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Spackman entertainment
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PhillipTan
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23-Sep-2021 03:17
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Sakae enters deal to sell Malaysia property for 11.5 million ringgitSakae Holdings has entered a deal to sell a commercial boutique bungalow building in Kuala Lumpur, Malaysia, to Seafood Island Malaysia for 11.5 million ringgit, or around S$3.67 million, the Singapore-listed sushi restauranteur said in a filing to SGX Wednesday.A June 2020 valuation report had estimated the property' s market value at 11.6 million ringgit, Sakae noted, but added that a revaluation of the property dated end-June 2021, put the present market value at 11.22 million ringgit, based on recent sales in the vicinity and other factors. " As the proposed disposal will be for a consideration of an amount that is higher than the updated valuation price, and in view of the current economic climate, the board is of the view that accepting the offer contained in the agreement is in the best interest of the group and the shareholders," Sakae said. Seafood Island Malaysia may finance the purchase via a loan from a bank or other financial institution, the filing said, adding the buyer has pain an earnest deposit of 230,000 ringgit, or around S$73,462. Sakae said the property is currently charged to CIMB Bank as security for banking facilities. The proceeds of the disposal will be used for general working capital and to repay bank loans, including those associated with property which need to be redeemed for the sale to be completed, Sakae said. Losses attributed to the property amount to S$27,179, Sakae said, noting the property doesn' t generate income as it is used to house the group' s staff. The property' s net asset value of around 11.22 million ringgit, or around S$3.58 million, is equivalent to 6.35 percent of Sakae' s net asset value of S$56.42 million as of end-June, the filing said. The deal' s consideration of 11.5 million ringgit is equivalent to around 25.57 percent of Sakae' s market capitalization, the filing said. |
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PhillipTan
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30-Aug-2021 04:28
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Sakae Holdings reports fiscal 4Q21 net profit fell 44 percent amid store closuresSakae Holdings reported Sunday its fiscal fourth quarter net profit fell 43.5 percent on-year to S$1.48 million as the sushi restaurateur closed stores to focus on online orders and as both Singapore and Malaysia implemented lockdowns to stem the spread of the Covid-19 virus.Revenue for the three months ended 30 June fell 23 percent on-year to S$4.27 million, Sakae said in a filing to SGX. " Group revenue declined with the reduced restaurant operations. However, as the group had taken steps to pivot towards online orders and delivery, the negative impact of reduced restaurant operations was cushioned by revenue contribution from online orders and delivery sales," Sakae said in the statement. " Coupled with weaker consumer demand and sentiment, the group has adapted its operational strategy to reduce the number of physical outlets and focus more on online and delivery sales. In this regard, some store leases were not renewed when they expired, leading to a reduced number of physical stores and hence reduced group revenue," the company added. Cost of sales for the quarter also fell 45.2 percent on-year to S$1.78 million along with the reduced revenue, the filing said. However, the gross profit margin continued to improve, rising to 58.3 percent in the fourth quarter from 41.4 percent in the year-ago period, Sakae said. For the full fiscal year, Sakae reported it swung to a net profit of S$2.32 million from a year-ago loss of S$600,000, on revenue of S$21.15 million, down 32.6 percent on-year. Sakae declared a final dividend of 1.2 Singapore cents, compared with no dividend in the year-ago period. Cautious outlook Sakae was cautiously optimistic on its outlook for Singapore, but had more concerns on Malaysia. " In Singapore, from pandemic looking to move towards an endemic, there is optimism that consumer demand and market sentiment will improve as the Covid-19 vaccination rates increase and a differentiated approach taken for social gatherings and dining in. However, given the uncertain nature of the Covid-19 virus evolution, the group will continue to adopt a cautious outlook in planning its business operations," Sakae said. For Malaysia, the outlook is " less optimistic" as the country is still struggling to contain the infection rate, Sakae said. " The changes in governmental measures which evolve with the pandemic situation cannot be ruled out. Movement restrictions of people together with the associated uncertainties on business operations, will have a significant impact to the group' s operations," the company said. |
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Joelton
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31-May-2021 09:31
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Sakae attempts to defend the indefensible after humiliating query from SGX RegCo
Corporate governance survey suggests standards lifted by Singapore regulators even as companies weigh on them local institutional investors could do more
THE tortured justification from Sakae Holdings this past week for using the term " close collaboration" to describe its interactions with Singapore Exchange Regulation (SGX RegCo) was both amusing and troubling.
