Latest Posts By Joelton
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| 17-Apr-2020 09:48 |
SGX
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SGX
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Will SGX look into problems of virtual AGMs and bunching? FRI, APR 17, 2020 - 5:50 AM ANNUAL general meetings are the most important forums for shareholders of listed companies to raise questions about their companies relating to financial performance, operational strategy and overall management. Most companies have their year-ends in December and hence, they have to hold... https://www.businesstimes.com.sg/opinion/will-sgx-look-into-problems-of-virtual-agms-and-bunching |
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| 17-Apr-2020 09:41 |
AEM SGD
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business turnaround ?
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AEM maintains FY2020 sales guidance despite Covid-19 situationTHU, APR 16, 2020 - 11:03 PM AEM Holdings on Thursday said it is continuing to operate worldwide without any material adverse impact from the Covid-19 measures that have been implemented by various government agencies, and maintains its full-year sales guidance of S$360 million to S$380 million for FY2020. The company, which provides advanced chip-testing solutions, also announced that its China operations have been operating since Feb 12, 2020, since the stop-work order was lifted by the Chinese authorities. Its Penang plant has been operating with a leaner workforce since receiving approval from the Malaysian authorities after the Movement Control Order (MCO) took effect on March 18, 2020. In Singapore, it has received the approval from the Ministry of Trade and Industry for its application to continue workplace activities at its premises. Hence, the group&rsquo s Singapore operations are carrying on, as it provides manufacturing services that are part of the essential supply chain. https://www.businesstimes.com.sg/companies-markets/aem-maintains-fy2020-sales-guidance-despite-covid-19-situation |
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| 16-Apr-2020 10:06 |
CityDev
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CityDev
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CDL to scoop up controlling stake in China' s Sincere Property GroupWED, APR 15, 2020 - 9:12 PMCITY Developments Limited (CDL) is acquiring a 51.01 per cent stake in Chinese real estate developer Sincere Property Group for RMB4.39 billion (about S$0.88 billion), which will enable it to expand its footprint in China. As part of the transaction, a call option will also be granted to CDL, which it can exercise to purchase an additional 9 per cent interest in Sincere Property for RMB0.77 billion at the same entry valuation. If exercised, it will allow CDL to acquire a 60.01 per cent stake in Sincere for a total of RMB5.16 billion. &ldquo Given the adverse impact of the Covid-19 crisis and the global uncertainty, CDL has taken the opportunity to negotiate new terms for its investment into Sincere Property, which are significantly improved over the original investment terms announced last year,&rdquo said CDL in a statement to the Singapore Exchange after the market closed on Wednesday. CDL had announced in May last year that it would acquire a 24-per-cent stake in Sincere by investing RMB5.5 billion, which would comprise an equity investment and extending interest-bearing loans. The investment was to be split equally into two tranches, the first being a four-year interest-bearing loan of RMB2.75 billion, part of which would be converted into equity. The second tranche of RMB2.75 billion was to have been invested once certain conditions were fulfilled. The deal was not completed by Q4 2019 as expected &ldquo due to a variety of factors&rdquo , said CDL, adding that it did not acquire a stake in Sincere, but had extended an interest-bearing loan of RMB2.75 billion last year. Sincere will use part of the RMB 4.39 billion to repay a loan previously extended to it by CDL. Once the deal is completed, CDL will hold a joint controlling interest in Sincere through an offshore investment vehicle. Sincere chairman Wu Xu&rsquo s stake in Sincere will fall from 60 per cent to 29 per cent Chinese developer Greenland Holdings Group Co will see its shareholding in Sincere about halve from 40 per cent to 19.99 per cent. The new transaction values Sincere at RMB8.60 billion, almost 50 per cent below its net asset value (NAV) of RMB16.48 billion as at its unaudited consolidated financial statements for the year ended Dec 31, 2019. With this deal, CDL&rsquo s portfolio allocation in China will go up from 13 per cent to 17 per cent as its presence in China goes from three cities to 18. It will also broaden its capabilities across property segments to include new asset classes such as business parks. The deal also gives CDL access to Sincere&rsquo s development land bank of 9.2 million sq m, with 64 development projects across mostly Tier 1 and 2 cities in China. In addition, Sincere has a portfolio of 27 investment properties in the retail, office and hospitality segments. Shares in CDL closed 44 cents lower on Wednesday at S$7.48. https://www.businesstimes.com.sg/companies-markets/cdl-to-scoop-up-controlling-stake-in-chinas-sincere-property-group |
