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| 19-May-2020 09:56 |
Perennial Hldgs
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Perennial makes weak debut on SGX
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Price jump due to substantial shareholders mulling options for their stakes: Perennial MON, MAY 18, 2020 - 11:26 PM PERENNIAL Real Estate Holdings, the share price of which added S$0.075 or 14.9 per cent to S$0.58 on Monday, said in an evening disclosure that it has been notified that some substantial shareholders are reviewing the options in relation to their holdings in the property company. " The company understands that a decision has yet to be made by such substantial shareholders, and there is no assurance that a transaction will take place," it added. |
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| 19-May-2020 09:45 |
SGX
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SGX
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SGX RegCo reviews Universal Resource&rsquo s special-auditor report for rule breachesMON, MAY 18, 2020 - 9:08 PM THE Singapore Exchange Regulation (SGX RegCo) is reviewing findings by Moore Stephens, the special auditors of Universal Resource and Services, concerning irregularities in the cash and bank balances of the company&rsquo s Chinese subsidiary, Sky Petroleum Technology Development (Tianjin). In its report, Moore Stephens had highlighted material discrepancies between Sky Tianjin&rsquo s bank statements based on its records maintained in Singapore, and its bank statements extracted by Moore Stephens from the relevant banks in China. The auditors' findings indicate that the company and its management had questionable corporate governance practices and poor accounting practices, SGX RegCo said. Within the company&rsquo s internal controls, necessary checks and balances to guard against the concentration of power by a single individual also appear to be lacking. This resulted in a failure to ensure the accuracy and veracity of the company&rsquo s financial records over a significant period. Consequently, multiple false disclosures may have been made to the investing public under a systemic scheme of deceit perpetrated from within, it added. For instance, Sky Tianjin&rsquo s bank statements did not reflect any use of funds as payment for the consideration of three acquisitions it supposedly undertook, going by corporate announcements in 2014 and 2015. Based on the findings, these acquisitions were fictitious and inappropriately accounted for in the group&rsquo s consolidated financial statements. The group&rsquo s consolidated financial statements also did not disclose that Sky Tianjin had pledged 310 million yuan (S$63 million) and 90 million yuan in fixed deposits with Ping An Bank in June 2014 and January 2015 respectively, as security for loans taken by the company&rsquo s former 46.55-per-cent unit, Wenling Xinghai Ocean Shipping Co. Furthermore, the group did not have a robust and effective system of internal controls in respect of the custody and application of its common seal, legal representative seals and finance seals. SGX RegCo said: &ldquo The alleged corporate malfeasance, the substantial amounts involved and the period of time over which these suspected wrongdoings occurred and remained undetected - all of these point to possible non-compliance with many parts of our listing rules.&rdquo They may even contravene the law, it said. It added that it expects listed issuers to establish proper checks and balances to ensure the veracity of financial records and the factual accuracy of disclosures on SGXNet, as well as to guard against irregularities or fraud. If necessary, SGX RegCo will take disciplinary action and refer the matter to the relevant authorities, it said. https://www.businesstimes.com.sg/companies-markets/sgx-regco-reviews-universal-resource%E2%80%99s-special-auditor-report-for-rule-breaches |
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| 18-May-2020 09:37 |
ThaiBev
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ThaiBev
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ThaiBev expects Covid-19 to accelerate off-premise sales MON, MAY 18, 2020 - 5:50 AM On-trade sales unlikely to rebound quickly despite easing of lockdown measures Singapore AS Thai Beverage Public Co (ThaiBev) sees business being hit amid government measures to contain the virus outbreak, it is expecting off-premise consumption to become the new normal. Off-trade consumption is likely to be accelerated as consumers become more accustomed to... https://www.businesstimes.com.sg/companies-markets/thaibev-expects-covid-19-to-accelerate-off-premise-sales |
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| 18-May-2020 09:35 |
GYP Properties
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GlobalYellowPgs
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GYP Properties
On May 8, GYP Properties substantial shareholder Sam Goi Seng Hui acquired 46,000 shares of the listed company for a consideration of S$4,597. At an average price of 9.99 cents per share, the acquisition increased his total interest in GYP Properties from 16.36 per cent to 16.38 per cent.
