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No worries. Theres a carrot head who deposits his co** in cordlife. He will ensure cordlife stays afloat. 😂
Key personnels stepping down citing personal family or health reason. Escape responsibility? U can imagine the ardous task after the lapse. Already plunged almost 2/3.
uiop1223 ( Date: 07-Mar-2024 13:06) Posted:
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Can buy?
Cordlife posts 50.3% lower H2 profit sets up Vietnam subsidiary
CORDLIFE Group&rsquo s net profit for the second half ended Dec 31, 2023, declined 50.3 per cent to S$1.5 million from S$3 million in the year prior.
The private cord blood bank&rsquo s earnings per share (EPS) for the second half stood at S$0.0058, down from the previous year&rsquo s H2 EPS of S$0.0117.
Revenue fell 4.5 per cent year on year to S$27.6 million, mainly due to lower banking revenue contributions amid a decrease in new samples processed and stored in Singapore, India and Indonesia.
Cordlife&rsquo s top line decline comes amid a six-month suspension imposed by the Ministry of Health (MOH) from Dec 15, 2023.
Under the MOH directive, Cordlife has been barred from collecting, testing processing or storing new cord blood and human tissue samples it is also not allowed to provide any new types of tests to clients in Singapore.
The suspension came after MOH found that seven of Cordlife&rsquo s 22 cord blood storage tanks had been exposed to temperatures above the acceptable limits of minus 150 deg C, and that these &ldquo temperature excursions&rdquo had happened at different times, some dating back to November 2020.
Investigations are still ongoing.
With the fall in new samples processed and stored, gross profit slid 6.5 per cent to S$18.3 million in H2, with gross profit margin declining 1.4 percentage points to 66.4 per cent.
On Thursday (Feb 29), Cordlife said this was mainly due to inflationary pressures affecting its cost of service delivery.
It added that its Singapore business continued to incur fixed running costs despite the suspension, which further eroded its gross profit and margin.
For the full year, its net profit declined 24 per cent to S$3.7 million from S$4.9 million in H2 FY2022. The group had earlier guided for a 25 to 30 per cent slide in its net profit for the financial year.
EPS was down at S$0.0145 from S$0.0191 in the same period the year before.
Like in FY2022, no dividend was recommended for the financial year.
Its management also cited uncertainty on when its trading suspension would be lifted, or of the outcome of ongoing investigations into the group.
Cordlife&rsquo s business operations currently span Singapore, Hong Kong, India, Malaysia, Indonesia and the Philippines.
On the same day as the announcement of its FY2023 results, the group said it set up a subsidiary in Vietnam through its wholly owned subsidiary, CS Cell Technologies.
The new unit, named CL Biotech, will mainly provide management consulting services as well as medical and pharmaceutical research and development services.
Responding separately to a Feb 27 op-ed published by The Business Times, Cordlife reaffirmed its confidence in the suitability of its board&rsquo s appointment of 34-year-old Yiu Pang Fai as its new group chief executive.
Addressing concerns previously highlighted by BT that Yiu had no background in the healthcare industry, Cordlife said its nominating committee had assessed that it &ldquo may be difficult to find a more experienced candidate&rdquo than Yiu to assume the role.
This was in view of the &ldquo ongoing negative publicity&rdquo over the company, it added.
Cordlife reiterated Yiu&rsquo s strong background in finance and investment management, adding that he had been &ldquo instrumental&rdquo in evaluating investment opportunities, managing portfolio assets and driving strategic growth initiatives.
The company added that he had shown commitment to sorting out the company&rsquo s ongoing challenges, and restoring the confidence of shareholders and stakeholders in the group.
Cordlife chairman Joseph Wong steps down, claims &lsquo personal reasons&rsquo
PRIVATE cord-blood bank Cordlife Group : P8A -3.33% on Thursday (Feb 29) announced that its chairman Joseph Wong has stepped down due to &ldquo personal family and health reasons&rdquo .
With effect from Wednesday, Wong no longer serves as the chairman of the board and the chairman of the audit and risk committee (ARC), said the group in a bourse filing.
