Latest Posts By Joelton
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| 28-Apr-2020 09:51 |
Landmark REIT
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Overview of Lippo Malls Trust
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LMIRT extends closure of all Indonesia malls, retail spaces to May 13MON, APR 27, 2020 - 1:25 PM LIPPO Malls Indonesia Retail Trust (LMIRT) will be extending the closure of its 23 retail malls and seven retail spaces in Indonesia until May 13, in respect of the large-scale social restrictions imposed by Indonesia' s health ministry. During this closure period, the trust will not be... https://www.businesstimes.com.sg/companies-markets/lmirt-extends-closure-of-all-indonesia-malls-retail-spaces-to-may-13 |
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| 28-Apr-2020 09:48 |
Jardine C&C
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Jardine C&C
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Jardine C& C' s performance ' significantly impacted' from Covid-19 in Q1 MON, APR 27, 2020 - 6:39 PM ARDINE Cycle & Carriage (JC& C) said on Monday after trading hours that the group experienced &ldquo challenging trading conditions&rdquo in the first quarter as conditions began to deteriorate across its market due to the outbreak of Covid-19. In its interim management statement for the... https://www.businesstimes.com.sg/companies-markets/jardine-ccs-performance-significantly-impacted-from-covid-19-in-q1 |
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| 27-Apr-2020 11:28 |
OKP
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Any news on OKP?
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OKP sees hit from lower construction demandMON, APR 27, 2020 - 5:50 AM Singapore CONSTRUCTION group OKP Holdings will " exercise prudence" when it comes to share buybacks, while warning that it expects to take a hit from an industry shutdown amid the novel coronavirus outbreak in Singapore. The board confirmed, in a reply to investor queries on... https://www.businesstimes.com.sg/companies-markets/okp-sees-hit-from-lower-construction-demand |
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| 27-Apr-2020 11:26 |
LHT
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Share consolidate of 4 into 1 share
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LHT stays chipper on higher demand for its pallets made of recycled wood MON, APR 27, 2020 - 5:50 AM Despite a difficult start as an early mover in the use of recycled wood, the company now has plans to create even more green products. Singapore AT a time when businesses are shuttered due to the novel coronavirus pandemic, LHT Holdings is finding a mini boom in one of its core businesses. The mainboard-listed company manufactures wooden boxes and pallets and has dreams of one day building a one-stop shop that... https://www.businesstimes.com.sg/companies-markets/lht-stays-chipper-on-higher-demand-for-its-pallets-made-of-recycled-wood |
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| 27-Apr-2020 10:25 |
EFH Ltd
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Why Biolidics share price significantly dropped
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Biolidics: Response to SGX Queries Question 1: Please explain and elaborate on the due diligence process conducted on Aytu, by the Company.
Company&rsquo s response: The Company had considered certain factors and conducted due diligence before appointing Aytu as the distributor for its test kits in the USA. These include assessing the financial standing of Aytu and conducting searches on Aytu on web-based global/financial databases, such as Bloomberg, Reuters and NASDAQ. The Company also noted that Aytu, which has been listed on NASDAQ since October 2017, has been appointed distributor for various pharmaceutical products addressing significant medical needs such as hypogonadism, cough and upper respiratory symptoms, insomnia and male infertility. Further, the Company also noted that Aytu has experience in obtaining regulatory clearance under Section 510(k) of the USA Food, Drug and Cosmetic Act, from the US Food and Drug Administration, a federal agency of the United States Department of Health and Human Services.
Question 2: Please explain if the Company and its business plans will be impacted by news on investigation of potential claims on behalf of purchasers of Aytu. Please disclose if there are any financial impact on Biolidics arising from this.
Company&rsquo s response: While the Company is not privy to the grounds of investigation of potential claims on behalf of purchasers of Aytu against Aytu (1), the Company believes that it would not be impacted by news on such investigation (the &ldquo Relevant News&rdquo ) as Aytu is only a distributor for the Company&rsquo s COVID-19 Antibody Test Kits.
The Company believes that the Relevant News is unlikely to have a material impact on its business plans in view of the following:
(1) The Company has completed the listing of its test kits under Section IV.D of the &ldquo Policy for Diagnostic Tests for Coronavirus Disease-2019 during the Public Health Emergency&rdquo of the USA which enables the Company to distribute, market and sell its COVID-19 Antibody Test Kits in the USA through various channels
(2) Based on the terms of the distributorship agreement as announced, Aytu is required to fulfill certain conditions in order to remain as the exclusive distributor for the COVID-19 Antibody Test Kits in USA, such as meeting the minimum purchase quantity within 3 months from the date ofsigning of the Agreement. If Aytu fails to meet these contractual conditions, the Company may appoint another distributor for the COVID-19 Antibody Test Kits and
(3) The Company may immediately terminate the distributorship agreement in the event of any breach of the terms of the agreement by Aytu or any of its sub-distributors, employees, agents or other representatives that have not been cured within 30 days following a written notification by Biolidics of such breach.