On May 12, GYP Properties provided an update on the its business operations in New Zealand, noting that the New Zealand government had announced lowering the national alert level response to Covid-19 from Alert Level 3 to Alert Level 2 on May 14.
Alert Level 2, in New Zealand sees the easing of lockdown restrictions, but safety and physical distancing rules will remain.
As a result, Pakuranga Plaza, the group' s retail centre in New Zealand, is allowed to fully re-open, subject to compliance with safety and physical distancing rules.
GYP Properties added that it was in discussions with its tenants to facilitate their re-opening where they are able to comply with these rules.
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| 18-May-2020 09:34 |
Jadason
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Jadason good time to buy
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Jadason Enterprises
On May 13, Jadason Enterprises substantial shareholder Liaw Hin Hao acquired 403,500 shares of the listed company for a consideration of S$9,788 at an average price of 2.43 cents per share.
His direct stake in the printed circuit board supplier has gradually increased to 8.75 per cent, from 6.08 per cent as at Dec 29, 2017.
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| 18-May-2020 09:33 |
Roxy-Pacific
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Roxy Pac , the stock better than Blue Chip
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Roxy-Pacific Holdings
Between May 6 and 13, Roxy-Pacific Holdings independent director Winston Tan Tien Hin acquired 100,000 shares of the listed company for a consideration of S$32,500. At 32.5 cents per share, the transaction followed his acquisition of 50,000 shares at 32.0 cents per share on May 4, and 50,000 shares at 32.5 cents per share on 28 April.
Mr Tan maintains a 0.75 per cent in Roxy-Pacific Holdings. He has been a non-executive director since December 2006.
He was re-designated from the position of non-executive and non-independent director to independent director in January 2012 and was last re-elected as director in April 2018.
Mr Tan is also executive chairman of Serrano and non-executive director of Plastoform Holdings. He is also currently the managing director of Winmark Investments Pte Ltd, Corporate Brokers International Pte Ltd and ZhenXing Commercial Consultancy (Shanghai) Co Ltd.
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| 18-May-2020 09:32 |
Hong Lai Huat
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Hong Lai Huat
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Hong Lai Huat Group
Between May 6 and 12, Hong Lai Huat Group deputy chairman and CEO, Ong Bee Huat acquired 513,300 shares of the listed company for a consideration of S$66,709. At 13 cents per share, this increased his direct interest in the group from 20.58 per cent to 21.02 per cent.
He is the founder of the group and is responsible for its overall strategic direction and planning as well as business development.
Dr Ong has gradually increased his direct interest in Hong Lai Huat Group from 15.02 per cent in early May 2018. He noted in the FY19 annual report (released in April) that the property and real estate division in Cambodia has successfully completed the construction of its first mixed development project D' Seaview in Sihanoukville, Cambodia.
The group' s second mixed development project, Royal Platinum has also completed its piling works and expected to start its main construction works on 20 May 2020.
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| 18-May-2020 09:31 |
GL
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GuocoLeisure
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GL
On May 4, GL substantial shareholder Hong Leong Company (Malaysia) Berhad (HLCM) increased its deemed interest in the listed company above the 71 per cent threshold. The acquisition of 310,000 shares for a consideration of S$173,600 was transacted at 56 cents per share. This acquisition took HLCM' s deemed interest in GL to 71.01 per cent.
The filing noted that HLCM' s deemed interest in GL shares had increased from 70.02 per cent due to open market purchases of an aggregate of 13,596,400 GL shares by GuocoLeisure Assets Ltd, between Nov 27, 2019 and May 4, 2020.
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| 18-May-2020 09:29 |
UOB Kay Hian
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UOBKH
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UOB-Kay Hian Holdings
UOB-Kay Hian Holdings (UOBKH) chairman and managing director Wee Ee Chao increased his total stake in UOBKH between May 6 and 8, which is now at 29.97 per cent. He acquired 415,100 UOBKH shares for a consideration of S$478,338 at S$1.15 per share.