Following Wong&rsquo s resignation, Dr Ho Choon Hou, the vice-chairman and non-independent, non-executive director of the company, has been appointed as acting chairman of the board with effect from Thursday until the appointment of a new chairman.
Cheong Tuck Yan, Cordlife&rsquo s independent director, has been appointed as chairman of the ARC, also with effect from Thursday.
Wong, however, will remain as an independent director and a member of the ARC and remuneration committee.
The changes in board members came after Cordlife named former TransGlobal executive director Yiu Pang Fai as the new group chief executive, effective from Feb 19, 2024, following the resignation of Tan Poh Lan in October last year.
Cordlife was found to have damaged thousands of its customers&rsquo cord-blood units by exposing the cryopreserved units in its seven tanks to suboptimal temperatures above minus 150 degrees Celsius.
As a result, the group is in the midst of a six-month suspension from collecting, testing, processing and storing new cord blood and human tissue, issued by the Ministry of Health in November last year.
When release full yr results?
This like wayang and musical chairs..
no need accountability.. just resign and all will be forgiven and forgotten.. wat a joke.
no need accountability.. just resign and all will be forgiven and forgotten.. wat a joke.
Cordlife needs a fresh start amid its ongoing scandal, not &lsquo old blood&rsquo in a new bottle
Cordlife Group' s new group CEO Yiu Pang Fai has close links to the board and major shareholders. PHOTO: BT FILE
SINGAPORE&rsquo S longest-running cord blood bank, Cordlife Group : P8A +7.14%, has finally appointed a new group chief executive officer (CEO), amid the drawn-out saga over the mishandling of cord-blood units.
But the appointment is unlikely to be what its investors and customers were looking for.
The company on Feb 19 announced the appointment of 34-year-old Yiu Pang Fai as group CEO, replacing outgoing chief Tan Poh Lan.
Tan, 61, had served in the position for five years, before announcing her resignation last October &ndash just months before Cordlife&rsquo s issues were made public.
Cordlife is currently serving a six-month suspension imposed by the Ministry of Health (MOH) in December 2023. Under the suspension, the cord blood bank cannot collect, test, process and store new cord blood and human tissues.
The suspension comes after MOH found that seven of Cordlife&rsquo s 22 cord blood storage tanks had been exposed to temperatures above the acceptable limits of minus 150 deg C, and that these &ldquo temperature excursions&rdquo had happened at different times, some dating back to November 2020.
In particular, one tank containing 2,200 cord blood units belonging to around 2,150 clients had been exposed to temperatures higher than acceptable over several days in February, March and June 2022.
Although the board had known of the lapse since February 2023, the matter did not come to light until November that year when MOH announced it was investigating Cordlife following a complaint from a member of the public.
The board said it had not announced the incident as it deemed that there would be &ldquo no material impact&rdquo on the company&rsquo s financial performance for FY2022 and FY2023.
Following the investigations, the authorities said earlier this year that it would review the regulatory requirements for cord blood banking providers, including the frequency of inspections as well as monitoring and reporting requisites.
At a time when Cordlife needs fresh &ndash and strong &ndash leadership to reset its image in the wake of its biggest crisis, the appointment of Yiu is a puzzling one.
Familial connections
Notably, Yiu&rsquo s parents and brother have links to Cordlife.
His parents are major shareholders of Cordlife. They have deemed interest in the shares of Cordlife held by TransGlobal Real Estate Group, which is a controlling shareholder of the healthcare group.
Meanwhile, Yiu&rsquo s brother, Yiu Ming Yiu, has been a non-independent, non-executive director of Cordlife since December 2021.
In addition, unlike his predecessor, Yiu has no background in the healthcare industry. His experience is mostly in the real estate, infrastructure and energy sectors.
Prior to his appointment as Cordlife&rsquo s group CEO, Yiu was an executive director of TransGlobal Group&rsquo s family office division in Hong Kong. TransGlobal specialises in real estate development and operation, and infrastructure construction in China and Hong Kong.
He also held executive positions at Popular Holdings, which is a publishing and retail company, as well as infrastructure companies such as Sichuan Chengmian Expressway and Hebei Shitai Expressway.
