Stock Markets
SKK Holdings sets IPO price at $4 per share
SINGAPORE – SKK Holdings Limited, a Singaporean civil engineering service provider, has set the price for its initial public offering (IPO) at $4.00 per share, aiming to raise $10 million in gross proceeds before underwriting discounts and offering expenses. The company, which is specialized in subsurface utility works such as cable laying and sewer rehabilitation, is offering 1,750,000 ordinary shares while the remaining 750,000 shares are being sold by existing shareholders.
The shares are scheduled to start trading on the Nasdaq Capital Market tomorrow under the ticker symbol “SKK”. The offering is expected to close on October 9, 2024, subject to customary closing conditions. Bancroft Capital, LLC is serving as the sole underwriter for the IPO.
SKK Holdings has over a decade of experience in public utility projects, contributing to the construction and maintenance of infrastructure that benefits society and the environment. The company’s services include power and telecommunication cable laying works, water pipeline construction, and sewer rehabilitation.
The IPO is conducted under the company’s registration statement on Form F-1, which was declared effective by the United States Securities and Exchange Commission (SEC) on September 18, 2024. The final prospectus for the IPO is available on the SEC’s website.
The press release issued by SKK Holdings contains forward-looking statements about the company’s expectations regarding the IPO. However, these statements are subject to various risks and uncertainties that could cause actual results to differ materially from those projected.
This news article is based on a press release statement and aims to provide an unbiased summary of the key facts related to SKK Holdings Limited’s IPO pricing and details.
InvestingPro Insights
As SKK Holdings Limited prepares for its Nasdaq debut, InvestingPro data offers valuable insights into the company’s financial performance. In the last twelve months as of Q4 2023, SKK reported revenue of $9.76 million, with a modest growth of 1.43% over the same period. The company’s gross profit stood at $3.45 million, translating to a healthy gross profit margin of 35.39%.
SKK’s operating income for the same period was $0.42 million, resulting in an operating income margin of 4.32%. This indicates that the company has been able to maintain profitability in its core operations, which is crucial for a civil engineering service provider entering the public market.
An InvestingPro Tip suggests that SKK’s earnings per share have shown improvement recently. This aligns with the company’s reported basic and diluted EPS of $0.01 for continuing operations in the last twelve months, potentially making it an attractive proposition for investors looking at its IPO.
Another InvestingPro Tip notes that SKK has a high return on invested capital, which is supported by the company’s return on assets of 1.43%. This could indicate efficient use of capital in its subsurface utility works and other civil engineering projects.
These insights provide a snapshot of SKK’s financial health as it embarks on its IPO journey. Investors interested in a deeper analysis can access additional tips and metrics through InvestingPro, which offers a total of 12 additional tips for SKK Holdings Limited.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
Israeli strikes kill dozens in Gaza over 48 hours, Palestinian officials say
By Nidal al-Mughrabi
CAIRO (Reuters) -Israeli military strikes across the Gaza Strip have killed at least 120 Palestinians over the last 48 hours and hit a hospital on the northern edge of the enclave, wounding medical staff and damaging equipment, Palestinian medics said on Saturday.
Among the dead were seven members of one family whose house was hit overnight in the Zeitoun suburb of Gaza City, the health officials said. The rest were killed in separate Israeli strikes in central and southern Gaza.
At the same time, Israeli forces deepened their incursion and bombardment of the northern edge of the enclave, their main offensive since early last month.
A spokesperson for the armed wing of Hamas said a female Israeli hostage in the group’s custody had been killed in a northern area under attack by Israeli forces.
“The life of another female prisoner who used to be with her remains in imminent danger,” spokesperson Abu Ubaida added, accusing the government of Israeli Prime Minister Benjamin Netanyahu of being to blame.
An Israeli military spokesperson said it was investigating the Hamas report.
“At this point, we are unable to confirm or deny it,” the spokesperson said. “Hamas continues to engage in psychological terrorism and act in a cruel manner.”
A group representing hostages’ families did not immediately reply to a request for comment.
DAMAGE, INJURIES AT HOSPITAL
Israel’s military says its operations in northern Gaza aim to prevent Hamas fighters from carrying out attacks and regrouping. Local residents say they fear the goal is to permanently depopulate a strip of territory as a buffer zone, something Israel denies.
At Kamal Adwan Hospital, one of three medical facilities on the northern edge of Gaza that is barely operational, director Hussam Abu Safiya said the ongoing Israeli bombardment in the area appeared aimed at forcing hospital staff to evacuate – something they have refused to do since the incursion began.
“Yesterday (Friday), from the afternoon until midnight, the bombardment directly targeted the entrance to the emergency and reception area several times,” he said in a statement, adding that 12 staff members including doctors and nurses were injured.
The strike also caused significant damage that disrupted the electrical generator, oxygen supply network and water supply, he added.