Mr Wee also serves on the board of Haw Par Corporation and UOL Group as a non-executive director, and is also a director of Kheng Leong Co Pte Ltd, and Wee Investment Group.
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| 18-May-2020 09:28 |
First Resources
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First Resources
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First Resources
On May 6, FMR LLC increased its deemed interest in First Resources above the 6 per cent threshold, from 5.98 per cent to 6.10 per cent. FMR LLC' s interests in the securities of First Resources are currently entirely deemed interests.
FMR LLC is deemed to have interests in the securities of First Resources because such securities are held by funds and/or accounts managed by one or more FMR LLC' s direct and indirect subsidiaries, which are fund managers.
The married deal involved a purchase of 1,997,300 shares of First Resources for a consideration of S$2,436,706 at an average price of S$1.22 per share.
Fidelity Management & Research Company LLC is also deemed interested in the shares of First Resources in its capacity as investment adviser of various funds and accounts.
Fidelity Management & Research Company LLC is a wholly-owned subsidiary of FMR LLC, and the married deal saw its deemed interest in First Resources increase from 5.19 per cent to 5.30 per cent.
Fidelity Management & Research Company LLC' s deemed interest in First Resources crossed the 5 per cent substantial shareholder threshold on April 30, 2020.
Established in 1992, First Resources is one of the leading palm oil producers in the region, managing over 200,000 hectares of oil palm plantations across the Riau, East Kalimantan and West Kalimantan provinces of Indonesia.
The group is also committed to the production of sustainable palm oil, with a sustainability strategy centred on maximising output while minimising adverse environmental and social impact from its operations.
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| 18-May-2020 09:27 |
AEM SGD
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business turnaround ?
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AEM Holdings
On May 8, AEM Holdings' James Toh Ban Leng disposed of one million shares of the listed company for a consideration of S$3,065,000. The married deal, at S$3.07 per share, decreased his total interest in AEM Holdings from 7.63 per cent to 7.26 per cent.
His current deemed interests in AEM Holdings arise from his shareholding of ACT Holdings Pte Ltd (ACT).
Started in 1969, ACT invests in several joint ventures with the Hitachi Group, in the consumer electronics sector. It was also the key Singapore local partner for Fujitec Elevator Corporation, which operated the largest elevator factory in South-east Asia from 1974 to 2011.
Mr Toh is also a co-founder and anchor investor of the Novo Tellus PE Fund 1 and Fund 2, which focuses on the buyouts of small/mid-cap technology and industrial companies. He is a founding director of the funds' Singapore Registered Fund Management company, Novo Tellus Capital Partners Pte Ltd.
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| 18-May-2020 09:26 |
Straco
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China Tourism Business : Good Potential
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Straco' s Underwater World Xiamen to reopen on May 17 at 30% capacitySUN, MAY 17, 2020 - 4:32 PMSTRACO Corp' s Underwater World Xiamen resumes normal operations on May 17, but will restrict the number of visitors within its premises to no more than 30 per cent of its daily capacity. In its statement on Saturday, the firm said the attraction joins its two others in China to reopen, following the resumption in operations for Shanghai Ocean Aquarium on May 15 and Lixing Cable Car on March 20. These were closed on Jan 25 to comply with the Chinese government' s measures to stem the spread of the novel coronavirus. While Straco' s China attractions are operational, the number of visitors has been kept at 30 per cent of the daily capacity at Underwater World Xiamen and Shanghai Ocean Aquarium, and 50 per cent for Lixing Cable Car. The limit on visitors is on top of its others measures such as temperature screening, contact tracing, and safe distancing. The counter closed 0.5 cent lower at S$0.505 on Friday. https://www.businesstimes.com.sg/companies-markets/stracos-underwater-world-xiamen-to-reopen-on-may-17-at-30-capacity |
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| 18-May-2020 09:23 |
Del Monte Pac