Prior to joining TransGlobal Group, Yiu served as an investment manager at Macquarie Infrastructure and Real Assets in Singapore.
Enough to restore confidence?
In a bourse filing, Cordlife&rsquo s board said that Yiu had the &ldquo requisite experience and capability&rdquo to be group CEO. It added that it had taken into consideration the recommendation of the nominating committee and assessed Yiu&rsquo s qualification and experience.
Its minority shareholders and existing customers are less likely to agree.
Considering the crisis that Cordlife has just emerged from, it is puzzling that the cord blood bank has chosen someone with no healthcare expertise, and also seemingly within its own networks.
The company saw its share price drop as much as 42.9 per cent in early trading a day after MOH issued its six-month suspension, falling close to its lowest level since its listing in 2012.
At a time when it could use fresh leadership to inspire confidence among both shareholders and customers, the appointment of someone within the close circle of the board of directors and major shareholders may not be the best move.
While it is arguable that CEOs do not need sector-specific knowledge to lead a company, it would have been preferred given the unique regulatory requirements of the industry and the social implications that it serves.
Cord blood banks in Singapore are inspected every two years to assess their compliance with regulatory requirements, and unannounced visits may be conducted if there are suspected lapses.
With these regulations set to tighten, Cordlife needs a CEO who can not only ensure the company can keep on top of more stringent rules, but manage the demands of affected customers as well as restore the reputation of the company.
The appointment of a strong, independent CEO with expertise in the healthcare sector might have given Cordlife a shot at quickly turning the ship around.
But as it stands, it appears the company is continuing to steer towards deeper waters.
Cordlife Group' s new group CEO Yiu Pang Fai has close links to the board and major shareholders. PHOTO: BT FILE
SINGAPORE&rsquo S longest-running cord blood bank, Cordlife Group : P8A +7.14%, has finally appointed a new group chief executive officer (CEO), amid the drawn-out saga over the mishandling of cord-blood units.
But the appointment is unlikely to be what its investors and customers were looking for.
The company on Feb 19 announced the appointment of 34-year-old Yiu Pang Fai as group CEO, replacing outgoing chief Tan Poh Lan.
Tan, 61, had served in the position for five years, before announcing her resignation last October &ndash just months before Cordlife&rsquo s issues were made public.
Cordlife is currently serving a six-month suspension imposed by the Ministry of Health (MOH) in December 2023. Under the suspension, the cord blood bank cannot collect, test, process and store new cord blood and human tissues.
The suspension comes after MOH found that seven of Cordlife&rsquo s 22 cord blood storage tanks had been exposed to temperatures above the acceptable limits of minus 150 deg C, and that these &ldquo temperature excursions&rdquo had happened at different times, some dating back to November 2020.
In particular, one tank containing 2,200 cord blood units belonging to around 2,150 clients had been exposed to temperatures higher than acceptable over several days in February, March and June 2022.
Although the board had known of the lapse since February 2023, the matter did not come to light until November that year when MOH announced it was investigating Cordlife following a complaint from a member of the public.
The board said it had not announced the incident as it deemed that there would be &ldquo no material impact&rdquo on the company&rsquo s financial performance for FY2022 and FY2023.
Following the investigations, the authorities said earlier this year that it would review the regulatory requirements for cord blood banking providers, including the frequency of inspections as well as monitoring and reporting requisites.
At a time when Cordlife needs fresh &ndash and strong &ndash leadership to reset its image in the wake of its biggest crisis, the appointment of Yiu is a puzzling one.
Familial connections
Notably, Yiu&rsquo s parents and brother have links to Cordlife.
His parents are major shareholders of Cordlife. They have deemed interest in the shares of Cordlife held by TransGlobal Real Estate Group, which is a controlling shareholder of the healthcare group.
Meanwhile, Yiu&rsquo s brother, Yiu Ming Yiu, has been a non-independent, non-executive director of Cordlife since December 2021.
In addition, unlike his predecessor, Yiu has no background in the healthcare industry. His experience is mostly in the real estate, infrastructure and energy sectors.