Sakae used the term in an announcement on May 20 that sought to clarify a report in The Business Times related to concerns raised by the Securities Investors Association (Singapore), or Sias, about accounting errors and internal control weaknesses at the company.
Sakae had engaged KPMG to conduct an independent audit of its soured investment in a Chilean seafood company called Cocosa Export and Deloitte & Touche to look into the reconciliation of intragroup differences totalling S$1.54 million identified in its auditor' s report for the financial year to June 30, 2019.
Both KPMG and Deloitte issued their respective final reports on May 12.
In the May 20 announcement, Sakae responded to the concerns raised by Sias and emphasised the steps taken to sort out its audit issues.
Sakae added that it " also appreciates the close collaboration and working relationship it has with the SGX RegCo" .
SGX RegCo subsequently queried Sakae about what it meant by " close collaboration" , stating flatly that it had not collaborated with the company on anything.
On May 25, responding to the humiliating query, Sakae said it took the word " collaboration" to mean " to work with another person or group in order to achieve or do something" .
Its use of the word " collaboration" , Sakae went on to say, should be taken to mean that KPMG and Deloitte have reported to the company' s audit committee as well as to SGX RegCo.
Sakae finished off by stating it has " cooperated" with SGX RegCo on regulatory matters and will continue to do so.
Clearly, the dictionary definition of " collaboration" provided by Sakae does not comport with the meaning the company ascribed to it in the same breath. Does receiving the same reports from KPMG and Deloitte mean that Sakae and SGX RegCo are working together?
Besides seemingly defending the indefensible, Sakae' s explanation also suggests a disturbing lack of awareness of its current situation, and its obligations as a public-listed company.
Sakae has conducted itself in a manner that has given the market reason to doubt the effectiveness of its internal controls and the veracity of its financial statements.
KPMG and Deloitte were not engaged to collaborate with anyone but to provide an independent assessment of what happened.
The role of SGX RegCo in this matter is to ensure that Sakae takes appropriate remedial action that is in keeping with the standards of the local market.
Sakae is not supposed to collaborate, or even cooperate, with SGX RegCo. If the company wants to remain listed, it should simply comply with the directions of the regulator.
Regulators versus companies
The state of corporate governance in Singapore, for better or worse, is often attributed solely to the effectiveness of regulators and regulations. Yet, a great deal depends on other factors - not least, the attitude of listed companies towards their stakeholders.
The Corporate Governance Watch report for 2020, which was released May 20, noted that listed companies were a particular area of weakness in Singapore' s overall performance.
The biennial report produced by the Asian Corporate Governance Association and CLSA ranks corporate governance standards of 12 markets in the region, based on surveys across seven categories, namely: government and public governance, regulators, corporate governance rules, listed companies, investors, auditors and audit regulators, and civil society and the media.
The 2020 survey put Singapore in overall joint second place with Hong Kong. Australia was in first place. In the 2018 survey, Singapore ranked third, behind Hong Kong and Australia. " Singapore' s improved score over the 2018 survey result has been driven more by government and regulators than by companies, civil society groups and investors," the report said.
In fact, the " listed companies" category was the only area where Singapore scored less than it did in 2018 - 60 per cent versus 64 per cent. Among the shortcomings cited in the report were that listed companies here do not properly break down their operating expenses, and that disclosure on shareholder engagement is lacking.
In addition, companies surveyed were found to provide little information on the work of board committees. They also made insufficient disclosures on the skills of their directors and how their fees were derived.
On top of that, there were " areas of weakness" in the independence of board chairmen and audit committee chairmen.
By contrast, the " regulators" category was the biggest area of improvement for Singapore - it achieved a score of 63 per cent in 2020, up from 54 per cent in 2018.
The report noted that the Monetary Authority of Singapore and SGX RegCo have introduced several reforms to enhance the regulatory landscape. They have also been " talking and acting tougher" on the enforcement front.
For instance, SGX RegCo proposed in a consultation last year that its powers be widened to allow it to issue public reprimands, deny access to the market, impose conditions on issuers and demand that directors resign or not be appointed.
In addition, SGX RegCo' s continuous disclosure queries more than doubled to 771 in 2020 compared to 384 in 2019. While this sharp increase was due to Covid-19, the report noted that some of SGX RegCo' s questions have become " refreshingly punchy" and that companies are at times put under detailed and dogged scrutiny.
" The process puts the public spotlight on questionable corporate behaviour, from sketchy disclosure and murky finances to dicey relationships and cryptic payments. Ultimately the interrogations may lead to nowhere, discipline-wise, but have the effect of a public flogging nevertheless," the report said.