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| 16-Apr-2020 09:59 |
Centurion
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Centurion Corp
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Covid-19 could cement Centurion' s lead among dorm playersTHU, APR 16, 2020 - 5:50 AM JUST three weeks ago, The Business Times' correspondent Angela Tan pointed out how the Covid-19 outbreak is testing public companies' materiality thresholds for continuous disclosures. She named manufacturers, retailers, and oil and gas companies as among the plague-hit issuers that " should be... https://www.businesstimes.com.sg/companies-markets/covid-19-could-cement-centurions-lead-among-dorm-players |
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| 16-Apr-2020 09:55 |
Yanlord Land
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Yanlord just delivered a Spectacular Results
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Yanlord records 6.77b yuan in property pre-sales for first three months of 2020WED, APR 15, 2020 - 7:37 PM CHINESE property developer Yanlord Land Group recorded 6.77 billion yuan (S$1.36 billion) in total contracted pre-sales from residential units and car parks for its latest quarter, 18.4 per cent higher than a year ago, even as the Covid-19 pandemic has weighed on property-buying sentiment in China. The pre-sales were for contracted gross floor area of 192,696 sq m, 7.1 per cent more than a year ago. In its unaudited key operating figures for the quarter ended March 31, the developer also disclosed that it has about 2.84 billion yuan of subscription sales. Despite the virus dampening sentiments within China' s property sector in recent months, the group said it continues to witness healthy interest from buyers across its key markets in the mainland. Five cities in China - Nanjing, Hangzhou, Nantong, Suzhou and Tianjin - accounted for approximately 82 per cent of the total contracted pre-sales of the group for that quarter. https://www.businesstimes.com.sg/companies-markets/yanlord-records-677b-yuan-in-property-pre-sales-for-first-three-months-of-2020 |
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| 16-Apr-2020 09:53 |
Japfa
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Japfa IPO 15 August
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Japfa sells minority stake in dairy unit to Meiji for US$254mWED, APR 15, 2020 - 6:16 PM JAPFA on Wednesday said it will sell a 25-per-cent stake in its subsidiary to Japanese conglomerate Meiji for US$254.4 million in cash. In addition, the subsidiary will get to supply raw milk to Meiji on a five-year rolling basis, renewable annually. The subsidiary, AustAsia Investment Holdings, operates Japfa&rsquo s dairy-farming business in China. Japfa said the move is in line with its plans to grow AustAsia into the largest independent raw milk producer in China. As at the end of last year, AustAsia owned about 80,000 head of cattle, five modern dairy farms in Dongying and Shandong, as well as two farms in Chifeng in Inner Mongolia. Japfa added that the contract to supply milk to Meiji will provide AustAsia with a stable revenue stream, as it provides for the supply of a certain quantity of milk to Meiji at market price. Japfa stands to gain US$37 million from the proposed transaction, which it intends to use to repay a US$253-million term-loan facility. Tan Yong Nang, Japfa' s CEO, said that the company has for " many years" been supplying raw milk to Meiji, which had approached Japfa to support Meiji' s growth plans in China. " Their interest in holding a significant stake in our dairy business is a testament to the quality of our raw milk, the reliability of supply and our advanced farm-management techniques," Mr Tan added. The deal is subject to the approval of Japfa' s shareholders at an extraordinary general meeting, which is likely to be after the company' s annual general meeting by June 25. Post-transaction, Japfa would be left with a 75-per-cent stake in AustAsia, and will continue to manage AustAsia&rsquo s farming operations in China. In its announcement, Japfa also said that its day-to-day operations have not yet been " materially impacted" by the Covid-19 outbreak as the group provides an essential service by supplying staple protein foods. However, it said that the outbreak is an unprecedented event and its impact " cannot be reliably estimated with any certainty" . It will therefore continue to monitor the situation. https://www.businesstimes.com.sg/companies-markets/japfa-sells-minority-stake-in-dairy-unit-to-meiji-for-us254m |
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| 16-Apr-2020 09:49 |
Frasers L&C Tr
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Frasers Logistic & Industrial Trust IPO
