UPDATE: Singapore stock briefs Monday: Hong Leong Asia, BRC, Keppel REIT, Keppel DC REIT, Ascott Residence Trust, Silverlake Axis

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These are Singapore companies which may be in focus on Monday, 30 August 2021: Hong Leong Asia, BRC Asia, Keppel REIT, Keppel DC REIT, Ascott Residence Trust, Elite Commercial REIT, ESR-REIT, Silverlake Axis, Raffles Infrastructure Holdings and Abterra.

This item was originally published on Sunday, 29 August 2021 at 12:31 a.m. SGT; it has since been updated to include Shangri-La Asia, F J Benjamin, Sakae Holdings and Shopper360. 

Hong Leong Asia and BRC Asia

Hong Leong Asia has entered deals to acquire an around 20 percent stake in steel-reinforcement service provider BRC Asia for a total of around S$68 million in a move to expand its interest in Singapore’s building materials sector, the company said in a filing to SGX Saturday.

Read more: Hong Leong Asia to acquire 20 percent of BRC Asia for around S$68M

Keppel REIT

Keppel REIT’s manager said Friday Tham Wei Hsing Paul, age 39, would cease to be CEO, effective 20 October, to pursue other opportunities.

“The board is currently evaluating potential CEO candidates, and an announcement on the successor CEO will follow in due course,” Keppel REIT Management said in a filing to SGX.

Shirley Ng, deputy CEO and head of investment, will become acting CEO, the filing said.

Keppel DC REIT

Keppel DC REIT plans to divest the iseek Data Centre in Brisbane, Australia, to iseek Pty. Ltd. for A$34.5 million, or around S$35.3 million, the REIT said in a filing to SGX Friday.

Read more: Keppel DC REIT to divest iseek Data Centre for around A$35M

Ascott Residence Trust

Ascott Residence Trust has terminated the master lease on and has taken possession of the property at 1 Unity Street in Singapore as the tenant, Park Hotel CQ, failed to pay the S$5.92 million owed after offset from the S$6.87 million security deposit, the REIT said in a filing to SGX Saturday.

Read more: Ascott Residence Trust terminates lease on Riverside Hotel at Clarke Quay for non-payment

Elite Commercial REIT

Elite Commercial REIT’s subsidiary Elite UK Commercial Holdings (ECHL) has successfully technically listed on Guernsey-based The International Stock Exchange (TISE) Thursday, allowing the REIT to qualify as a U.K. REIT and gain U.K. corporation tax exemption, the REIT’s manager said in a filing to SGX Friday. All of the shares of ECHL will continue to be held by Elite Commercial REIT, the filing said.

On a pro forma basis, it the TISE listing had been completed on 1 January, the distribution per unit (DPU) would have been 2.71 pence for the first half, compared with 2.63 pence before qualification, the filing estimated.

Read more about the listing.

 

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Shangri-La Asia

Shangri-La Asia reported Friday its first half net loss narrowed to US$59.8 million from US$282.6 million a year earlier as revenue increased 20.4 percent on-year to US$545.8 million.

The revenue increase was due to “the overall improvement of business environment for our hotel properties after the severe disruption since the outbreak of Covid-19 in early 2020, where the spread has come under control in some of the regions we operate in. In particular, our hotels in Mainland China have led the business recovery driven by pick up of domestic travel and staycation,” Shangri-La Asia said in a filing to SGX.

Read more about Shangri-La Asia’s first half earnings.

ESR-REIT

ESR-REIT said Friday it had used around S$30.6 million of the gross proceeds of its equity fundraising for debt repayment.

Read more: ESR-REIT preferential offering meets strong demand

Silverlake Axis

Silverlake Axis has landed contracts for digital innovation services with a total value of around 90 million ringgit from 28 existing customers and a new customer during the fiscal fourth quarter ended 30 June, the software services company said in a filing to SGX Friday.

“The contracts are primarily for enhancements to existing core banking system and to enhance customers’ digital experience and are expected to be completed within eight to 18 months from the signing of the contracts,” Silverlake Axis said in the statement.

The contracts are with five large regional banking franchises in Southeast Asia; five local banks and a government-linked company and a financial service provider in Malaysia; four Indonesia banks; three Thailand banks; two Vietnam banks; banks in Brunei, China Pakistan, Bulgaria and Bahrain; a Slovakia commercial bank; and two service provider partners from Thailand and Bangladesh, the filing said.

F J Benjamin

F J Benjamin reported Friday its net loss for the fiscal full year ended 30 June narrowed to S$10.61 million from S$14.34 million a year earlier as revenue fell 28 percent on-year to S$66.84 million.

“The Covid-19 outbreak continued to impact the retail industry across South-east Asia as governments imposed intermittent lockdowns and social distancing measures,” with operations in Malaysia and Indonesia bearing the brunt, the storied distributor of fashion, lifestyle and timepiece brands said in a filing to SGX. “The various ‘on and off’ safe management measures affected customer sentiment, resulting in reduced spending at retail malls.”

Read more about F J Benjamin’s earnings report.

Sakae Holdings

Sakae 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.

Read more: Sakae Holdings reports fiscal 4Q21 net profit fell 44 percent amid store closures

Shopper360

Shopper360 has acquired a 21.5 percent interest in Troopers Innovation, a digital worker recruitment player specialising in part-time job matching and human resource management, for 2 million ringgit, the marketing services company said in a filing to SGX Friday.

“As our core businesses are highly reliant on sourcing and recruiting suitable talent, this investment allows us to improve our own recruitment processes through increased efficiency and data,” Sue Ann Chew, executive chairman and managing director of Shopper360, said in the statement.

Read more about the deal.

Raffles Infrastructure Holdings

Raffles Infrastructure Holdings reported Friday its full fiscal year net profit fell 88 percent on-year to 3.03 million yuan as revenue for the 12 months ended 30 June dropped 87 percent on-year to 25.17 million yuan.

During the year, construction work on a road parcel was disrupted by the Covid-19 pandemic as well as for the Lunar New Year holidays, with workers’ inability to return to work on time due to pandemic-related travel constraints in China, the company said in a filing to SGX.

“On a more positive note, the committed project value of 550 million yuan remains intact, the actual revenue recognition will grow in tandem with the milestone achievements. This past year was exceptional, and the progress was affected by the restrictive operating conditions on the
ground,” Raffles Infrastructure said in the statement.

Read more about Raffles Infrastructure results.

Abterra

Singapore Exchange has notified Abterra Ltd. its shares will be delisted as the company has failed to issue financial statements for 2018, 2019 and 2020, its auditors have issued a disclaimer of opinion on its 2017 results, and the company has failed to submit a trading resumption proposal despite numerous reminders from the exchange, among other reasons, according to a filing to SGX Friday.

The company or its controlling shareholders must provide a reasonable exit offer to shareholders within one month, the filing said.

“The company will be assessing the possibility of a reasonable exit offer to the company’s shareholders and will provide updates and details on material developments, if any, as and when appropriate,” Abterra said in the statement.

 

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