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Del Monte Results Announcement
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Del Monte Pacific subsidiary raises US$1.3 billionSUN, MAY 17, 2020 - 8:57 PMDEL Monte Pacific' s subsidiary has raised total financing of US$1.3 billion through a mix of equity and loans, with the bulk of the funds to go towards refinancing the subsidiary' s existing loan facilities of approximately US$1.1 billion. The company pumped US$378 million in equity into its United States unit Del Monte Foods in the fund-raising exercise, Del Monte Pacific said in a regulatory filing to Singapore Exchange on May 16. This took the forms of US$150 million in new equity in the holding company of Del Monte Foods and the conversion of US$228 million of second-lien repurchase Loans into common equity in Del Monte Foods. Additionally, Del Monte Foods issued US$500 million aggregate principal amount of 11.875 per cent senior secured notes due 2025, with original issue discount equal to 3 per cent of the principal amount. The notes were offered to qualified institutional buyers within the United States and to non-Americans in offshore transactions. Also, it has entered into a US$450 million asset-based loan facility due 2023. Del Monte Foods is a producer, distributor, and marketer of premium quality, branded, plant-based food products for long shelf-life categories, primarily in the US. Del Monte Pacific shares were 0.1 Singapore cent lower at S$0.101 on Friday, a day before this announcement was made. https://www.businesstimes.com.sg/companies-markets/del-monte-pacific-subsidiary-raises-us13-billion |
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| 18-May-2020 09:21 |
NSL
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NatSteel
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NSL sees loss for half year on oil price collapse, Covid-19 containment measuresSUN, MAY 17, 2020 - 9:35 PMMAINBOARD-LISTED NSL sees itself continuing to spill red ink for the half year to June, as the collapse of oil prices and the measures to stem the spread of the novel coronavirus weigh on its financial results. The company' s units Eastern Pretech, producer of pre-cast concrete components and NSL Chemicals, manufacturer and trader of refractory materials and road stones, had initially been allowed to operate as usual at reduced manpower capacity when the " circuit breaker" was implemented on April 7 in Singapore. But after circuit breaker measures were tightened, these two subsidiaries had to stop work from April 27 until June 1, said the company in a regulatory filing on May 17. NSL OilChem Waste Management, which is in the treatment and disposal of waste, has not had its operations disrupted, though. Over in Malaysia, operations of precast business had resumed at 100 per cent of its overall manpower capacity on April 30. Precast concrete products for NSL' s on-going projects in Dubai had, since the beginning of April, operated at 50 per cent of its overall plant capacity due to movement restriction and social distancing measures. Also, some of its customers' sites have closed temporarily. " The group is expected to remain in a loss position in its half-year results ending June 30, 2020 due to the adverse business impact of the measures taken by Singapore, Malaysia, and Dubai to contain the Covid-19 pandemic and the collapse of the oil price which has a significant adverse impact on the performance of the environmental services division," said NSL in the filing. The counter closed flat at S$0.765 on May 15. https://www.businesstimes.com.sg/companies-markets/nsl-sees-loss-for-half-year-on-oil-price-collapse-covid-19-containment-measures |
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| 18-May-2020 09:15 |
Japfa
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Japfa IPO 15 August
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Japfa fishes for growth in aquacultureMON, MAY 18, 2020 - 5:50 AM Singapore THE chief executive officer of Japfa is looking to at least double the group' s nascent aquaculture segment - the smallest of its five business pillars which generates just a fraction of the revenue of its other pillars - in the next three to four years. In a recent... https://www.businesstimes.com.sg/companies-markets/japfa-fishes-for-growth-in-aquaculture |
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| 16-May-2020 12:24 |
SIA
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SIA
