On Jan 4, Eneco Energy : R14 0% executive director Colin Moran acquired four million shares at S$0.01 per share. This increased his direct interest in the company from 0.05 per cent to 0.22 per cent. Eneco Energy is the holding company of RichLand Logistics in Singapore and Indonesia, and has been in the logistics services sector since 1992 under the brand of Richland Logistics. The company is actively exploring to grow its logistics business, strengthen its market position and look into business diversification for new markets.

 

Moran was promoted to the role of CEO and executive director of Eneco Energy in 2019 after 10 years with the group, where he was responsible as CEO for the running of its logistics business unit.

 

He joined the group in 2010 and has been a key driver in the geographical expansion of RichLand and the transformation of the business into a true third-party logistics, contract logistics and supply chain management company. He has over 30 years of experience, expertise, and leadership and prior to joining Eneco Energy worked for one of the world&rsquo s largest logistics organisations for 20 years.

 

On Jan 4, 2023, Eneco Energy announced it had been removed from the list of Singapore-listed companies required to perform mandatory quarterly reporting as of Oct 31, 2022. This means the company will cease quarterly reporting with immediate effect. Its FY22 (ended Dec 31) financial results are scheduled to be released on or before Mar 1, followed by the H1 FY23 (ended Jun 30) financials to be released on or before Aug 14. The cessation of quarterly reporting was due to the company receiving an unqualified audit report for its FY21, as stated in the FY21 Annual Report.

 

In addition, the findings by the Independent Reviewer were announced by the company on Jul 8, 2022. This follows the Singapore Exchange (SGX) adopting a risk-based approach for quarterly reporting effective Feb 7, 2020.   Eneco Energy has been on the SGX Watch List (Financial Criteria) as per the watch list rules found in Part V of Chapter 13 of the SGX-ST Listing Rules Manual since Dec 4, 2019. The company has been granted a 12-month extension of time until Dec 1, 2023, to meet the requirements for removal from the watch list. 

 

On Nov 11, Eneco Energy reported revenue for the first nine months of FY22 of S$33.4 million, which was S$4.6 million higher than the S$28.8 million achieved in the first nine months of FY21. This was attributable to contributions from the logistics segment, where revenue has been derived from numerous contracts and services across Singapore and Indonesia.

 

In Q3 2022, the group disposed its oil and gas business and successfully placed out 1,660,000,000 ordinary shares at the issue price of S$0.009 per share, and 1.66 billion warrants, with total proceeds of S$16.6 million. The group added in its industry outlook that it would be looking out for new revenue and profit streams that will be sustainable in the mid-to-longer term.

 

RichLand Logistics employs over 900 staff, fulfilling more than 40,000 deliveries each month. RichLand Logistics is also equipped with a modern transport fleet of more than 400 trucks and trailers, and manages more than 1,500,000 square feet of warehousing capacity. The company maintained a market capitalisation of S$25 million as of Jan 12.