its reputation and goodwill will be damaged by counterfeit goods.

 

Apart from alleging ValueMax Retail of infringing its trademarks, LV further alleged that ValueMax Retail had made misrepresentations to the public that the jewellery in question were LV goods or that there was an economic association or relationship between the jewellery and LV. 

 

This would not only create confusion for the consumer, but also damage LV&rsquo s interest and dilute the distinctive character of its trademarks, LV argued. It claimed that it has suffered or is likely to suffer loss and damage.

 

The French behemoth said it is entitled to statutory damages under the Trademarks Act, which are up to S$100,000 for each type of goods or service in relation to which the trademark has been infringed, and up to S$1 million in total unless the claimant proves that its actual loss from such infringement exceeds S$1 million.

 

It is seeking an inquiry into the damages, an account of profits made by ValueMax Retail from the sale of the alleged counterfeits, or statutory damages.

 

It is also applying for an injunction to restrain ValueMax Retail from infringing the LV trademarks, passing off or attempting to pass off the defendant&rsquo s goods as LV&rsquo s and misrepresenting as having an economic association or relationship with the French company.

 

It is seeking an order for the delivery and forfeiture of all goods, materials or articles with ValueMax Retail in relation to the alleged counterfeits.

 

The other order it is seeking is for the full disclosure by ValueMax Retail of all of its trademark infringements and passing off. 

 

ValueMax Retail denies misrepresentation

In its defence, ValueMax Retail said it is a dealer in second-hand jewellery made of gold and precious stones, as well as branded watches and branded bags, buying these from various parties, including other second-hand dealers, pawnshops and consumers.

 

The store accused of selling counterfeits is a pawnshop with sales counters, it said.

 

It claimed that it made no representations as to the origin of the alleged counterfeits, nor any alleged economic association or relationship between the jewellery and LV.

 

ValueMax Retail rejected the claim that it is in direct competition with LV, as the nature of its business is different from that of the French group. 

 

In a regulatory filing made to the Singapore Exchange on Dec 18, the mainboard-listed ValueMax Group said its subsidiary will &ldquo vigorously and robustly defend these claims brought forward by LV at every appropriate legal stage, and will take all necessary action to defend its reputation&rdquo . 

 

It also said the gold charm and gold earrings were unredeemed pawned items procured through separate sources by the group.

 

ValueMax Group says that it shall &ldquo vigorously and robustly defend&rdquo the claims of trademark infringement brought by Louis Vuitton Malletier (LV) on the group.

 

The global luxury fashion goods company filed a claim in mid-September alleging that ValueMax&rsquo s retail arm had in July and August 2024 at its Yishun Street 22 store offered for sale these pieces of jewellery that were affixed with signs identical or similar to one or more of LV&rsquo s marks.

 

In a bourse filing on Dec 18, ValueMax says that the gold charm and gold earrings were unredeemed pawned items procured through separate sources by the group.

 

&ldquo As the legal proceedings are still ongoing, VMR shall vigorously and robustly defend these claims brought forward by LV at every appropriate legal stage and will take all necessary action to defend its reputation. Considering the circumstances of the acquisition of the items, VMR further regrets that the parties have not been able to meaningfully and amicably resolve the issue in their mutual interests,&rdquo the group adds.

 

LV has commenced legal proceedings in the Singapore High Court against ValueMax Retail.

LV has four trademarks registered in Singapore: the &lsquo LV&rsquo monogram and three graphical motifs

 

[SINGAPORE] Global luxury and fashion goods company Louis Vuitton has sued a wholly owned subsidiary of mainboard-listed   ValueMax Group   : T6I 0% in the Singapore High Court for trademark infringement and passing off.

 

Louis Vuitton, known popularly as LV, is taking issue with two pieces of jewellery sold or offered for sale by ValueMax Retail, which LV claimed to be in direct competition with its jewellery business.

 

In its statement of claim filed in mid-September, LV alleged that ValueMax Retail had in July and August 2024 at its Yishun Street 22 store offered for sale these pieces of jewellery that were affixed with signs identical or similar to one or more of LV&rsquo s marks.