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SIA plans 12% cut in capital spending this financial yearSYDNEY &bull Singapore Airlines (SIA) will cut capital spending this financial year by at least 12 per cent compared with its previous plan, with the final reduction to be determined by talks with planemakers over delivery delays, its chief financial officer said yesterday. The new forecast of $5.3 billion or less by the end of the year ending March 31 next year compares with a $6 billion figure outlined last November before the coronavirus pandemic destroyed demand and led the airline to ground most of its fleet. " Any agreements we may reach with Airbus and Boeing in the coming weeks and months are not reflected here," SIA chief financial officer Stephen Barnes said of the new estimate at a briefing for the media and analysts. SIA on Thursday evening reported its first-ever annual loss, of $212 million, citing poor fuel hedging bets and the collapse in demand driven by the coronavirus pandemic, saying the timing of any recovery was uncertain. Regional rivals Cathay Pacific Airways and Qantas Airways are among global carriers looking to push back the delivery of new aircraft as they grapple with the plunge in demand. Mr Barnes said SIA does not expect to fly at its pre-pandemic capacity for at least 12 to 18 months. It plans to retire its Boeing 777-200ERs earlier than expected and will not renew its eight Airbus SE A330 leases, which will expire in the next 12 to 14 months, he said. Mr Brendan Sobie, an independent analyst in Singapore, said it would be difficult for SIA to make significant changes to its current-year deliveries, but that as the planemakers slowed production, some could be pushed into next year. " I expect a bigger impact in the following fiscal years, with more significant deferrals in terms of number of aircraft and number of years," Mr Sobie said. " This is in line with what we are seeing in the industry generally." SIA and regional arm SilkAir have cut 96 per cent of passenger capacity until the end of next month, and low-cost arm Scoot has cut 98 per cent. The company said its cargo capacity had suffered less, dropping 60 per cent, because it was maximising the use of its dedicated freighter fleet, using empty passenger jets to carry cargo and doing ad hoc charter flights. Air freight rates have risen sharply as airlines have cut back on passenger capacity in normal times, around 50 per cent of air cargo is carried in the belly of passenger planes. https://www.straitstimes.com/business/companies-markets/sia-plans-12-cut-in-capital-spending-this-financial-year |
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| 16-May-2020 12:17 |
Food Empire
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Food Empire
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Not all bleak and gloomy for Food EmpireBroker' s CallsSamantha Chiew 15/05/2020, 1:57pm
SINGAPORE (May 15): RHB Group Research&rsquo s analyst Juliana Cai is reiterating her &ldquo buy&rdquo recommendation on Food Empire with a target price of 75 cents from 88 cents previously.
On May 11, Food Empire released its business update, which saw net profit after tax fall some 13.3% to US$6.6 million from US$7.6 million, mainly due to foreign exchange losses as the Russian Rubble depreciated as a results from the oil crisis. Excluding foreign exchange losses, core profit increased by 33% y-o-y US$9.5 million. Revenue for 1Q20 increased by 5.0% to US$74.2 million, led higher contributions from the group&rsquo s markets in Ukraine, Kazakhstan and CIS South Asia and other markets. This was partially offset by a slightly lower contribution from Russia and Southeast Asia. Due to the various lockdowns, the company&rsquo s Key Production, Sales and Distribution activities are still continuing but with some disruptions. It is also experiencing weaker offtake from stores in most markets, which is attributable to reduced customer footfall resulting from various forms of movement controls and/or safe distancing measures in these markets. Food Empire also announced that its second coffee plant project in India, which was initially scheduled for completion and commercial production in middle of FY2020, will experience delays until international travel restrictions are lifted. Its first instant coffee plant has also experienced temporary disruption to production and faced intermittent logistics challenges. Meanwhile, its The Non-Dairy Creamer, Snacks and Coffee packing facilities in Malaysia continue to operate with some supply chain delays being noted. Apart from the foreign exchange losses, the company&rsquo