Plastoform Holdings

Similar to many of the pennies which are running, no Co. specific news today, although recall that Ang Kong Hua, executive chairman of Plastoform Holdings, has been increasing his stakes in the co. His stake now stands at 26.4 million shares, or 7.79% of the issued share capital. The bulk of it, 25m shares were purchased in Jul last year from a controlling shareholder. Mr Ang was formerly Chairman of Singtel and the Securities Industry Council. For 28 years, he was President of NatSteel. Like JEL, Plastoform is on the watchlist of the SGX and faces the threat of being delisted (without an exit offer), but Plastoform appears to be getting a new lease of life: For 4Q11, the cos revenue was HK$151.1mcompared vs HK$96.6m yoy and net profit was HK$17.7m vs loss of HK$12.5m yoy. Change in fortune was due to the launch of integrated Bluetooth wireless speakers which generated higher sales from September 2011 and orders from a well-known global PC accessory brand and distributor; and strong sales of a new line of speakers modelled after popular gaming characters.