 

The suit had a case conference on Tuesday (Dec 16).

 

LV has four trademarks registered in Singapore: the &ldquo LV&rdquo monogram and three graphical motifs.

 

It claimed that the store sold a gold charm and offered for sale at least one other piece of jewellery &ndash a pair of gold earrings &ndash on Aug 5, 2025. These are counterfeits that infringed its trademarks, LV alleged.

 

LV said its brand is one of the world&rsquo s most valuable and is also one of the most counterfeited luxury brands in the world. There is therefore a need to deter similar infringement, as its reputation and goodwill will be damaged by counterfeit goods.

 

LV further alleged that ValueMax Retail had made misrepresentations to the public that the jewellery in question were LV goods or that there was an economic association or relationship between the jewellery and LV.

 

This would not only create confusion for the consumer, but also damage LV&rsquo s interest and dilute the distinctive character of its trademarks.

 

It claimed it has suffered or is likely to suffer loss and damage.

 

The French behemoth said it is entitled to statutory damages under the Trademarks Act, which are up to S$100,000 for each type of goods or service in relation to which the trademark has been infringed, and up to S$1 million in total unless the claimant proves that its actual loss from such infringement exceeds S$1 million.

 

It is seeking an inquiry into the damages, an account of profits made by ValueMax Retail from the sale of the alleged counterfeits, or statutory damages.

 

It is also applying for an injunction to restrain ValueMax Retail from infringing the LV trademarks, passing off or attempting to pass off the defendant&rsquo s goods as LV&rsquo s and misrepresenting as having an economic association or relationship with the French company.

 

It is seeking an order for the delivery and forfeiture of all goods, materials or articles with ValueMax Retail in relation to the alleged counterfeits.

 

The other order it is seeking is for the full disclosure by ValueMax Retail of all of its trademark infringements and passing off. 

 

The information sought includes the particulars of suppliers or those offered to supply the allegedly infringing goods, the particulars of buyers, distributors or exporters dealing with ValueMax Retail in the alleged counterfeits, and details of dealings in alleged infringing goods.

 

ValueMax Retail rebuts all allegations

ValueMax Retail denied infringing LV&rsquo s trademarks or passing off, pointing out that the alleged counterfeits had symbols that were neither identical nor similar to any of the LV marks.

 

In its defence, it said it is a dealer in second-hand jewellery made of gold and precious stones, as well as branded watches and branded bags, buying these from various parties, including other second-hand dealers, pawnshops and consumers.

 

The store accused of selling counterfeits is a pawnshop with sales counters, it said.

 

It claimed that it made no representations as to the origin of the alleged counterfeits, nor any alleged economic association or relationship between the jewellery and LV.

 

ValueMax Retail rejected the claim that it is in direct competition with LV, as the nature of its business is different from that of the French group. 

 

 

ValeMax Group announced the launch of two 3-month digital securities commercial paper and one 6-month digital securities commercial paper on the SDAX and ADDX platform on Sept 16.

 

On the ADDX exchange, ValueMax launched the 3-month Series 016 Issuance, priced at 3.55% per annum (p.a.), and the 6-month Series 009 Issuance at 3.60% p.a. It expects to raise between $10 million to $60 million from the issuance of its 3-month paper, and between $5 to $25 million from its 6-month commercial paper from accredited and institutional investors.

 

The group announced the launch of the 3-month Series 010 SDAX Issuance also at 3.55% p.a. on the SDAX platform. It similarly expects to raise between $10 million to $60 million from accredited and institutional investors.

 

ValueMax also announced two allotment and issuance of shares pursuant to the warrant exercise, on Sept 12 and Sept 16 respectively.

 

The group allotted and issued 300,000 new ordinary shares at a price of 36 cents each on Sept 12, bringing the total ordinary shares to 936,942,139 ordinary shares.

 

On Sept 16, the group further allotted and issued 1,000 new ordinary shares at 36 cents per share, increasing the total shares to 936,943,139 ordinary shares.

