elektromotive group ltd (LEX) Snapshot

Elektromotive Group Limited reported unaudited earnings results for the year ended March 31, 2013. For the period, the company’s revenue was SGD 7,360,000 against SGD 7,449,000 a year ago. Loss before income tax was SGD 3,587,000 against SGD 12,231,000 a year ago. Loss from continuing operations was SGD 3,578,000 against SGD 12,303,000 a year ago. Loss attributable to equity holders of the company was SGD 3,422,000 against SGD 13,434,000 a year ago. Net cash used in operating activities was SGD 4,707,000 against SGD 2,749,000 a year ago. Purchase of property, plant and equipment was SGD 172,000 against SGD 395,000 a year ago. Purchase of intangible assets was SGD 547,000 against SGD 627,000 a year ago.

Elektromotive Group Limited has entered into a non-legal binding Memorandum of Understanding (MOU) with the Government of Renshou County for the setting up of an EV fleet and recharging network to support public transportation activities for Shigao Industrial Zone. The Group is currently engaged in a feasibility study to determine technical specifications and investment quantum, with the estimated investment to likely be in the region of RMB 30 to 50 million. Elektromotive has the option of wholly owning the operating entity or co-investing with local or foreign partners.

Elektromotive Group Limited, Special/Extraordinary Shareholders Meeting, May 20, 2013., at 10:00 Singapore Standard Time. Location: 108 Robinson Road. Agenda: To consider the proposed issue of 0% equity linked redeemable structured convertible notes due 2018 in an aggregate principal amount of up to SGD 20,000,000; and to consider the proposed payment of the arranger fees to Advance Capital Partners Limited as an interested person transaction.