These are Singapore companies which may be in focus on Monday, 2 August 2021: DBS, iFAST, Yangzijiang Shipbuilding, China Sunsine Chemical, Sheng Siong, Accordia Golf Trust, Keppel REIT and Keppel Infrastructure Trust.
This item was originally published on Saturday, 31 July 2021 at 20:57 SGT; it has since been updated to include Sembcorp Industries, Keppel REIT, SPH REIT, Singapore Press Holdings, Keppel Corp. and Kitchen Culture.
Keppel REIT, SPH REIT, Singapore Press Holdings and Keppel Corp.
Keppel Corp. has proposed to acquire Singapore Press Holdings (SPH), the publisher of the Straits Times newspaper, for S$2.24 billion, with a plan to delist and take the company private after carving out its media assets.
Keppel REIT, SPH REIT, Singapore Press Holdings and Keppel Corp. all requested trading halts before the market open Monday.
Southeast Asia’s largest bank DBS and Singapore’s state-owned investment company Temasek Holdings have entered a deal to launch a US$500 million growth-stage debt financing platform to be called EvolutionX Debt Capital, the two companies said in a press release Friday.
Sembcorp Industries warned Monday it expected to report a S$212 million impairment in its first half earnings for its 49 percent-owned joint venture Chongqing Songzao Sembcorp Electric Power due to coal supply issues.
Wealth-management platform iFAST said Friday its Malaysia operation, iFAST Capital, launched trading services in U.S. and Hong Kong-listed securities, including both stocks and exchange-traded funds (ETFs).
iFAST said Saturday it has finalised the contract for its participation in a Hong Kong pension project. While the transaction isn’t expected to have a material earnings impact this year, it will “have a very material financial impact fo rthe years 2023/2024 and beyond,” iFAST said in a filing to SGX.
In Janurary, iFAST announced it participated in PCCW Solutions’ successful tender for the eMPF Platform project, with the Singapore-listed company the prime subcontractor for “category C,” which includes Mandatory Provident Fund (MPF) scheme operation services, transformation services and user-delivery services.
The eMPF platform is intended to standardise and automate MPF scheme administration in a move to lower fees and create a largely paperless system.
Yangzijiang Shipbuilding announced Friday it has recently landed deals to build and delivery 10 dual-fuel 7,000 TEU containerships and two 50,000 DWT MR tankers for a total contract value of US$1.08 billion. In addition, Yangzijiang signed a letter of intent for another five dual-fuel 7,000 TEU containerships this month, with expectations it will turn effective in August, the company said in a filing to SGX.
“The clinching of contract for LNG dual-fueled vessels that will be fitted with LNG tanks and LNG fuel storage and supply system jointly designed by Yangzijiang is a history-making moment for the group,” Ren Letian, executive chairman and CEO of the company, said in the statement. “This momentous achievement has placed Yangzijiang amongst the playing field of other shipyards that were known to enjoy monopoly over the construction of dual-fuel engine vessels.”
Supermarket operator Sheng Siong Group has entered a deal to acquire the commercial property in the basement of New World Centre Singapore, located at 1 Jalan Berseh, for S$17.25 million from TA Corp.’s subsidiary Sino Holdings, the company said in a filing to SGX Friday.
“The proposed acquisition is in the group’s best interests as the property is currently leased by the purchaser,” Sheng Siong said in a filing to SGX. “The property is proximity to the historic district of Little India and Jalan Besar MRT Station.”
iFAST said Friday it has completed the acquisition of DWS Investments Singapore’s fund management business of seven authorised retail funds for S$2.9 million.
In a filing to SGX, iFAST said that from Friday, it would take over as the new manager of the funds, which have current assets under management of around S$561 million.
Keppel REIT said Friday it has completed the divestment of its 50 percent interest in the property at 275 George Street in Brisbane, Australia.
Accordia Golf Trust
Accordia Golf Trust said Friday the Inland Revenue Authority of Singapore has completed its review of the trust’s tax matters, allowing the trust to proceed with its final distribution and the delisting of its units from SGX.
The final distribution will be 2.17 Singapore cents a unit and it is expected to be paid on 17 August, the trust said in a filing to SGX.
Keppel Infrastructure Trust
Keppel Infrastructure Trust’s manager said Friday it had appointed Ng Tiang Poh, age 45, as chief financial officer, effective 1 August.
Ng, who holds 89,994 units in the trust, previously was the head of finance at Keppel Infrastructure Fund Management, the trust’s manager, from May 2017 to October 2018, and that he previously worked at Hyflux, Orka Energy and Singapore Power Group, the trust said in a filing to SGX Friday.
China Sunsine Chemical
China Sunsine Chemical said Friday that for the first half, it expected to report a “substantial increase” in net profit from the year-ago period when it releases results on 13 August.
“The expected profit growth is mainly due to the increase in both average selling price (ASP) and sales volume of the group’s products,” China Sunsine said in a filing to SGX.
“With Covid-19 under control in China and on the back of the Chinese economy’s strong recovery, the prices of our raw materials have increased, the demand for our products from tire manufacturing companies has also increased. As such, the group was able to sell more products and increase its ASP,” China Sunsine said.
Kitchen Culture has lodged a police report, through its legal counsel, with the Commercial Affairs Department of the Singapore Police Force over suspected payroll irregularities of around S$520,000 at KHL Marketing Asia-Pacific, a wholly owned subsidiary, the kitchen-equipment supplier said in a filing to SGX late Saturday.
The CAD now possesses the relevant documents, provided by the company, to assist in the investigations, Kitchen Culture added.
“The board and the members of management will fully co-operate with the relevant authorities if and when needed,” the statement said.
The company’s shares have been suspended from trade since mid-July, shortly after Lim Wee Li was terminated from his position as CEO.