 

Pursuant to the aforesaid exercise of warrants, there are 10,862,170 outstanding warrants each with an exercise price of S$0.36 expiring Sept 14, 2026.

CFO Carol Liew has played a pivotal role in the company&rsquo s success, having gradually cultivated these values since taking office in 2012 

 

[SINGAPORE] Shares of pawnbroker ValueMax have been on a tear.

 

After a 33 per cent jump in 2024, the counter has climbed another 94.2 per cent so far this year to hit an all-time high.

 

Did ValueMax get lucky? Or is it merely a beneficiary of wider macroeconomic trends?

 

ValueMax&rsquo s success, the group believes, is due to its commitment to transparency and prudence. And for this, chief financial officer (CFO) Carol Liew has played a pivotal role &ndash having gradually cultivated these values since taking office in 2012.

 

Liew was awarded the Best CFO for mid-cap companies in 2024 for playing a significant role in supporting, advocating and promoting good corporate governance, disclosure and transparency.

 

Liew told The Business Times that transparency with shareholders and creditors is a core part of the company&rsquo s strategy.

 

Shareholders need to understand what is going on through financial statements, she said.

 

&ldquo When we do rights issues and capital exercises, we are very well supported by our shareholders,&rdquo she added.

 

But ValueMax needs to look to its creditors too, which Liew acknowledged was &ldquo equally as important&rdquo .

 

&ldquo When they&rsquo re comfortable with us, they know where we are at, how we handle things and they see how we prudently manage our finances. Creditors will be comfortable in supporting our growth through extending to us more facilities,&rdquo she noted.

 

According to their financial report, over 95 per cent of ValueMax&rsquo s loan book is backed by tangible assets such as gold, diamonds and properties.

 

&ldquo We monitor the gold price movement very closely, and we also apply prudent loan-to-value ratios,&rdquo she said, noting that the assets are not just for converting, but also for its money-lending business.

 

ValueMax has a relatively prudent debt-to-equity ratio of 1.3, which is &ldquo conservatively leveraged&rdquo within the pawnbroking industry, noted the FY2024 report. However, the loan-to-value ratio was not explicitly stated in their financial reports.

 

Retail and trading of jewellery and gold was a very significant growth driver for ValueMax in H1 2025, contributing around S$204.8 million in revenue, up 17.5 per cent from a year ago. It only accounts for one out of three of its core business segments, with the others being its pawnbroking and money-lending segments.

 

The company&rsquo s pawnbroking segment was up 20.2 per cent to S$28.1 million, while revenue from the money-lending segment rose 10.7 per cent to S$35.4 million. Overall, its H1 2025 revenue was up 16.8 per cent to S$268.3 million, compared with S$229.8 million a year ago.

 

Not a sunset industry

&ldquo Pawnbroking, compared to 15 years ago, is very different,&rdquo Liew said.

 

In the past, pawnshops were associated with dimly lit premises and counters with metal bars to prevent theft &ndash it was slightly daunting, she said.

 

&ldquo You did not want to be caught outside a pawnshop, as it was not a very good image,&rdquo she added.

 

But times have changed and now pawnshops have changed their focus to look more &ldquo retail&rdquo , she said, noting that they should no longer be seen as a &ldquo last resort&rdquo .

 

&ldquo Every pawner is actually an asset owner,&rdquo she said.

 

ValueMax&rsquo s finance team includes a financial controller, group accountant and business analysts, with people from different age groups. Liew emphasises the need to hire young talents and train them, while also hiring people with experience in the pawnbroking industry.

 

Beyond just hiring, she also seeks to empower the team by giving them a good working environment, which includes encouraging them to come up with new ideas for improvement and voicing their concerns.

 

More acquisitions in a volatile world

&ldquo We will continue to look for opportunities to grow organically, as well as through acquisitions,&rdquo she said.

 

She notes that it is also important to keep track of their competitors. This ensures that ValueMax knows what its strengths are and how to grow accordingly. She acknowledges that it can be distracting to be overfocused on competitors, but emphasises the need to &ldquo take surveys of the land&rdquo .

 

The group acquired Heng Heng Pawnshop and Ban Fook Pawnshop in March 2025 as part of its expansion plans within Singapore.