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Merger between Frasers' logistics, commercial Reits takes effect WED, APR 15, 2020 - 12:41 PM THE S$1.58 billion merger between Frasers Logistics & Industrial Trust (FLT) and Frasers Commercial Trust (FCOT) first proposed last December by way of a trust scheme of arrangement, is now effective. This comes after a court hearing for the deal, as well as approval by unitholders of FLT and FCOT. FLT' s manager has notified the Monetary Authority of Singapore of the grant of the court order sanctioning the trust scheme. Accordingly, the scheme has become effective and binding, the managers of both trusts announced on Wednesday. FCOT unitholders will receive S$1.68 per unit held by April 24, 2020. This consideration will be paid via a combination of 15.1 cents in cash and 1.233 new FLT units per FCOT unit. FCOT is expected to delist on April 29. In addition, FLT' s manager noted that the trust' s new investment mandate will come into effect on Wednesday. " The investment mandate is to invest in a portfolio of income-producing real estate used predominantly for logistics or industrial purposes and located globally, and/or commercial purposes or business park purposes and located in the Asia-Pacific region, or in Europe (including the UK)," FLT' s manager said. As at 12.18pm on Wednesday, units in FLT were trading at S$1, up S$0.01 or 1 per cent, while units in FCOT last traded on April 9, following a request for suspension. https://www.businesstimes.com.sg/companies-markets/merger-between-frasers-logistics-commercial-reits-takes-effect |
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| 16-Apr-2020 09:44 |
SIA
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SIA
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Singapore Airlines shareholders to vote on mammoth cash call at April 30 virtual EGMWED, APR 15, 2020 - 9:44 AM
UPDATED WED, APR 15, 2020 - 10:22 AM
THE extraordinary general meeting (EGM) for Singapore Airlines (SIA) shareholders to vote on its S$15 billion debt and equity capital raising will take place on April 30 at 11.30am by electronic means. The flag carrier in March announced the massive cash call, backed by Temasek Holdings, to tide it over the coronavirus pandemic that has decimated global air travel. Shareholders will be able to either watch the EGM proceedings via a live webcast or listen in via a live audio feed. They can also submit questions in advance and/or vote by proxy at the meeting. No shareholders will be allowed to physically attend, due to the current Covid-19 restriction orders in Singapore, SIA said on Wednesday. Those who wish to tune in to the webcast on their mobile phones, tablets or computers or the audio feed via telephone, must preregister by 11.30am on April 17 at singaporeair.com/home/shareholder-registration. Shareholders who wish to submit questions related to the EGM resolutions must do so by 11.30am on April 27. This can be done via the preregistration website, in hard copy sent in person or by post, or by email to gpa@mncsingapore.com.... The company will address substantial questions relating to the resolutions either before or during the EGM. Shareholders will not be able to ask questions during the live webcast and audio feed. Therefore, they need to preregister their participation so as to submit any questions in advance. They also cannot vote online on the resolutions. Instead, if they wish to exercise their votes, they must submit a proxy form &ndash by 11.30am on April 27 &ndash to appoint the meeting chairman to vote on their behalf. The proposed renounceable rights issue comprises a three-for-two issue of up to 1.78 billion shares to raise S$5.3 billion and an offering of up to S$3.5 billion worth of 10-year mandatory convertible bonds (MCBs). SIA has received in-principle approval from the Singapore Exchange for this. DBS Bank is the sole financial adviser for the rights issue, while the joint lead managers are DBS Bank and Morgan Stanley Asia (Singapore), SIA said in another filing on Wednesday. Subject to shareholder approval, the register of members and the share transfer books will be closed at 5pm on May 8 for the purpose of determining the provisional allotments of the shares and MCBs under the rights issue. Meanwhile, SIA' s cash call proposed in March also includes an additional issue of up to S$6.2 billion in additional MCBs on similar terms and to be offered to shareholders via one or more rights issues down the line. This could take place within 15 months of being approved by shareholders. Both the rights issue and the additional issue will be tabled for shareholders' approval at the EGM, which will be conducted by SIA chairman Peter Seah and chief executive Goh Choon Phong. SIA shares rose S$0.14 or 2.2 per cent to trade at S$6.39 as at 9.14am on Wednesday. https://www.businesstimes.com.sg/companies-markets/singapore-airlines-shareholders-to-vote-on-mammoth-cash-call-at-april-30-virtual |
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| 16-Apr-2020 09:39 |
SoilbuildBizREIT
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SOILBUILD BUSINESS SPACE REIT
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Soilbuild Reit sells Loyang property for S$33.1mWED, APR 15, 2020 - 9:35 AM | UPDATED WED, APR 15, 2020 - 10:15 AM