s business was fairly stable in 1Q20. But Cai believes that 2Q20 will likely take a turn for the worse with various markets being in some form of lockdown while Russia and most of the CIS countries are seeing the full quarter impact of currency depreciation. Sales volume in Russia and some of the CIS markets should be more severely impacted as footfall declined sharply for grocery retail. Vietnam, however, is not likely to be severely impacted due to the lower number of Covid-19 cases. See: Food Empire records robust growth declares higher dividend on better outlook &ldquo Our sensitivity test suggests that 5% depreciation of the RUB could lower earnings by about 15%, all else unchanged. To mitigate the negative FX impact, we note that Food Empire has implemented about 10% price increase in certain key markets and we expect to see the full impact of the price hike in 3Q20,&rdquo says Cai. &ldquo In addition, the group is now shifting its focus to higher-margin sales rather than chase topline growth to ensure sustainable profitability. Given it is largely in the staple food business, we believe that full-year sales volume would remain resilient as a whole. We expect sales volume to pick up once the lockdown eases in 3Q20 for most cities,&rdquo she adds. Nonetheless, revenue estimates for FY20-22 have been cut by 7%, 5% and 4%, respectively and core profit by 17%, 11% and 10%, respectively. This is due to the weaker currency and economic outlook in some of the company&rsquo s key markets. https://www.theedgesingapore.com/capital/brokers-calls/not-all-bleak-and-gloomy-food-empire |
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| 16-May-2020 12:14 |
OUE
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OUE
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OUE Q1 net profit jumps to S$87.1mFRI, MAY 15, 2020 - 7:51 PMMAINBOARD-LISTED property group OUE&rsquo s first-quarter earnings swelled with help from currency gains on the greenback and higher mark-to-market fair-value gains on certain investments, it said in an interim business update on Friday. Since then, though, its investment and hospitality divisions have taken a hit from the novel coronavirus pandemic, going by the presentation slides put up on the Singapore Exchange website. Net profit jumped to S$87.1 million for the three months to March 31, from S$1.0 million in the year before, while revenue increased by 26.4 per cent to S$186.2 million. The rise in turnover was on the back of contributions from the Mandarin Gallery mall, after the merger between real estate investment trusts OUE Commercial Reit and OUE Hospitality Trust, as well as higher sales completion at the OUE Twin Peaks project. These gains more than made up for the weaker showing in hospitality, as well as the lack of revenue from the serviced apartment business, which was sold off at the end of last year. Net asset value was S$4.67 a share as at end-March, against S$4.52 as at Dec 31, 2019. Still, the measures to contain the coronavirus rolled out in OUE&rsquo s operating markets of Singapore, the United States and China &ldquo have negative near-term financial impact&rdquo , OUE told investors. &ldquo The group is focusing on cost management, cash conservation and maintaining financial flexibility in (the) current environment,&rdquo the group reported, stressing that it has suspended &ldquo non-essential capital and operating expenditure&rdquo across its various business units. Singapore investment property assets face a longer leasing lead time and disruption in activities such as viewings and handovers, as well as a decline in shopper traffic. Most of the tenants&rsquo offices in the US Bank Tower in Los Angeles are closed amid a shutdown of non-essential workplaces. Lippo Plaza in Shanghai has faced extended office hours and shorter retail hours, although there has been a gradual return to normal operations there since end-March. Meanwhile, the Mandarin Orchard and Crowne Plaza Changi Airport hotels are expected to clock a year-on-year drop in overall occupancy and food and beverage and banquet business - even though OUE noted in its presentation that it still cannot determine the full extent of the pandemic&rsquo s toll on hospitality revenue will be. The counter added S$0.01, or 0.9 per cent, to S$1.12, on a cum-dividend basis on Friday, before the interim business update was released. |
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| 16-May-2020 12:10 |
Banyan Tree
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Banyan Tree - A takeover target?