Prior to his appointment as Cordlife&rsquo s group CEO, Yiu was an executive director of TransGlobal Group&rsquo s family office division in Hong Kong. TransGlobal specialises in real estate development and operation, and infrastructure construction in China and Hong Kong.
He also held executive positions at Popular Holdings, which is a publishing and retail company, as well as infrastructure companies such as Sichuan Chengmian Expressway and Hebei Shitai Expressway.
Prior to joining TransGlobal Group, Yiu served as an investment manager at Macquarie Infrastructure and Real Assets in Singapore.
Enough to restore confidence?
In a bourse filing, Cordlife&rsquo s board said that Yiu had the &ldquo requisite experience and capability&rdquo to be group CEO. It added that it had taken into consideration the recommendation of the nominating committee and assessed Yiu&rsquo s qualification and experience.
Its minority shareholders and existing customers are less likely to agree.
Considering the crisis that Cordlife has just emerged from, it is puzzling that the cord blood bank has chosen someone with no healthcare expertise, and also seemingly within its own networks.
The company saw its share price drop as much as 42.9 per cent in early trading a day after MOH issued its six-month suspension, falling close to its lowest level since its listing in 2012.
At a time when it could use fresh leadership to inspire confidence among both shareholders and customers, the appointment of someone within the close circle of the board of directors and major shareholders may not be the best move.
While it is arguable that CEOs do not need sector-specific knowledge to lead a company, it would have been preferred given the unique regulatory requirements of the industry and the social implications that it serves.
Cord blood banks in Singapore are inspected every two years to assess their compliance with regulatory requirements, and unannounced visits may be conducted if there are suspected lapses.
With these regulations set to tighten, Cordlife needs a CEO who can not only ensure the company can keep on top of more stringent rules, but manage the demands of affected customers as well as restore the reputation of the company.
The appointment of a strong, independent CEO with expertise in the healthcare sector might have given Cordlife a shot at quickly turning the ship around.
But as it stands, it appears the company is continuing to steer towards deeper waters.
New Group CEO
Name Of Person
Yiu Pang Fai
Age
34
The appointee is:
(a) the brother of Mr Yiu Ming Yiu, a non-independent and non-executive director of the Company and
(b) the son of Mr Yiu Chi Shing and Madam Lui Yim Sheung, who are deemed interested in the shares of the Company held by TransGlobal Real Estate Group Ltd., a controlling shareholder of the Company.
Now you have a youngster who is related to the major shareholders that is appointed to run a ship that has already ran aground. Good Luck to all.
The least they can do is to get a professional to salvage some confidence. And now.... speechless
Name Of Person
Yiu Pang Fai
Age
34
The appointee is:
(a) the brother of Mr Yiu Ming Yiu, a non-independent and non-executive director of the Company and
(b) the son of Mr Yiu Chi Shing and Madam Lui Yim Sheung, who are deemed interested in the shares of the Company held by TransGlobal Real Estate Group Ltd., a controlling shareholder of the Company.
Now you have a youngster who is related to the major shareholders that is appointed to run a ship that has already ran aground. Good Luck to all.
The least they can do is to get a professional to salvage some confidence. And now.... speechless
How could a Singapore tech CEO who forged his credentials not get fired? Read the commentary: https://cna.asia/48MOmQp
What happens to board n directors which is not doing their duties ?here ?
What happens to board n directors which is not doing their duties ?here ?
Still.holding 30 cents above aolid
uiop1223 ( Date: 27-Jan-2024 11:09) Posted:
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Slap cocklife hard. 20% fine of cash bal is $16m min.
😂
😂
Results of tests on Cordlife&rsquo s impacted cord blood units expected to be ready by end-March
THE Ministry of Health (MOH) is estimating that the final results of the tests on Cordlife&rsquo s impacted cord blood units (CBU) will be ready by end-March.
In an update on Friday (Jan 26), MOH said the capacity constraints of the laboratory and need for further tests using additional samples from different parts of the tank, as well as an independent verification of the results have led to the estimated end-March timeline.
Preliminary investigations have shown that two of the six affected tanks which stored about 2,300 CBUs are unlikely to be affected by being exposed to suboptimal temperatures. The results for the other tanks and the dry shipper are not ready.
