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SunMoon Food to raise around $2.8 million via placing out new shares at 2.3 cents each
SunMoon Food Company, whose business is in food supply chain, plans to raise net proceeds of around $2.82 million by placing out 125 million new shares.
The placement shares, at 2.3 cents each, is a premium of around 5% to the weighted average price of 2.2 cents on Feb 17, the last trading day before the placement announcement was made on Feb 18.
The investor is Champion Financial (Hong Kong), an investment holding company fully-held by one Song Xiao Jun.
According to SunMoon Food, the new capital raised is to help fund general working capital to expand the company' s business scale.
Upon completion of the placement, Song will hold 13.84% of the company, overtaking Gary Loh' s 6.61%, a former broker who used to control SunMoon Food. SunMoon Global, the new name of Yiguo General Food, will still be the dominant shareholder with 51.57%.
Back in Aug 18, SunMoon Food had already announced a placement agreement where Song will take up 125 million new shares at 2.8 cents, raising net proceeds of around $3.4 million.
However, certain conditions precedent were not fulfilled in the six months since, and therefore, the first placement agreement was allowed to lapse.
According to SunMoon Food, Song is " experienced in supply chain management, and has held a number of management positions in several companies between 2001 and 2009.
These companies include Shanghai Huaying Warehousing Co and Shanghai Champion Warehousing Co.
Via Champion Financial (Hong Kong), Song has also invested in other food services businesses such as Shanghai Lewo Brands Management Co and Duin Tea.
SunMoon Food says that Song " has and maintains close cooperation with top-tier food companies in China and wishes to diversify his investment portfolio and increase his investment allocations in Southeast Asia, the company says.
For the 3QFY2022 ended Dec 31 2022, SunMoon Food reported a loss of $478,000, versus red ink of $131,000 in the year-earlier period. Revenue, meanwhile, was down 23% y-o-y to $9.82 million.
As at Dec 31 2022, the company' s trade receivables from third parties have increased to $8.66 million, from $7.17 million as at March 31 2022, as the company made more credit sales and " certain customers" did not pay on time.
On the other hand, trade receivables from SunMoon' s own controlling shareholder Yiguo and related entities had decreased to $57,000 as at Dec 31 2022, versus $116,000 as at March 31 2022.
In its earnings commentary, SunMoon says that while the economic activities in China have been improving with changes in Covid-19 policy, the impact on its operations is expected to be minimal and gradual.
" The group will continue to focus on export of products (including Chinese fresh fruits) from China to Southeast Asian markets and import of products (including fresh produce) to China market.
" Barring unforeseen circumstanceswe will continue to execute the strategy we have put in place to focus on the main product categories of Fuji apple and Pangasius fish," the company adds.
ok. will montior closely.
SLLIMJ ( Date: 26-Sep-2022 10:16) Posted:
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ya this should move later
Yes! Looks Good!
ssw518 ( Date: 26-Sep-2022 08:16) Posted:
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1) Overall the top line looks positive, unknown falls on bottom line.
2) Cash flow wise, should be ok, with 3 YG settlement incoming in Dec.
3) additional 3.5m from placement agreement sign on 18 Aug, at 0.028
4) potential increase in ASP to boost bottom line 2020-2021 2.7% to 2021-2022 3.6%, (6.3% in 2 yrs)
5) New JV (Pangasius fish), will continue to grow, last report contribut near 2m revenue if not wrong
6) New Durain business, my guess is operation in their SG fruits stall.
currently trading at 0.025, bargain or not you decide ba.
dyodd
2) Cash flow wise, should be ok, with 3 YG settlement incoming in Dec.
3) additional 3.5m from placement agreement sign on 18 Aug, at 0.028
4) potential increase in ASP to boost bottom line 2020-2021 2.7% to 2021-2022 3.6%, (6.3% in 2 yrs)
5) New JV (Pangasius fish), will continue to grow, last report contribut near 2m revenue if not wrong
6) New Durain business, my guess is operation in their SG fruits stall.
currently trading at 0.025, bargain or not you decide ba.
dyodd
ssw518 ( Date: 26-Sep-2022 07:56) Posted:
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General Announcement::RESPONSES TO QUESTIONS FROM SHAREHOLDERS (sgx.com)
1) We believe as we align our business towards products with better margin, there is room for improvement in overall gross margin. With the strategy we have put in place that we elaborate in the CEO&rsquo s message, barring unforeseen circumstances, we are confident that we will be able to see growth in top line revenues. However, many factors would affect whether the Company can achieve positive bottom line for the current financial year.
2) The receivables of $4,786,000 that were more than 90 days past due, comprised of $4,765,000 pertaining to AR purchase agreements between the subsidiaries of the Company and 晟 世 鸣 义 （ 上 海 ） 企 业 管 理 有 限 公 司 Sheng Shi Mingyi (Shanghai) Management Co. Ltd (&ldquo SSMY&rdquo ). The outstanding will be settled when 3 YG entities bankruptcy reorganisation is completed. For details, please refer to update to shareholders announcement dated 10 February 2021,10 June 2021, 14 July 2021,16 July 2021 and 27 March 2022. The receivables of $1,642,000 that were more than 90 days past due were related to past collection issues and provision has been made. As for the rest of the receivables, it was not past 60 days at the point of the date of the balance sheet.