The Company will continue to monitor publicly available information on Aytu and will take appropriate steps to mitigate any potential negative financial impact on Biolidics arising from such developments.
Question 3: Based on the Bloomberg alert, on 17 April 2020, NBC News had issued the said report (the &ldquo NBC News Report&rdquo ) and on this news, Aytu&rsquo s stock price fell 8% on that day.
(a) Given that the Company had entered into the distributorship agreement with Aytu today, 23 Apr 2020, please disclose if the Company had been aware of the development pertaining to Aytu which was already made known publicly since 17 Apr 2020.
Company&rsquo s response: The Company was introduced to Aytu on or around 31 March 2020, by a business associate, who is based in Denver, Colorado, where Aytu is also based and was aware of the contents of the NBC News report entitled &ldquo Unapproved Chinese coronavirus antibody tests being used in at least 2 states&rdquo (&ldquo NBC News&rdquo ) on 17 April 2020 (2).
(b) When did the Company first become aware of the following, and what did the Company do to verify the information?
(i) investigation of potential claims by a law firm on behalf of purchasers of Aytu
(ii) allegations in the Bloomberg alert / NBC News.
Company&rsquo s response: The Company became aware of the investigation of potential claims by a law firm on behalf of purchasers of Aytu and the allegations in the Bloomberg alert / NBC News on 17 April 2020. The Company had not verified the information as the Company understands from Aytu that no law suit has been filed. In addition, the Company had evaluated and believed that Aytu is a suitable distributor based on the factors set out in the response to Question 1 above.
While the Company has not sought US legal counsel advice, the Company notes from the internet that at least three law firms have announced similar " investigations" on behalf of investors in Aytu. These firms have indicated that the press release may be considered " Attorney Advertising" , which the Company understands to be legal advertising by US law firms under the applicable law and ethical rules. The Company also notes that one of the law firm has launched similar investigations in respect of a number of listed entities, not just Aytu.
https://www.biolidics.com/newsroom/biolidics-sgx-queries-announcement-aytu-26042020.pdf |
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| 27-Apr-2020 10:08 |
Clearbridge
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SARS RELATED PLAYS..
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Clearbridge' s ' build, borrow, buy' approachMON, APR 27, 2020 - 5:50 AM Singapore NURTURING talent and unlocking human potential are lifelong passions for healthcare entrepreneur Jeremy Yee. " What truly inspires me is the process of identifying and grooming the next generation of leaders and entrepreneurs, who can grow faster than the organisation," said the... |
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| 27-Apr-2020 09:50 |
Mermaid Maritime
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Mermaid Maritime
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Mermaid Maritime
MAINBOARD-LISTED offshore services provider Mermaid Maritime' s wholly owned Thai subsidiary is borrowing US$8 million from the Export-Import Bank of Thailand.
But a default event will occur if controlling shareholder Thoresen Thai Agencies' shareholding falls below 33 per cent of the company, Mermaid disclosed on Sunday.
Separately, the group expects lockdowns and other restrictions from the ongoing Covid-19 pandemic to affect its results for the first half of 2020, even though its confirmed orderbook remains unaffected for now.
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| 27-Apr-2020 09:48 |
Sarine Tech
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Sarine Tech
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Sarine Technologies
MAINBOARD-LISTED Sarine Technologies, which makes systems and machines for the gem production industry, expects its second-quarter results to be " severely impaired by the Covid-19 pandemic" , with the malaise persisting into the third quarter.
It said on Sunday that it has moved to reduce its cash burn rate by a third against budgeted operations.
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| 27-Apr-2020 09:46 |
Serial System
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Serial system is stirring again
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Serial System
SERIAL Microelectronics (HK), a 91 per cent-owned unit of electronic parts distributor Serial System, is selling its 70 per cent stake in an inactive subsidiary to a joint-venture partner for a net loss of about US$2,000.
With US$1-in-cash sale, CX Technology will consolidate its ownership of Xuanhong Automotive Electronics.
Serial' s board said that the deal will have no material impact on group net tangible assets and earnings per share for the year to Dec 31, 2020.
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| 27-Apr-2020 09:44 |
Nam Cheong
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Nam Cheong
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Nam Cheong
MAINBOARD-LISTED shipbuilder Nam Cheong, which last week warned that it was mulling over a restructuring, said on Sunday that it will hold its annual general meeting by June 29.