 

Liew added that ValueMax is &ldquo not adverse&rdquo to exploring complementary businesses. Without going into the specifics, she hinted that it is looking into micro-financing and scaling up its money-lending business.

 

It attributes improvement to robust performance across all its core business segments &ndash pawnbroking, moneylending, gold and jewellery retail and trading

 

[SINGAPORE] Valuemax Group : T6I +6.62% on Tuesday (Aug 12) posted a net profit of S$48 million for the first half of the year, up 35.5 per cent from S$35.4 million in the corresponding year-ago period.

 

The group attributed the improvement to &ldquo robust performance&rdquo across all its core business segments &ndash pawnbroking, moneylending, gold and jewellery retail and trading.

 

Revenue was up 16.8 per cent to S$268.3 million, compared to S$229.8 million a year ago.

 

Retail and trading of jewellery and gold was the largest contributor of revenue at S$204.8 million, up 17.5 per cent a year ago. 

 

Revenue from the pawnbroking segment grew 20.2 per cent to S$28 million, while revenue from the moneylending segment rose 10.7 per cent to S$35.4 million.

 

Growth in these segments reflect strong consumer demand and higher gold valuations, said the group. 

 

&ldquo Our strong performance in H1 FY2025 reflects the resilience of our business model and the successful execution of our expansion strategy,&rdquo said Yeah Hiang Nam, the executive chairman of Valuemax.

 

The group acquired Heng Heng Pawnshop and Ban Fook Pawnshop in March 2025 as part of its expansion plans within Singapore.

 

On a per-share basis, earnings came in at S$0.0539, up from S$0.0429 or 25.6 per cent a year ago.

 

The group&rsquo s board has declared an interim dividend of S$0.012 per share, which will be paid on Sep 2.

Between Apr 7 and 10, group executive chairman of ValueMax Yeah Hiang Nam acquired 1,133,800 shares at S$0.487 per share.

 

This increased his total interest in the pawnbroking, moneylending and retail and trading of gold and jewellery business to 85.02 per cent, from 84.89 per cent.

 

Earlier this month, Yeah relayed that the group had demonstrated remarkable strength and resilience throughout 2024, overcoming challenging market conditions to achieve significant loan growth and record exceptional financial results. The group experienced significant loan growth and achieved record financial results, reporting a profit before tax of S$97.6 million for its FY2024 (ended Dec 31), which represented a 53.9 per cent increase from FY2023. 

 

Throughout 2024, the group expanded its core business of pawning gold, diamond jewellery, and branded timepieces, successfully increasing revenue by S$6.2 million. In Singapore, it also acquired pawnbroking and retail businesses in Ang Mo Kio, while in Malaysia, its associated company opened a new outlet, bringing its total to 48 establishments in Singapore and 27 in Malaysia. Additionally, in March 2025, the group acquired two more businesses in Sembawang and Hougang, with its premier service at Waterloo Centre continuing to attract more customers. Its licensed moneylending business also saw revenue growth of S$2.3 million in FY2024, primarily through secured loans to customers with urgent financial needs. Yeah is also the founder of ValueMax Group and is responsible for strategic directions and overseeing its business. With over 50 years of experience in gold and jewellery and over 30 years in the pawnbroking industry, he began as a jewellery salesman in 1969 and founded Golden Goldsmith Jewellers in 1979. 

Both papers were issued on Mar 3 and received &ldquo strong demand&rdquo from investors, says the company

 

[SINGAPORE] Pawnbroking chain ValueMax Group has raised S$71.7 million through two separate three-month digital securities commercial papers that closed on Thursday (Mar 20), the mainboard-listed company said in a bourse filing on the same day.

 

Both papers were issued on Mar 3 and received &ldquo strong demand&rdquo from investors, ValueMax said.

 

One of them is its three-month Series 014 Issuance, which raised S$23.4 million in gross proceeds. The digital securities will be listed on the ADDX digital platform on Mar 21, said the company.

 

Among the subscribers of this issuance is the company&rsquo s managing director Yeah Lee Ching, who had subscribed for S$680,000.