SOILBUILD Business Space Reit (Soilbuild Reit) on Tuesday said it has completed the divestment of its property at 72 Loyang Way and the mechanical and electrical equipment within, for about S$33.1 million. The purchaser is an unrelated third party, Kim Hock Enterprise. In its results announcement in January, Soilbuild Reit noted that the Loyang property contributed to lower revenue for the fourth quarter. This was due to the absence of non-recurring liquidation proceeds from Technics Offshore Engineering of about S$3.3 million and weighed on gross revenue, which fell 11.5 per cent to S$22.8 million. As a result, the Reit' s fourth-quarter distribution per unit fell 36.3 per cent to 0.925 Singapore cent, from 1.451 cents a year ago. For the three months ended Dec 31, 2019, distributable income also slipped 24.1 per cent to S$11.7 million. With a total net lettable area of 171,293 square feet, the property at 72 Loyang Way is an integrated facility comprising two blocks of three-storey and four-storey ancillary office, two high ceiling single-storey production facilities, a blasting and spray painting chamber, a working dormitory and a jetty with 142 metres of sea frontage. It is situated on a number of JTC leasehold estate land titles that collectively expire on March 20, 2038, with a remaining tenure of 19 years as at March 21, 2019, when the divestment was first announced. The property was independently valued by Colliers International Consultancy & Valuation at S$34 million on Dec 31, 2018, and the initial consideration for the deal was about S$34.1 million. The sale consideration was subsequently revised to S$33.1 million, after there was a further extension for obtaining JTC' s final approval for the proposed divestment. Soilbuild Reit previously noted that net proceeds from the divestment may be used to fund new acquisitions, repay debt, finance any capital expenditure and asset enhancement works, capital distribution, and/or to finance general corporate and working capital requirements. According to the Reit manager, the divestment will unlock and release capital back to Soilbuild Reit. It also cited " prolonged weakness in the marine offshore and oil & gas sector" and that it was challenging to find a suitable replacement tenant as some reasons for the divestment. As at 9.19am on Wednesday, units in Soilbuild Reit were trading at S$0.38, up S$0.01 or 2.7 per cent. https://www.businesstimes.com.sg/companies-markets/soilbuild-reit-sells-loyang-property-for-s331m |
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| 16-Apr-2020 09:32 |
Q&M Dental
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Q&M dental
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Q& M reclassifies S$0.0242 in special, final dividends into interim dividendWED, APR 15, 2020 - 8:55 AMQ& M Dental Group is reclassifying the special dividend and final dividend to be paid out to shareholders for the 2019 financial year into a second interim dividend. Doing so provides certainty to its dividend payment' s date as the mainboard-listed dental services group' s annual general meeting (AGM) date for FY2019 remains uncertain and is still being deliberated on, according to a regulatory update. An interim dividend only requires the board' s approval and does not require shareholders' approval, which is gathered at an AGM. The aggregate quantum of the second interim dividend will be S$0.0242, unchanged from the sum of the special dividend of S$0.02 per share and the final dividend of S$0.0042 per share. Q& M' s board is of the view that the interim dividend would not be prejudicial to shareholder interests. With the reclassification of the dividend, the record date will be April 27 and the payment date will now be May 13. The firm said that it had intended to distribute the special and final dividends to shareholders as soon as possible in order to provide some support for them amid economic uncertainty due to the Covid-19 pandemic. Q& M shares closed flat at S$0.38 on Tuesday. https://www.businesstimes.com.sg/companies-markets/qm-reclassifies-s00242-in-special-final-dividends-into-interim-dividend |
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| 15-Apr-2020 10:08 |
SGX
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SGX
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SGX-listed firms adapt to updated guidelines for virtual meetingsWED, APR 15, 2020 - 5:50 AM Some are deferring their AGMs others are doing webcasts, and some are undecided A NUMBER of listed companies are making changes to their annual general meeting (AGM) plans following the release of detailed guidelines from the regulators: Some are opting to defer their AGMs to dates beyond the circuit-breaker period, others have announced new arrangements involving webcasts... https://www.businesstimes.com.sg/companies-markets/sgx-listed-firms-adapt-to-updated-guidelines-for-virtual-meetings |
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| 15-Apr-2020 09:59 |
Frasers Cpt Tr
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Frasers Cpt Tr
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S& P downgrades FCT' s ratings on cash flow impact from Covid-19 WED, APR 15, 2020 - 5:50 AM S& P Global Ratings has lowered Frasers Centrepoint Trust' s (FCT) long-term issuer credit rating to BBB from BBB+ as it believes FCT' s cash flow will be hit hard by the coronavirus pandemic, it said on Monday. Correspondingly, S& P also lowered the rating on senior... https://www.businesstimes.com.sg/companies-markets/sp-downgrades-fcts-ratings-on-cash-flow-impact-from-covid-19 |
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| 15-Apr-2020 09:56 |
Chip Eng Seng
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ChipEngS - Low PE, High Yield and High NAV in One