It got a two-month extension from the bourse for its annual report and meeting, as Malaysia' s " unprecedented" movement control order disrupted the finalisation of the report.
The report, originally due by April 15, will now be released by April 29.
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| 27-Apr-2020 09:40 |
Mirach Energy
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MIRACH from $0.315 go $0.435...WOW...RISE OF 13cen
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Mirach Energy WATCH-LISTED investment group Mirach Energy now has until May 15 to release the annual report and until June 29 to hold its annual general meeting, after an extension from the bourse, the board said on Saturday.
Mirach said it could not issue its report by the original deadline of April 15, as movement control measures in Malaysia affected the audit of its principal plantation-operator subsidiary.
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| 27-Apr-2020 09:35 |
Sim Leisure
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Sim Leisure...Hv Fun Here?
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Corporate digest MON, APR 27, 2020 - 5:50 AM CATALIST-LISTED theme park operator Sim Leisure Group will hold a remote extraordinary general meeting on its plan to place out more than 13.4 million shares to a new investor, the board announced on Friday night. The meeting on May 11, which will... https://www.businesstimes.com.sg/companies-markets/corporate-digest-1123 |
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| 25-Apr-2020 12:37 |
Oxley
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Is Oxley a good buy at current price?
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Oxley unit starts legal proceedings against ex-contractor of Cambodia projectFRI, APR 24, 2020 - 9:00 AMOXLEY Holdings' subsidiary, Oxley Gem (Cambodia), on April 1 commenced formal legal proceedings in Singapore against its former contractor Sino Great Wall Engineering (SGW). This is to seek compensation from SGW for all damages suffered due to repeated breaches of its contractual obligations, real estate developer Oxley Holdings said in a filing late Thursday night. SGW was the main contractor for The Peak, a 55-storey mixed hotel development project in Cambodia. In February this year, Oxley Gem had said it was planning to seek compensation for damages suffered, laying the blame for project delays on SGW. Oxley Gem called on the two performance bonds provided by SGW for the project, and terminated their contract in October 2019. In mid-March 2020, SGW had applied to the Cambodian courts to get Oxley Gem to suspend work on The Peak, Oxley Holdings disclosed on Thursday. However, that hearing was rescheduled to a future date to be determined by the Cambodian courts, after SGW failed to attend the hearing for its own application. " Oxley Gem has been advised by its lawyers that SGW has no basis for its application and is seeking to dismiss SGW' s application," Oxley Holdings said. SGW has been evicted from the project site with effect from Feb 25, after Oxley Gem obtained an injunction order from the Cambodian courts, as it said SGW refused to vacate the site and was wrongfully occupying it. This resulted in further delays as the new contractor could not begin work. SGW sought to object to the eviction order, but the Cambodian courts rejected this objection, Oxley Holdings said on Thursday. The eviction order thus remains effective. The mainboard-listed developer added that its new contractor China Railway Urban Construction Group has since started work on The Peak and construction has " smoothly resumed" . Currently, none of the above legal proceedings has any impact on the progress of the project, Oxley Holdings noted. Construction is set to complete progressively from mid-2020 to 2021. Shares of Oxley Holdings closed at 21.5 Singapore cents on Thursday, down 0.5 cent or 2.3 per cent, before the announcement. https://www.businesstimes.com.sg/companies-markets/oxley-unit-starts-legal-proceedings-against-ex-contractor-of-cambodia-project |
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| 25-Apr-2020 12:34 |
SIA
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SIA
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Hard for airlines to tap financial markets amid crisis: SIA Singapore Airlines (SIA) said its proposed $15 billion debt and equity capital-raising is needed because the worsening environment for aviation is making it difficult for airlines to tap financial markets. Its remarks were in response to questions raised by the Securities Investors Association (Singapore), or Sias, last night and ahead of Thursday' s extraordinary general meeting (EGM), when shareholders are to vote on the move. The fund-raising includes an $8.8 billion renounceable rights issue, which Sias fears may be dilutive for investors and will hit retail shareholders without the cash to take part. The other component is an additional issue of up to $6.2 billion in additional mandatory convertible bonds (MCBs) to be offered to shareholders via one or more rights issues down the line. Sias asked SIA why it is trying to raise cash via equity shareholders instead of debt. It replied that traditional funding opportunities remain limited. Secured financing and sale-and-leaseback transactions, for instance, would also create more cash outflow obligations, it added. Raising capital through issuing rights shares, rights MCBs and additional MCBs allows SIA to treat the capital raised as equity, which will strengthen its balance sheet. SIA said it had evaluated its requirements against funding sources to arrive at the $8.8 billion figure, an amount that would enable the company to meet those requirements " for a good part