Silent institutional investors
There is probably only so much regulators alone can do to change the conduct of public-listed companies though. To effect a wider change in attitudes, the support of investors prepared to hold boards to account will probably be necessary.
Unfortunately, the report said this is another area of weakness for Singapore.
While Singapore' s score in the " investor" category improved - to 39 per cent in 2020 from 32 per cent in 2018 - it was no better than the average score across the region. Singapore' s scores in the six other categories - including the " listed company" category - were above average.
Worse, this average score was achieved only because Singapore' s score in the " retail investor" sub-category was the second highest in the region at 52 per cent - thanks to the high-profile efforts of Sias and outspoken corporate governance advocates such as Professor Mak Yuen Teen.
Its score in the " institutional investor" sub-category was 34 per cent, putting it in 9th place across the 12 markets. This low score was a reflection of very limited disclosure by local institutional investors on matters like their corporate governance policies, their engagement with local companies, and their voting records.
This does not mean the likes of Temasek Holdings, Fullerton Fund Management, UOB Asset Management or Lion Global Investors do not support good corporate governance standards. But it suggests they do not talk loudly enough about what they are doing.
It is time they stepped up. Corporate governance standards in Singapore might improve significantly if it wasn' t left to SGX RegCo and Sias alone to call out the antics of companies like Sakae.
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Joelton
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26-May-2021 13:23
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Sakae clarifies what it meant by ' close collaboration' with SGX' s regulatory arm
SAKAE Holdings on Tuesday clarified its use of the word " collaboration" in describing its interactions with the Singapore Exchange Regulation (SGX RegCo).
This came after SGX asked the sushi chain to clarify and explain what Sakae meant when it said it " appreciates the close collaboration and working relationship it has with the SGX RegCo" in a May 20 announcement.
" SGX RegCo has not collaborated with the company on any pieces of work," SGX noted in its query on May 21.
Sakae said in its response that it takes the word " collaboration" to mean " to work with another person or group in order to achieve or do something" .
" The company wishes to clarify that the use of the word ' collaboration' should be taken to mean that both KPMG and Deloitte have reported to the company' s audit committee (AC) and SGX RegCo, in relation to the independent audit of the company' s investment in Cocosa Export and reconciliation of the intragroup differences," Sakae said.
In its statement on Tuesday, Sakae said it has cooperated with SGX RegCo on regulatory matters and will continue to do so.
Sakae had appointed KPMG Services to conduct an independent audit on the company' s investment in Cocosa Export - a Chilean company Sakae had invested in.
Meanwhile, Deloitte was engaged to perform an agreed-upon procedure in relation to the reconciliation of the intragroup differences identified in the auditor' s report of the company and its subsidiaries for the year ended June 30, 2019.
On May 12, the SGX RegCo flagged erroneous accounting entries and internal control weaknesses which arose from KPMG' s independent review of the company.
Sakae' s May 20 announcement sought to address concerns from Securities Investors Association (Singapore), or Sias, over the company' s audit disputes.
Sakae said its internal selection of independent professional internal auditors and the scope of internal audit are approved by its AC - which also receives the internal auditors report directly.
The company also highlighted that its implementation of policies which address the recommendations have been done progressively since July 2019.
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Joelton
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21-May-2021 09:34
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Sakae responds to Sias, says Deloitte' s opinion ' represents positive progress'
SAKAE Holdings on Thursday responded to The Business Times' May 17 article which carried comments in a press statement issued by the Securities Investors Association (Singapore) or Sias.
Referring to a May 12 regulatory update which contained auditors' reports on the company for the year ended June 2019, Sakae in its latest statement claimed that Deloitte issued a " qualified opinion which represents a positive progress from the disclaimer of opinion in FY2019" .
In response to Sias' request that Sakae' s internal audit function be performed by independent service providers directly reporting to the audit committee (AC), Sakae clarified that its internal selection of " independent professional internal auditors" and the scope of internal audit are approved by the company' s AC.
Sakae' s AC also receives the report of the internal auditors directly, it said.
Regarding Sias' observation that not all recommendations by KPMG Services, Deloitte and its appointed external consultant had been implemented, the group highlighted that its implementation of policies which address the recommendations have been done progressively since July 2019.
It added that these policies will continue to be refined and implemented taking into consideration the said recommendations.
On Sias' request for a response to concerns raised by Sias on Sakae' s 2020 annual report, the group said it has " responded where necessary and appropriate to do so" through its announcements to the public.
" (Sakae) also appreciates the close collaboration and working relationship it has with the SGX Regco," it added.