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Chip Eng Seng unit raises stake in Invictus International School for S$10.3m TUE, APR 14, 2020 - 9:17 AM CES WL, a wholly-owned subsidiary of mainboard-listed property developer Chip Eng Seng Corp, has raised its stake in Invictus International School for some $10.3 million. CES WL on Monday exercised an upsized option in full, to subscribe for 106,000 new shares in Invictus at S$96.9694731 apiece. The shares have been issued to CES WL, Chip Eng Seng noted in a bourse filing on Tuesday morning. Following the exercise of the option, CES WL' s stake in Invictus has increased to about 39.7 per cent, from 10.2 per cent while White Lodge Education Group Services reduced its stake in Invictus to 43.4 per cent, from 64.6 per cent previously. White Lodge Education is a 70 per cent-owned subsidiary of Chip Eng Seng. Invictus is an independent co-educational international primary school under Chip Eng Seng' s education business. Chip Eng Seng now has a 70.1 per cent effective interest in Invictus, up from 55.4 per cent. Meanwhile, shareholder John Fearson' s stake in Invictus has shrunk to about 17 per cent from 25.2 per cent, the filing showed. Mr Fearson is the executive director of Invictus, according to his LinkedIn profile. Chip Eng Seng shares closed at 50.5 Singapore cents on Monday, down one cent or 1.9 per cent. https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-unit-raises-stake-in-invictus-international-school-for-s103m |
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| 15-Apr-2020 09:54 |
Nam Cheong
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Nam Cheong
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Nam Cheong' s financial statements given disclaimer of opinionTUE, APR 14, 2020 - 7:00 PMMAINBOARD-LISTED Nam Cheong Limited' s financial statements have been given a disclaimer of opinion by its independent auditors over the company' s liabilities and ability to continue as a going concern. The company' s financial statements had been prepared on a going-concern basis, with a key assumption made in the cash flows forecast that Nam Cheong was not exposed to any additional liabilities in suspending 10 remaining shipbuilding contracts it had awarded to a group of sub-contracted shipyards. As at Dec 31, 2019, the aggregate sum of the contracts was US$121.1 million, of which payments of US$16.3 million had been made by Nam Cheong, meaning that the outstanding exposure to the group of shipyards is about US$104.8 million. About US$24.7 million had been recorded in liabilities based on contractual milestones. Nam Cheong' s management had also represented that the group had reached an understanding without a written agreement with the group of shipyards to suspend construction or delivery of the vessels, with a view to extending the delivery period or terminating the contracts to minimise financial exposure. But the auditors, Foo Kon Tan LLP, flagged that there was no " independently verifiable" evidence to support this. Hence, Foo Kon Tan said: " We were unable to assess the financial impact of any provision for onerous contracts and/or contingent liabilities that may arise from the default on contractual obligations." The auditors added that any adjustment required may have a consequential " significant effect" on the cash flow forecast, net liabilities of the group, attributable profit or loss, and related disclosures in the financial statements for the financial year ended Dec 31, 2019. In March, Nam Cheong had faced a query from the Singapore Exchange about its ability to operate as going concern. But the group had said that it had sufficient working capital and financial resources to meet its obligations for at least 12 months from the end of the financial year. |
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| 15-Apr-2020 09:48 |
OIO
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Why no people talk about this IPO
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DLF says financial controller quit less than 3 months as job demands were ' not within his expectations'TUE, APR 14, 2020 - 11:49 PMDLF Holdings said its provisional financial controller quit less than three months into the job only because the demands of the role were " not within his expectations" . There were no disagreements between the provisional financial controller and the board, DLF said on Tuesday, in response to queries from the Singapore Exchange (SGX). SGX' s queries followed 12 resignations in as many months in the Catalist-listed company. DLF' s sponsor said the departures of directors and key management should be largely viewed in the context of then-controlling shareholder Fan Chee Seng' s move to turf out the entire board last April. Mr Fan, who is DLF' s founder, had turfed out all his directors at an annual meeting then because he was dissatisfied with the performance of one executive director. Going forward, however, there are plans to increase the company&rsquo s overall headcount as it " progressively executes its business plan" , DLF said. The company is also planning to appoint a key executive to " explore opportunities in the blockchain space" . |
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| 14-Apr-2020 10:25 |
Oxley
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Is Oxley a good buy at current price?