MOH said it will wait for the test results and an expert panel review to ascertain the impact of suboptimal temperatures on the tanks and dry shipper. If results prove inconclusive, repeat testing and further expert consultation will be required.
The cord blood samples from the remaining six affected tanks and dry shipper have been sent to a third-party laboratory to test for viability and potency of the CBUs. This totals about 19,700 CBUs, with 17,300 CBUs in the six tanks and 2,400 CBUs in the dry shipper.
MOH has reiterated the risks of transferring the CBUs to another cord blood bank, saying this should be a carefully considered option involving in-depth discussions with the receiving cord blood bank.
The ministry said it is working with Cordlife to ensure its clients are kept updated, and will guide parents on the transfer policy and processes where appropriate.
Shanghai Dunheng Capital Management Co., Ltd has thrown in the towel.
They have disposed off their entire 5.47% comprising 14 mil shares for $0.324 per share via married deal.
They have disposed off their entire 5.47% comprising 14 mil shares for $0.324 per share via married deal.
No need to explain. Got suckers as customers who willing to continue to pay 😂 😂 😂 😂
moonsun ( Date: 24-Jan-2024 14:27) Posted:
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Lets hope the new ceo continue to fullfill their slogan..
?One chance one choice? and provide users and shareholders a fair explanation..
?One chance one choice? and provide users and shareholders a fair explanation..
By resigning does not mean that she will not be charged for management oversights. The laible parties have to be brought to account for the fiasco as it is very unfair to the retail investors.
I take it you were referring to a few of my previous posts. I have stated my reasoning pretty clearly &ndash I have nothing to add on this front as I cannot explain it any clearer than I already have. If you still don&rsquo t understand I can&rsquo t help you on that.
I will make a suggestion to help you in a different way though, which is to suggest that you should check your moral compass. It is not particularly pleasant to laugh at people who are undergoing significant difficulties and pressures. You should aim to be a better person &ndash you will feel better for it.
I will make a suggestion to help you in a different way though, which is to suggest that you should check your moral compass. It is not particularly pleasant to laugh at people who are undergoing significant difficulties and pressures. You should aim to be a better person &ndash you will feel better for it.
uiop1223 ( Date: 24-Jan-2024 08:30) Posted:
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CEO tries to run road before audit findings and investigation. retire is just an excuse. this co cannot be trusted lah.
MOH finds more process lapses at Cordlife, requires rectifications by end-May
MOH has found more lapses in Cordlife' s processes, including its cord-blood processing method and temperature warning systems.
THE Ministry of Health (MOH) has found more process lapses at Cordlife Group, in addition to the temperature excursions in its storage tanks found last November.
The ministry carried out investigations over the past two months after it found seven of the group&rsquo s 22 cord-blood units storage tanks had been exposed to temperatures above acceptable limits, and issued a suspension notice on Nov 30, 2023.
The new cord-blood processing method, implemented last August, was not properly validated according to approved plan and protocol, said Cordlife on Tuesday (Jan 23), after it was notified of MOH&rsquo s inspection results.
Among the other potential areas of non-compliance with the Healthcare Services (General) Regulations and the Healthcare Services (Cord Blood Banking Services) Regulations, the company did not carry out six-monthly preventative maintenance for two tanks in 2022.
Its temperature monitoring system also failed to send notifications of the temperature excursions in certain tanks between February and June in 2022.
In addition, MOH highlighted in its letter on Monday the cord-blood bank&rsquo s ineffective incident reporting frameworks, inadequate training and competence of staff, and the inappropriate storage of cord-blood units.
&ldquo The company has been informed that it is required to rectify the potential non-compliances by May 31, 2024,&rdquo said Cordlife, adding that it will work closely with MOH to ensure that all identified issues are rectified by the deadline.
On Jan 17, the company updated that it would send the cord-blood samples from all affected tanks to a third-party laboratory by Jan 18, and that the testing might take three to six weeks.
On Jan 10, Senior Minister of State for Health Janil Puthucheary said in Parliament that MOH is reviewing the regulatory requirements for cord-blood banking providers.