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Banyan Tree seeks to raise S$50.4m in convertible bond issueFRI, MAY 15, 2020 - 1:06 PMBANYAN Tree Holdings is proposing a renounceable and non-underwritten rights issue of convertible bonds to raise S$50.4 million. The bonds will be issued at S$1 each on the basis of six convertible bonds for every 100 existing shares, the mainboard-listed hospitality group announced on Thursday. They will have a coupon rate of 7.5 per cent per annum and a maturity date of two years. Upon maturity - and unless they are redeemed earlier, converted, purchased or cancelled - Banyan Tree will redeem the bonds at the principal together with accrued interest. Should bondholders choose, they may convert the bonds at a conversion price of 25 Singapore cents - subject to adjustments. This is a 5.7 per cent discount to Banyan Tree' s closing price of 26.5 cents on May 14, or the last traded price before the announcement. The bulk of the S$49.4 million in net proceeds from the rights issue - or 69.6 per cent - will be used to repay existing bank borrowings and interest costs, while the remaining 30.4 per cent will be used for general working capital and operations. To demonstrate their support for the rights issue, existing shareholders Ho KwonPing and Qatar Holding have first committed to take up 50 per cent of the issue on a pro-rata basis. They have also provided an irrevocable undertaking to accept and pay for any excess entitlements that are not taken up. Mr Ho has an interest of 42.73 per cent in Banyan Tree while Qatar' s interest is 24.51 per cent. Mr Ho and Qatar, as undertaking shareholders, will rank last in priority for the allotment of excess convertible bonds. Banyan Tree had previously announced cash conservation measures that included unpaid leave for its associates, a wage and hiring freeze, and the suspension of non-critical capital expenditure. It estimates savings of S$70 million from its announced cash conservation measures for FY2020 ending December. In its Thursday announcement, Banyan Tree also said it had seen a 21 per cent decline in revenue for Q1 2020 to S$64.4 million. It also reported a loss for the quarter of S$3.4 million, versus S$5.2 million in net profit for Q1 2019. As at March 31, it had total assets of S$1.7 billion. This included cash and cash equivalents of S$117.1 million and liabilities of S$979.3 million. After considering its financial position and the difficult operating environment, Banyan Tree said its directors believe the rights issue will " strengthen the group' s capital base and provide additional funding for the group' s cash flow needs" . Banyan Tree shares were trading down one Singapore cent or 3.8 per cent to 25.5 cents as at 11.21am on Friday, after the announcement. https://www.businesstimes.com.sg/companies-markets/banyan-tree-seeks-to-raise-s504m-in-convertible-bond-issue |
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| 16-May-2020 12:08 |
SingMedical
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The Next Medical Stock to watch
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Singapore Medical Group halves planned final dividend to 0.4 S' pore cent to free up cashFRI, MAY 15, 2020 - 8:05 PMCATALIST-LISTED Singapore Medical Group has halved the planned final dividend that the board had proposed in February, citing a need to save cash amid the coronavirus pandemic. The board now intends to pay out 0.4 Singapore cent a share, subject to shareholders&rsquo approval at an upcoming general meeting, according to a bourse filing on Friday evening. The Singapore Medical Group has warned that its financial results will likely take a hit from the Covid-19 situation, as a two-month circuit breaker shuttered non-essential medical services such as Lasik eye treatments, health screenings and non-emergency dental services. On top of that, the travel ban on short-term visitors has affected medical tourism revenue from segments such as oncology, cardiology and diagnostic imaging foreign patients contribute between 15 per cent and 20 per cent of group turnover, the board disclosed. Singapore Medical Group turned a net profit of S$13.7 million in the year to Dec 31, 2019 and expected to pay out 0.8 Singapore cent a share - nearly S$3.9 million altogether - after not declaring any dividend in the corresponding period the year prior. But the latest dividend-trimming, which was dubbed &ldquo a more prudent stance&rdquo , is expected to save about S$1.9 million in cash &ldquo to ensure the viability of the group&rdquo if restrictions are extended. Still, the board added that Singapore Medical Group has little liquidity risk and should be able to operate as a going concern, &ldquo barring unforeseen circumstances and assuming the gradual and effective easing of the circuit-breaker measures&rdquo . Shares closed up by half a Singapore cent or 2.04 per cent to S$0.25 before the news. https://www.businesstimes.com.sg/companies-markets/singapore-medical-group-halves-planned-final-dividend-to-04-spore-cent-to-free-up |
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