This article was originally published on Wednesday, 13 March 2019 at 21:57 SGT; it has since been updated to include Singapore Airlines, Courts Asia and Sino Grandness Food.
These are Singapore companies which may be in focus on Thursday, 14 March 2019:
Singapore Airlines said Thursday that it established a S$2 billion medium-term bond program, which may issue bonds in series or tranches in either Singapore dollars or other currencies.
China Jinjiang Environment
China Jinjiang Environment said on Wednesday its energy-management contracting subsidiary Hangzhou Kesheng was awarded the title of “National High-Tech Enterprise” by Zhejiang provincial authorities.
Zhang Chao, executive director and CEO of Jinjiang Environment, said in a statement filed to SGX that the company was “greatly honored” by the recognition.
“The technical consulting and energy management contracting services provided by Hangzhou Kesheng have achieved remarkable energy saving results and they play an important role in environmental protection, emissions reduction and sustainable development,” Zhang said in the statement.
“Jinjiang Environment attaches great importance to technological innovation and we are currently collaborating with Zhejiang University and other organisations to build a national engineering laboratory for WTE technology and equipment,” he added. WTE stands for waste-to-energy.
Yanlord Land said on Wednesday its wholly owned subsidiary Nanjing Renyuan Investment set up a new company in Zhuhai, China, called Zhuhai Renyuan Property Development.
The new entity will have registered capital of 50 million yuan (S$10.11 million or US$7.45 million) and will primarily be involved in city redevelopment and related activities, Yanlord said in a filing to SGX after the market close on Wednesday.
Nojima Asia Pacific said late on Wednesday that its takeover bid for Courts Asia has resulted in it owning, controlling or receiving valid acceptances of 90.07 percent of the electronics retailer’s shares.
Once its takeover offer closes on 15 March, SGX-ST will suspend trading of Courts Asia’s shares as its free float will be below the 10 percent threshold and steps will be taken to delist the company, Nojima Asia Pacific said in a filing to SGX on Wednesday.
Shareholders who don’t accept the offer will have the right to require Nojima Asia Pacific to buy their shares at the S$0.205 takeover offer, but the Nojima subsidiary won’t be able to compulsorily acquire the shares as it hasn’t yet received valid acceptances of 90 percent when including shares to be issued after the date of the offer closing and certain other shares, the filing said.
Starhill Global REIT
Starhill Global REIT entered into a three-year unsecured and committed revolving credit facility of S$50 million with RHB Bank’s Singapore branch, the REIT’s manager said in a filing to SGX after the market close on Wednesday.
Reclaims Global said on Wednesday it wanted to clarify recent media reports about its efforts on recycling processes converting organic waste into recycled hardboard as a replacement for plywood.
Preparation to authenticate and validate the intellectual property for the recycling process was on-going, and the company was exploring with the inventors and relevant institutions the possibility of acquiring the rights after it is registered, the company said in the filing to SGX on Wednesday.
“No definitive agreement has been entered into by the group to acquire the intellectual property rights to the process,” Reclaims Global said.
Sino Grandness Food
Sino Grandness Food said on Thursday that it applied for waivers from Singapore Exchange Securities Trading (SGX-ST) for an extension of time to hold its annual general meeting for the 2018 financial year and for an extension of time to release its financial results for the first quarter of 2019.
The waiver applications were due in part to the company’s efforts to address the default loan from Soleado Holdings, the company’s high staff turnover and reduced staff strength in its finance team and its external auditors’ request for formal valuations on property, plant and equipment, it said in the filing to SGX before the market open.
“The disruption of the staff movement has an impact on the accuracy of the financial information which causes delay in finalizing the financial results,” it said. “More time is needed by the management and external auditor to obtain certain outstanding audit confirmation replies and to follow up on pending matters.”