of financial year 2020/2021" . About $3.7 billion will be used for operating cash flow, $3.3 billion for capital expenditure such as new aircraft and aircraft-related payments and $1.8 billion for other fixed commitments such as debt servicing. SIA noted that the capital expenditure relates to orders placed in the past. Up to $6.2 billion in additional MCBs may also be issued within 15 months of the EGM to provide extra liquidity if the Covid-19 crisis is prolonged and the resources to prepare for recovery, said SIA. SIA said it had evaluated its requirements against funding sources to arrive at the $8.8 billion figure, an amount that would enable the company to meet those requirements " for a good part of financial year 2020/2021" . The $8.8 billion will be raised via a three-for-two issue of up to 1.78 billion shares to raise $5.3 billion, and an offering of up to S$3.5 billion in 10-year MCBs. The rights issue price of $3 a share represents a discount of 53.8 per cent to the last transacted price of $6.50 on March 25, the last trading day before the announcement, said SIA. It added: " The key consideration was to provide an opportunity... to shareholders to join this rights share issuance at an appropriate discount, so that you may all participate in the future growth of the company as we emerge from this downturn in at least the proportion you held in the company prior to it." The EGM will take place at 11.30am on Thursday and held via a live webcast and audio feed in line with Covid-19 control measures. Pre-registration can be done on SIA' s website, where shareholders may also submit questions by 11.30am on Monday. https://www.straitstimes.com/business/companies-markets/hard-for-airlines-to-tap-financial-markets-amid-crisis-sia |
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| 25-Apr-2020 12:28 |
SGX
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SGX
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SGX Q3 net profit rises 38% on higher revenue from all three businessesFRI, APR 24, 2020 - 8:43 AMBOURSE operator SGX on Friday posted a 38 per cent rise in net profit to S$137.5 million for its third quarter ended March 31, from S$99.7 million a year ago. This was mainly due to revenue increases across all three of its businesses: equities fixed income, currencies and commodities and data, connectivity and indices, it said in a regulatory filing. Earnings per share stood at 12.8 Singapore cents for the quarter, up from 9.3 cents a year ago. Revenue for Q3 rose 29 per cent to S$295.8 million, from S$228.8 million in the year-ago period. An interim cash dividend of 7.5 Singapore cents per share has been declared for the quarter, the same as a year ago. The dividend will be paid on May 13. SGX chief executive Loh Boon Chye said trading activity outside of Asian trading hours by the bourse' s US and European clients had grown to 20 per cent of total derivatives volumes. " Amid the Covid-19 pandemic, our priority is to keep SGX' s markets relevant, resilient and fully accessible round-the-clock, to serve the heightened demand from market participants for risk management solutions and investment opportunities across our asset classes," he added. Mr Loh also said that the bourse operator would be adopting half-yearly financial reporting from July 1. Dividends will continue to be paid on a quarterly basis. SGX shares ended at S$10.16 on Thursday, down S$0.23 or 2.2 per cent. https://www.businesstimes.com.sg/companies-markets/sgx-q3-net-profit-rises-38-on-higher-revenue-from-all-three-businesses |
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| 25-Apr-2020 12:22 |
Micro-Mechanics
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Is Micro Mech a good buy
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Micro-Mechanics Q3 net profit jumps 48.1% to S$3.9m on increased salesFRI, APR 24, 2020 - 2:53 PMMICRO-MECHANICS, which makes high-precision tools and parts used in process-critical applications for the semiconductor industry, on Friday posted a 48.1 per cent rise in net profit to S$3.9 million for the third quarter ended March 31, 2020, from S$2.6 million a year ago. The increase was due to robust revenue growth, attributed to growth in sales across almost all of its geographical markets, the company said. Earnings per share was 2.78 Singapore cents for the quarter, compared with 1.88 cents last year. Revenue for the quarter increased 12.9 per cent to S$16.2 million, from S$14.4 million in the year-ago period. No dividend was declared for the quarter, unchanged from a year ago. As at March 31, 2020, Micro-Mechanics had a balance sheet with total assets of S$66.5 million, shareholders' equity of S$54.8 million, cash and cash equivalents of S$16.1 million and no bank borrowings. Shares of mainboard-listed Micro-Mechanics were trading up S$0.05 or 3.1 per cent to S$1.65 as at 2.24pm on Friday. |
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| 25-Apr-2020 12:19 |
SATS
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Sats
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GROUND handler and in-flight catering provider Sats said on Friday that it has issued S$100 million in 2.6 per cent notes due 2025 under its S$500 million multicurrency medium-term note programme. In-principle approval has been received for the listing and quotation of the notes, with listing expected on April 27. Sats had earlier said that net proceeds from the issue will be used for general corporate purposes investing in value-creating opportunities, including long-term strategic investments and acquisitions and refinancing borrowings. |
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| 25-Apr-2020 12:16 |
SingTel
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Singtel Bullish???