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bobiewong
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18-May-2021 10:13
Yells: "Good Time Ahead" |
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Why this guy cannot control his business processes and let some people cheat the company money? Why he likes to show face on the media with the government? Is he a politician or businessman? |
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Joelton
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18-May-2021 09:44
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Sias 'seriously concerned' over Sakae audit disputes, calls for internal reporting to AC THE Securities Investors Association (Singapore) or Sias has asked Sakae Holdings' internal audit function to be performed by independent professional service providers reporting directly to the association's audit committee (AC). In a press statement on Monday, Sias highlighted that this was among the recommendations by KPMG Services, Deloitte and its appointed external consultant. It however noted that not all the recommendations - in the areas of payments processing, internal accounting control, employee retention and training, and new business and new projects - have been implemented by Sakae. To recap, the Singapore Exchange Regulation (SGX RegCo) on May 12 flagged erroneous accounting entries and internal control weaknesses which arose from KPMG's independent review of the company. The independent review was conducted due to the disclaimer of opinion issued by Sakae's statutory auditor Deloitte & Touche for the company's FY2019 accounts. Issues of concern included the loss of control of Sakae's subsidiary Cocosa Export the existence of gross receivables from Cocosa Export and its non-controlling shareholder amounting to S$5.4 million and S$1.3 million respectively and unreconciled differences arising from the intragroup balance amounting to S$1.5 million. While no impropriety was found in reviews of the above matters, Sias in its latest statement said it deemed the lack of internal controls "a worry, despite the majority of the differences (barring an exception of S$178,665) in the intragroup balance had been reconciled and the necessary audit adjustments made for FY2020". Saying it was "seriously concerned" about the erroneous accounting entries and internal control weaknesses in Sakae, Sias also noted that the company had employed four different internal auditors over the last seven years. "SIAS, for some time now, has called for all listed companies to have an internal audit function that reports to the AC. This is also a requirement under the SGX Listing Rules and in the Singapore Code of Corporate Governance. We agree with SGX RegCo, and urge Sakae to implement all of the internal control recommendations highlighted in the reports," wrote Sias founding president and chief executive David Gerald in the statement. Adding that "corporate governance and transparency is "not an end state but a journey", he emphasised a need for companies to evolve and improve internal control with changes in the business environment, with Covid-19 as an example, in order to mitigate risks. "A full-time internal auditor is the eyes and ears of the shareholders in the company," Mr Gerald said. "Further, Sakae should respond to the concerns raised by SIAS on its 2020 annual report, which had highlighted other concerns relating to corporate governance, financials, and strategy, as well as those from SGX RegCo." |
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Joelton
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13-May-2021 11:58
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Sakae Holdings to improve internal control processes following review
Erroneous accounting entries and internal control weaknesses were uncovered in reviews of restaurant operator Sakae Holdings' auditing practices, noted the Singapore Exchange Regulation (SGX RegCo).
The company' s independent auditor, Deloitte & Touche, had said it could not obtain appropriate audit evidence and certain information related to the loss of control of Sakae subsidiary Cocosa Export, including the existence of gross receivables amounting to $5.4 million and $1.3 million from a non-controlling shareholder.
There were also the reconciled differences arising from the intragroup balance amounting to $1.5 million.
Sakae had appointed KPMG Services to conduct an independent audit on the company' s investment in Cocosa Export.
Meanwhile, Deloitte undertook an agreed-upon procedure in relation to the reconciliation of the intragroup differences identified in the auditor' s report of the company and its subsidiaries for the year ended June 30, 2019.
KPMG disclosed on Wednesday (May 12) that it did not note any impropriety in receivables from both Cocosa Export and its non-controlling shareholder. However, errors were noted in the accounting records that might have been attributable to the high staff turnover in Sakae' s finance department.
Deloitte had reviewed and reconciled most of the differences in the intragroup balance - with the exception of $178,665 - and the necessary audit adjustments for the 2020 financial year.
Sakae said on Wednesday that the auditors' reports indicate no sign of " fraudulent or dishonest impropriety" but the group acknowledged that internal control processes can be further improved.
It noted that it had appointed an external consultant in April 2019 to review its internal control policies. The board has since approved the amended policies.
These include amending its payments processing policy to address situations where if the second group of authorised signatories are not present to process urgent transactions, a request for written approval (via e-mail) should be sent to the relevant authorised signatory.
The firm will implement a new internal accounting control policy that consolidates and documents the company' s internal accounting policies and procedures.