3)The export volume for Fuji apple in FY 2021/22 has increased by 24% compared with FY 2020/21. For the import of Pangasius fish, from zero base in FY 2020/21, the Company has shipped 119 containers in FY 2021/22. In FY 2022/23, the Company expects group revenues to be significantly from Fuji apples and Pangasius fish. As for durian, the management is still working on this business.
4) The Company was profitable in prior year due to the write back of provision made in previous year. Despite the loss this financial year, the gross profit had increased 57% for FY2021/22 compared to FY2020/21. And the gross profit margin had increased to 3.6% for FY2021/22 compared to 2.7% for FY2020/21. The operating conditions had been challenging in the last two years amidst the global and domestic economic uncertainties resulting from the COVID-19 pandemic. The Group has been focusing on high quality products with better margin while expanding our product offerings and enhancing the higher value-added supply chain services. While we have been working to expand gross margin, many factors would affect whether the Company can be profitable for the current financial year and our future profitability.
1) We believe as we align our business towards products with better margin, there is room for improvement in overall gross margin. With the strategy we have put in place that we elaborate in the CEO&rsquo s message, barring unforeseen circumstances, we are confident that we will be able to see growth in top line revenues. However, many factors would affect whether the Company can achieve positive bottom line for the current financial year.
2) The receivables of $4,786,000 that were more than 90 days past due, comprised of $4,765,000 pertaining to AR purchase agreements between the subsidiaries of the Company and 晟 世 鸣 义 （ 上 海 ） 企 业 管 理 有 限 公 司 Sheng Shi Mingyi (Shanghai) Management Co. Ltd (&ldquo SSMY&rdquo ). The outstanding will be settled when 3 YG entities bankruptcy reorganisation is completed. For details, please refer to update to shareholders announcement dated 10 February 2021,10 June 2021, 14 July 2021,16 July 2021 and 27 March 2022. The receivables of $1,642,000 that were more than 90 days past due were related to past collection issues and provision has been made. As for the rest of the receivables, it was not past 60 days at the point of the date of the balance sheet.
3)The export volume for Fuji apple in FY 2021/22 has increased by 24% compared with FY 2020/21. For the import of Pangasius fish, from zero base in FY 2020/21, the Company has shipped 119 containers in FY 2021/22. In FY 2022/23, the Company expects group revenues to be significantly from Fuji apples and Pangasius fish. As for durian, the management is still working on this business.
4) The Company was profitable in prior year due to the write back of provision made in previous year. Despite the loss this financial year, the gross profit had increased 57% for FY2021/22 compared to FY2020/21. And the gross profit margin had increased to 3.6% for FY2021/22 compared to 2.7% for FY2020/21. The operating conditions had been challenging in the last two years amidst the global and domestic economic uncertainties resulting from the COVID-19 pandemic. The Group has been focusing on high quality products with better margin while expanding our product offerings and enhancing the higher value-added supply chain services. While we have been working to expand gross margin, many factors would affect whether the Company can be profitable for the current financial year and our future profitability.
When the placement approve?
ssw518 ( Date: 25-Sep-2022 07:54) Posted:
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AGM tomorrow, might start SBB soon.
Placement from private investor at 0.028
New JV on Fish industry should brings in good revenue
2-3 month away from collection of 2m cash from Yifon
CNY 4 months away
anything below 0.030 should be a bargain.
dyodd.
Placement from private investor at 0.028
New JV on Fish industry should brings in good revenue
2-3 month away from collection of 2m cash from Yifon
CNY 4 months away
anything below 0.030 should be a bargain.
dyodd.
ssw518 ( Date: 15-Sep-2022 10:16) Posted:
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AGM coming with approval for SBB, can buy some to keep.
dyodd
dyodd
Maybe buy some stand by...
i think can .. shareplacement already 2.8cts .. cannot be lagging behind .. u see china kunda today cheong .. zhong xin also recently cheong up .. china food based pennies stock will be in theme play now .. rotational play .. soon market will play up sunmoon food
mrwise ( Date: 12-Sep-2022 15:31) Posted:
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Oversold....
Sunmoon can rise to the moon??!!!
shareplacement 2.8cts .. ? now 2.7cts ... very quiet .. hmm ..
Food price surging might be next concern on economy inflation.
Notice past few data, food px keep gaining, even today Korea reported 5.7% lower in
inflation compare to expectation of 6.1%, but food inflation up 1.4% from 6.54% to 7.99%.
If SMF can capitalised well in the increase of ASP, next report should be quite fruitful.
dyodd
Notice past few data, food px keep gaining, even today Korea reported 5.7% lower in
inflation compare to expectation of 6.1%, but food inflation up 1.4% from 6.54% to 7.99%.
If SMF can capitalised well in the increase of ASP, next report should be quite fruitful.
dyodd
| ssw518 ( Date: 02-Sep-2022 08:36) Posted: |
BB like ai mai ai mai, will try to add small small at 30, wait for retail / shortist to sell down.
eat some 32... join ride with you.. ghost month ending.. should be huat huat coming..
noobnub ( Date: 26-Aug-2022 10:20) Posted:
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in fact it was sleeping since 30 31
noobnub ( Date: 26-Aug-2022 10:19) Posted:
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