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Singtel secures S$4.17b in credit facilities SATS issues S$100m in 2.6% notes due 2025FRI, APR 24, 2020 - 6:51 PM SINGTEL announced on Friday evening that its units have entered agreements for total credit facilities of S$4.17 billion, for general corporate purposes and refinancing. In Singapore, Singtel Group Treasury signed an agreement for a three-year S$2.5 billion committed revolving credit facility with 13 banks, including the three local banks. It also inked agreements for one-year committed facilities totalling S$950 million with a group of banks, which it did not specify. These facilities are guaranteed by Singtel. In Australia, Optus Finance Pty Ltd - a subsidiary of Singtel Optus Pty Limited (Optus) - entered into 364-day committed facilities totalling A$800 million with a group of banks. The facilities are guaranteed by Optus and some of its subsidiaries. Singtel shares closed down S$0.05 or 1.82 per cent at S$2.70 on Friday before the news. Separately, ground handler and in-flight catering provider Sats said on Friday that it has issued S$100 million in 2.6 per cent notes due 2025 under its S$500 million multicurrency medium-term note programme. In-principle approval has been received for the listing and quotation of the notes, with listing expected on April 27. Sats had earlier said that net proceeds from the issue will be used for general corporate purposes investing in value-creating opportunities, including long-term strategic investments and acquisitions and refinancing borrowings. Sats shares closed down S$0.04 or 1.32 per cent at S$2.99 on Friday before the news. https://www.businesstimes.com.sg/companies-markets/singtel-secures-s417b-in-credit-facilities-sats-issues-s100m-in-26-notes-due-2025 |
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| 25-Apr-2020 12:02 |
IREIT Global SGD
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IREIT Global
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THE manager of IReit Global has appointed Louis d' Estienne d' Orves as its new chief executive officer (CEO) with effect from Thursday. Mr d' Estienne d' Orves is part of IReit unitholder Tikehau Capital' s real estate team. As executive director at the French asset management and investment group, his responsibilities include sourcing and executing deals across Europe in the office, retail, hotel and residential sectors, securing external debt financing and capital raising for co-investment opportunities and funds. He will be based in London, which will allow him to have direct access to the European real estate market as well as leverage Tikehau' s local expertise and network as he plans and implements IReit' s investment strategy. Tikehau recently raised its stake in IReit to 29.2 per cent from 16.64 per cent, alongside Singapore' s City Developments Limited, which increased its unitholding interest to 20.87 per cent from 12.52 per cent. That brings their stakes to over 50 per cent combined. Before joining Tikehau in November 2018, Mr d' Estienne d' Orves spent 11 years at AXA IM Real Assets, most recently as the co-head of European transactions, special situations. John Lim Kok Min, chairman of IReit' s manager, said Mr d' Estienne d' Orves " is a valuable member of Tikehau' s real estate practice, actively contributing to the business and to the team' s growth as well as playing a key role in securing high-profile deals across Europe" . The manager' s previous CEO, Aymeric Thibord, quit in February this year to pursue other opportunities. The real estate investment trust has a portfolio of nine office assets in Germany and Spain valued at about 630 million euros (S$967.5 million) as at end-2019. IReit' s units were flat at 65.5 Singapore cents as at 9.06am on Friday. https://www.businesstimes.com.sg/companies-markets/ireit-global-names-new-ceo-from-unitholder-tikehau-capital |
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| 24-Apr-2020 10:45 |
Frasers Cpt Tr
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Frasers Cpt Tr
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FCT' s Q2 DPU down 49% on bigger base, retained earningsFRI, APR 24, 2020 - 5:50 AM Circuit-breaker measures, rental rebates will have significant impact on revenue for rest of FY20 FRASERS Centrepoint Trust (FCT) on Thursday posted a second-quarter distribution per unit (DPU) of 1.61 Singapore cents, down 48.7 per cent from 3.137 cents a year ago, due to an enlarged unitholders base and the manager' s decision to preserve distributable income for financial... https://www.businesstimes.com.sg/companies-markets/fcts-q2-dpu-down-49-on-bigger-base-retained-earnings |
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