 

Her brother Yeah Chia Wei, who is chief credit and risk officer, subscribed for S$560,000, and their mother Tan Hong Yee, for S$2.48 million. Tan is a controlling shareholder and wife of executive chairman Yeah Hiang Nam.

 

Separately, the company raised S$48.29 million through its three-month Series 008 SDAX Issuance. This will be issued on the Singapore&rsquo s Digital Asset Exchange (SDAX) on Thursday itself.

 

Managing director Yeah subscribed for S$1 million, amounting to 2.07 per cent of the issuance.

 

ValueMax Group expands fund raising efforts by launching three different commercial papers on the ADDX Exchange and the SDAX Exchange on Mar 6. It aims to raise about $25-$120 million across all notes. 

 

The pawn brokering firm launched the fourteenth series of its 3-month commercial paper in digital securities (3-month Series 014 Issuance) and the seventh series of its 6-month

commercial paper in digital securities (6-month Series 007 Issuance) on the ADDX platform. 

 

The 3-month Series 014 Issuance is priced at 4.3% per annum, and matures about three months from the date of issuance, while the 6-month Series 007 Issuance is priced at 4.3% p.a., and matures six months from the date of issuance. 

 

ValueMax aims to raise between $10-$50 million for its three months series notes, and $5-$20 million for its six months notes. 

 

On the SDAX Exchange, ValueMax has launched the eight series of its 3-month commercial paper in digital securities. It is priced at 4.3% p.a., and matures about three months from date of issuance. 

 

The company similarly expects to raise between $10-$50 million under these notes. 

ValueMax announced earnings of $82.8 million for the FY2024 ended Dec 31, 2024, up 56.7% y-o-y. The group&rsquo s 2HFY2024 earnings grew 70.6% y-o-y to $47.4 million.

 

Earnings per share for the FY2024 period was 9.78 cents per share. 

 

The group&rsquo s revenue for FY2024 grew 37.8% y-o-y to $456.2 million, and for 2HFY2024 revenue grew 26.3% y-o-y to $226.4 million.

 

Gross profit for FY2024 increased 29.5% y-o-y to $129.8 million, and for 2HFY2024, gross profit increased 21.5% y-o-y to $66.3 million.

 

The group says that revenue for the year increased due to the growth in revenue from retail and trading of jewellery and gold, pawnbroking and moneylending. All of which saw increases of $116.7 million, $6.2 million and $2.3 million respectively. 

 

Cost of sales increased in FY2024 which is in line with the increase in revenue from this segment. This was partially offset by decreases in cost of sales for the pawnbroking and moneylending businesses. 

 

Other operating income increased to $7.8 million in FY2024, mainly due to increases in facility income, unrealised foreign exchange gain, administrative income and rental income of $1.0 million, $0.6 million, $0.1 million and $0.1 million respectively. These were partially offset by decreases in interest income and management fee income of $0.3 million and $0.1 million respectively.

 

The group&rsquo s share of results of associates increased to $6.3 million in FY2024 mainly due to increased contribution from the Malaysia associated companies. The gain on dilution of interest in an associate is the result of a share of increase in the net assets of Well Chip Group from the issuance of new shares at a premium at its initial public offering of shares on the mainboard of Bursa Malaysia.

 

The group has proposed a final dividend of 2.68 cents per ordinary share for FY2024. 

MAINBOARD-LISTED pawnbroking chain ValueMax Group issued 233,436 warrants at the exercise price of S$0.36 each on Friday (Jan 17).

 

The issue price was at a 20 per cent discount to the counter&rsquo s closing price of S$0.45 on the day.

 

This brings ValueMax&rsquo s ordinary shares to about 868.4 million from 868.2 million, exclusive of 100,000 treasury shares.

 

The new shares will be listed and quoted on the Singapore Exchange on Jan 21.

 

With this warrant exercise, ValueMax&rsquo s outstanding warrants, each with an exercise price of S$0.36, stood at 79.4 million.

 

They expire at 5 pm on Sep 14, 2026, the group said.