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Analyst remain bullish as Oxley goes into cash conservation mode for survivalStanislaus Jude Chan 13/04/2020, 5:17pm
SINGAPORE (Apr 13): Property developer Oxley Holdings is putting new projects on hold as it aims to conserve cash to ensure its survival amid the Covid-19 pandemic. But analysts are optimistic that the company will be able to ride out the challenging times ahead. &ldquo [Oxley&rsquo s] primary goal is to conserve and accumulate cash to settle the maturing debt,&rdquo says Timothy Ang, a credit analyst at Phillip Securities Research, in a note on April 13. &ldquo Key loans to note are corporate debt and bonds, which have to be paid at maturity,&rdquo he adds. &ldquo $150 million of bonds maturing in May 2020 are expected to be redeemed with existing cash.&rdquo As at end-December 2019, Oxley cash on hand of $323 million. &ldquo Cash flow visibility show adequate cover for maturing debt for the next two years, assuming projects are completed on time,&rdquo Ang says. The management has guided that it will not be entering into any new construction projects. Instead, it will focus on completing projects with most achieved sales to receive sales proceeds, as well as drive Singapore project sales by compressing margins. &ldquo Projects put on hold include Mozac in Vietnam and parts of Oxley Towers Kuala Lumpur,&rdquo Ang says, noting that construction for other parts of the Malaysia project will still continue and is expected to unlock existing progress billings of $114 million. While the project completions have been delayed, the analyst says Oxley has &ldquo no cash flow issues for now&rdquo . Indeed, &ldquo cash flow survival is key,&rdquo says RHB Group Research analyst Jarick Seet. The way Seet sees it, Oxley&rsquo s overseas projects are likely to be delayed by three to six months &ndash depending on whether the global Covid-19 lockdown is extended &ndash due to shut down orders and constrained supply chains. However, he notes that the management is maintaining the sales target of its local portfolio by end-2020 and does not rule out lowering prices to attain faster sales. &ldquo The company still aims to clear at least 90% of the local portfolio by end-2020,&rdquo Seet says in an April 13 report. &ldquo Management is comfortable with its current cash position and keen to reward shareholders with a special dividend this year.&rdquo &ldquo Based on its track record, key management has always opted for script dividend, so even with a special dividend being paid, the company would likely be able to easily stump up cash for minority shareholders,&rdquo he adds. RHB is keeping its &ldquo buy&rdquo call on Oxley, and lowering its target price to 31 cents, from 36 cents previously, on the back of lower revalued net asset value (RNAV) valuations. Meanwhile, Oxley&rsquo s Chevron House deal has also been delayed due to the global lockdown. &ldquo $295 million remains to be received from the Chevron House sale,&rdquo says Phillip&rsquo s Ang. &ldquo If the retail podium is not sold by June 30, 2020, Oxley will have to purchase it at a steep discount from valuation and attempt to sell it in the market at current valuation at a profit.&rdquo Shares in Oxley closed 1 cent lower, or down 4.4%, at 21.5 cents on Monday. https://www.theedgesingapore.com/capital/brokers-calls/analyst-remain-bullish-oxley-goes-cash-conservation-mode-survival |
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| 14-Apr-2020 10:19 |
SGX
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SGX
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SGX has come a long way since Barings debacleTUE, APR 14, 2020 - 5:50 AM TWENTY-FIVE years ago, Nick Leeson, a 28-year-old head of derivatives at Barings Bank in Singapore, made more than US$1 billion in unhedged, unauthorised speculative trades, eliminating the merchant bank' s cash reserves. Britain' s oldest investment bank, which was founded in 1762 and... https://www.businesstimes.com.sg/companies-markets/sgx-has-come-a-long-way-since-barings-debacle |
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| 14-Apr-2020 10:16 |
HC Surgical
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HC Surgical Specialists IPO (SGX:1B1)