Asked to comment on Abu Safiya’s statement, the Israeli military said that following an initial review it was “not aware of a strike in the area of the Kamal Adwan Hospital”, adding that it does everything possible to avoid harming civilians.
Israel says Hamas uses hospitals and civilians as human shields, and has made public videos and photos to support that claim. Hamas rejects the allegations and says it does not use the civilian population or facilities for military purposes.
Israel’s 13-month campaign in Gaza has killed more than 44,000 people and displaced nearly all the enclave’s population at least once, according to Gaza officials.
The war was launched in response to an attack by Hamas-led fighters who killed 1,200 people and captured more than 250 hostages in Israel on Oct. 7, 2023, Israel has said.
Months of attempts to negotiate a ceasefire have yielded scant progress and negotiations are now on hold, with mediator Qatar having suspended its efforts until the sides are prepared to make concessions.
Hamas wants a deal that ends the conflict, and leads to the release of Israeli and foreign hostages held captive in Gaza as well as Palestinians jailed by Israel, while Netanyahu has said the war can end only once Hamas is eradicated.
Stock Markets
Trump expected to pick Brooke Rollins to be agriculture secretary, WSJ reports
WASHINGTON (Reuters) -U.S. President-elect Donald Trump is expected to pick Brooke Rollins (NYSE:), president of the America First Policy Institute, to be agriculture secretary, the Wall Street Journal reported on Saturday.
If confirmed, Rollins would lead a 100,000-person agency with offices in every county in the country, whose remit includes farm and nutrition programs, forestry, home and farm lending, food safety, rural development, agricultural research, trade and more. It had a budget of $437.2 billion in 2024.
Trump’s transition team did not immediately respond to a request for comment.
The nominee’s agenda would carry implications for American diets and wallets, both urban and rural. Department of Agriculture officials and staff negotiate trade deals, guide dietary recommendations, inspect meat, fight wildfires and support rural broadband, among other activities.
The America First Policy Institute is a right-leaning think tank whose personnel have worked closely with Trump’s campaign to help shape policy for his incoming administration. She chaired the Domestic Policy Council during Trump’s first term.
If confirmed, Rollins would advise the administration on how and whether to implement clean fuel tax credits for biofuels at a time when the sector is hoping to grow through the production of sustainable aviation fuel.
The nominee would also guide next year’s renegotiation of the U.S.-Mexico-Canada trade deal, in the shadow of disputes over Mexico’s attempt to bar imports of genetically modified corn and Canada’s dairy import quotas.
Trump has said he again plans to institute sweeping tariffs that are likely to affect the farm sector.
He was considering offering the role to former U.S. Senator Kelly Loeffler, a staunch ally whom he chose to co-chair his inaugural committee, CNN reported on Friday.
Stock Markets
ICC warrants are binding, EU cannot pick and choose, EU’s Borrell says
By Michele Kambas
NICOSIA (Reuters) – European Union governments cannot pick and choose whether to execute arrest warrants issued by the International Criminal Court against two Israeli leaders and a Hamas commander, the EU’s foreign policy chief said on Saturday.
The ICC issued the warrants on Thursday against Israeli Prime Minister Benjamin Netanyahu, his former defence minister Yoav Gallant and Hamas leader Ibrahim Al-Masri, for alleged crimes against humanity.
All EU member states are signatories to the ICC’s founding treaty, called the Rome Statute.
Several EU states have said they will meet their commitments under the statute if needed, but Hungarian Prime Minister Viktor Orban has invited Netanyahu to visit his country, assuring him he would face no risks if he did so.
“The states that signed the Rome convention are obliged to implement the decision of the court. It’s not optional,” Josep Borrell, the EU’s top diplomat, said during a visit to Cyprus for a workshop of Israeli and Palestinian peace activists.
Those same obligations were also binding on countries aspiring to join the EU, he said.
“It would be very funny that the newcomers have an obligation that current members don’t fulfil,” he told Reuters.
The United States rejected the ICC’s decision and Israel said the ICC move was antisemitic.
“Every time someone disagrees with the policy of one Israeli government – (they are) being accused of antisemitism,” said Borrell, whose term as EU foreign policy chief ends this month.
“I have the right to criticise the decisions of the Israeli government, be it Mr Netanyahu or someone else, without being accused of antisemitism. This is not acceptable. That’s enough.”
Israel’s 13-month campaign in Gaza has killed about 44,000 Palestinians and displaced nearly all the enclave’s population while creating a humanitarian crisis, Gaza officials say.
Israel began its offensive after the Hamas-led attack on Oct. 7, 2023, which killed 1,200 people in southern Israel, with more than 250 others taken hostage, Israel has said.
In their decision, the ICC judges said there were reasonable grounds to believe Netanyahu and Gallant were criminally responsible for acts including murder, persecution and starvation as a weapon of war as part of a “widespread and systematic attack against the civilian population of Gaza”.
The warrant for Masri lists charges of mass killings during the Oct. 7, 2023, attacks. Israel says it has killed Masri.
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