It will also formally document staff retention practices such as periodic review by management of employee work scope and competency, remuneration packages, health benefits and insurance plans.
Finally, it has introduced policies that require the management to consider the experience and expertise required when executing new businesses or projects. The management will also be required to implement internal controls to ensure that the company' s interests are protected.
" The company will continue to strengthen its work processes and policies to improve its internal control environment," it said.
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Joelton
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04-Jul-2020 22:39
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Sakae Holdings
THE food and beverage operator has inked an agreement to sell a freehold intermediate four-storey shop-office building on freehold land in Selangor Darul Ehsan, Malaysia, for RM2.6 million (S$845,3000).
The property was valued at RM2.8 million last year but the updated assessment placed it at a lower RM2.6 million. Sakae said accepting this offer is in the best interest of the group and the shareholders, considering the current economic climate. The proposed sale is conditional upon Sakae getting shareholders' approval.
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Joelton
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05-Jun-2020 08:20
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Sakae expects growth hit from Covid-19THU, JUN 04, 2020 - 10:39 PM SUSHI chain Sakae Holdings has published an update on how the Covid-19 outbreak is affecting its business, in reply to queries from the Singapore Exchange (SGX). It said it expects consumer demand to remain weak, with reduced revenue for the period from April 1 to June 30 adversely impacting the group' s financial performance. Singapore has been in a partial lockdown since April 7 and since then, Sakae has operated only takeaway, on-line ordering and restaurant delivery businesses, with support from its central kitchen. Dining-in at food-and-beverage outlets will still not be permitted for at least a few more weeks from June 1, Sakae noted: " The group will continue to monitor sales and developments closely and make adjustments accordingly." Sakae has already moved to cut costs. It has temporarily halted the procurement of bulk ingredients, frozen headcount and salary increments and reduced casual staff. To the SGX' s query on how Covid-19 has affected Sakae' s liquidity, the company replied that it is taking a prudent approach in managing its cash flow to conserve cash. The group is applying for additional bank facilities in the form of a temporary bridging loan. Various forms of support from the government, including property tax rebates and the enhanced Jobs Support Scheme (including the waiver of foreign worker levy and deferment of income tax), will also provide some relief to the group. Sakae expects growth to be curtailed for FY2020 ending on June 30, as well as for FY2021. " The group expects further challenges within the food and beverage industry, given the lack of visibility on when consumer sentiment and demand will recover, and until such time that dining-in at restaurants is permitted," it said. Sakae shares last changed hands at S$0.045 on May 26. https://www.businesstimes.com.sg/companies-markets/sakae-expects-growth-hit-from-covid-19 |
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Joelton
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12-May-2020 10:12
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AINBOARD-LISTED restaurant operator Sakae Holdings will get close to S$3.21 million from liquidated associate Griffin Real Estate Investment Holdings, the board said on Monday, after the High Court last week approved the partial return of S$13 million in capital to shareholders. |
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Joelton
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19-Mar-2020 10:40
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Sakae receives letter of claim from ex-employee for S$699,724WED, MAR 18, 2020 - 10:22 AM SAKAE Holdings has received a letter of claim for S$699,724 in relation to an alleged profit-sharing agreement and alleged outstanding leave encashment of a former employee, the mainboard-listed firm said on Tuesday. The letter was received on March 13 and sent by lawyers acting on behalf of Gladys Lim Cheng Leng, who was the managing director of Nouvelle Events & Catering, a brand owned by Sakae. Ms Lim, 43, resigned on Dec 31, 2019, and the outstanding leave encashment is due to her upon her resignation, the letter claims. Sakae announced her resignation on Jan 2, but said it could not " obtain Ms Lim' s confirmation on the contents of this announcement" . She had been the managing director of Nouvelle since 2001, and had overseen the events brand and the restaurant operations of the Sakae group. Sakae has instructed its lawyers on the matter and will update shareholders in accordance with the Singapore Exchange' s listing rules, the company said. Sakae shares were unchanged at S$0.06 as at 10.02am on Wednesday. https://www.businesstimes.com.sg/companies-markets/sakae-receives-letter-of-claim-from-ex-employee-for-s699724 |
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john_ric
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08-Aug-2014 23:27
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profit down 18% monday share will down too. |
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Octavia
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04-Feb-2013 11:25
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Sakae non-exec director asked to resign
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Octavia
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21-Jan-2013 08:57
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Alleged " irregular" financial transactions at Sakae unit
Read more:http://www.businesstimes.com.sg/breaking-news/singapore/alleged-irregular-financial-transactions-sakae-unit-20130121
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