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HC Surgical shares on erratic ride after news of doctor' s failed defamation suitTUE, APR 14, 2020 - 5:50 AM Singapore SHARES of HC Surgical Specialists fell by as much as 10.5 per cent to S$0.34 on Monday but recovered to close slightly lower, following news over the weekend that a doctor at its subsidiary had lost a defamation suit over claims of colluding with a fellow specialist for sex with... https://www.businesstimes.com.sg/companies-markets/hc-surgical-shares-on-erratic-ride-after-news-of-doctors-failed-defamation-suit |
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| 14-Apr-2020 10:13 |
SIA
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SIA
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SIA obtains SGX' s in-principle approval for proposed rights issue MON, APR 13, 2020 - 8:47 AM SINGAPORE Airlines (SIA) has received in-principle approval from the Singapore Exchange (SGX) for its proposed rights issue amid the Covid-19 pandemic. SGX has allowed the listing and quotation of as many as 1.77 billion rights shares, up to S$3.5 billion in rights mandatory convertible bonds (MCBs) and up to 1.3 billion new shares to be issued under rights MCBs conversion, the national carrier said in a regulatory update on Monday. The bourse has also given its in-principle approval for any further rights MCB conversion shares issued as a result of any adjustments made to the rights MCBs' conversion price. Up to 1.77 billion rights shares will be issued at S$3 per share on the basis of three rights shares for every two existing ordinary shares held by shareholders. The issue price represents a discount of about 53.8 per cent to the last transacted price of S$6.50 on March 25, that being the last trading day before the announcement. Meanwhile, up to S$3.5 billion worth of rights MCBs will be issued at S$1 for each rights MCB on the basis of 295 rights MCBs for every 100 existing ordinary shares held by shareholders. The rights MCBs are convertible into fully paid-up new shares based on the conversion price of S$4.84, which is a 10 per cent premium to the theoretical ex-rights price of S$4.40 per share. SIA had announced on March 26 that it was planning to raise S$8.8 billion via S$5.3 billion in new equity and S$3.5 billion through 10-year MCBs. This came as largest shareholder Temasek Holdings threw its support behind the national carrier by saying it would vote in favour of the resolutions and commit to subscribing for its full entitlement and the remaining balance of both issuances. The group plans to use S$3.7 billion of the proceeds for operating cashflow, S$3.3 billion for aircraft purchases and aircraft-related payments, and the rest for debt servicing and other payments. SIA will also be seeking approval to further issue up to S$6.2 billion of additional MCBs on similar terms, to be offered to shareholders via one or more rights issues down the line. This could take place within 15 months of being approved by shareholders, it said at the time. SIA shares closed at S$6.13 on Thursday, up S$0.15 or 2.5 per cent. https://www.businesstimes.com.sg/companies-markets/sia-obtains-sgxs-in-principle-approval-for-proposed-rights-issue |
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| 14-Apr-2020 10:10 |
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TIH Ltd withdraws proposed final dividend for previous FYMON, APR 13, 2020 - 7:53 PM TIH Limited is withdrawing its proposed final dividend of S$0.01 per share for the financial year ended Dec 31, 2019. In a bourse filing on Monday, the fund said that it was a result of the annual general meeting (AGM) being deferred: " With the deferment of the AGM, the board will no longer be proposing the proposed final dividend for approval by the shareholders at the AGM." TIH added that a further announcement on a proposed interim dividend for the financial year ending Dec 31, 2020 to replace the proposed final dividend will be made " in due course" . The AGM was originally scheduled for April 22, but TIH now has until June 29 to hold it, thanks to an automatic 60-day extension from the authorities in light of Singapore' s " circuit breaker" period aimed at breaking the chain of transmission of the Covid-19 virus. TIH had posted attributable profit of S$14.4 million for the full year ended Dec 31, 2019, reversing from the previous year' s S$12 million loss. This was largely due to the fund recording a S$16.3 million net gain in investments, versus an S$8.7 million net loss in the year ago. Shares of TIH closed unchanged at S$0.21 on Monday, before the announcement. https://www.businesstimes.com.sg/companies-markets/tih-ltd-withdraws-proposed-final-dividend-for-previous-fy |
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