These are Singapore companies which may be in focus on Tuesday, 31 August 2021: Sembcorp Industries, Keppel Infrastructure Trust (KIT), Mapletree Logistics Trust, China Kangda Food, ESR-REIT, OKP Holdings, Shangri-La Asia, Thakral Corp., Hatten Land, FSL Trust and Memiontec Holdings.
This item was originally published on Monday, 30 August 2021 at 23:13 SGT; it has since been updated to include Japfa, China Environment, mm2 Asia, Accrelist and United Food Holdings.
Sembcorp Industries said Monday it has set up a sustainable financing framework for sustainability-linked transactions for the energy sector, laying out the company’s strategic approach, key performance indicators and performance targets.
Keppel Infrastructure Trust
APA Group, an Australia-listed energy infrastructure player, confirmed Monday it is in talks about potentially acquiring Basslink from Keppel Infrastructure Trust (KIT).
Mapletree Logistics Trust
Fitch Ratings has assigned Mapletree Logistics Trust a long-term issuer default rating of BBB-plus, with a stable outlook, with the same rating assigned to the trust’s euro medium-term securities program of S$3 billion, the ratings agency said in a press release Monday.
China Kangda Food
China Kangda Food reported Monday its first half net loss widened to 39.84 million yuan from a net loss of 1.62 million yuan in the year-ago period, on revenue of 723.29 million yuan, up around 3 percent on-year.
“The [revenue] growth benefited from recovery of consumer demand. However, the price of raw materials of animal feed ingredients such as
corn and soybean meal increased and ocean freight for export increased,” denting the gross profit margin, the company said in a filing to SGX. “In addition, the group recognized loss on disposal of under-utilised or obsolete property, plant and equipment of 4.6 million yuan.”
ESR-REIT has entered a deal to divest the general industrial property at 45 Changi South Avenue 2 in Singapore for S$11.1 million, the REIT’s manager said in a filing to SGX Monday.
OKP Holdings has landed a S$49.6 million contract from Singapore’s national water agency PUB for drainage improvement works in Sungei Selarang, the infrastructure and civil-engineering company said in a filing to SGX Monday.
The contact will begin on 8 September and is expected to be completed by 7 June 2024, the filing said.
Japfa’s subsidiary AustAsia Investment Holdings has entered two separate agreements — with downstream dairy players Genki Forest and Honest Dairy — to set up partnerships to expand its raw milk production footprint in China, the agri-business said in a filing to SGX Tuesday.
Under the deal, a Genki Forest subsidiary will acquire 5 percent of AustAsia from Japfa for US$58.4 million, and Honest Dairy will acquire 2.5 percent of AustAsia for US$29.2 million, the filing said.
Shangri-La Asia has appointed Chow Sing Man Cindy to become chief financial officer, effective 4 October, to replace Tan Lay Beng, who will leave the company’s employment on 31 December, the hospitality company said in a filing to SGX Monday.
Chow, age 50, was previously vice president and chief financial officer for the Asia Pacific and Middle East for Fox Networks Group, the filing said.
Thakral Corp. said Monday it realised a net gain of around S$2.5 million from the divestment of the Riverpoint Kitahama Building, an office building near the Osaka Securities Exchange in Osaka’s financial district. The building had been acquired in 2018, via TJP, in which Thakral has a 53.06 percent stake, the company said.
The sale proceeds will be used to reduce debt, put toward future investments and partially for dividend payment, the company said in a filing to SGX.
The divestment leaves Thakral’s Japan real estate portfolio with six commercial buildings and three business hotels, the company said.
Mm2 Asia has entered a deal to sell at least 80 percent of its cinema business to financial investment firm Kingsmead Properties, with the acquisition price to be based on an agreed valuation of S$84.8 million for the entire business, the company said in a filing to SGX Monday.
“The cinema business has been a strategic part of the group’s content creation and distribution business, but it has been affected by Covid-19. With this proposed sale, it will stabilize the group’s financial situation and allow mm2 to continue to focus on the development and strengthening of core production content growing opportunities” Melvin Ang, mm2 Asia’s founder and executive chairman, said in the statement.
The proceeds from the sale will be used to pare borrowings, including the convertible bonds due end-year, the statement said.
In response to a query from SGX, Hatten Land said it wasn’t aware of any possible explanation for the sudden drop in its share price Monday amid a surge of volume.
Hatten Land added the proposed divestment of its subsidiary Gold Mart Sdn. Bhd. is still pending completion, with the 31 August deadline further extended to 17 September to allow more time for the issuing bank to complete the payment process.
Shares of Hatten Land ended down 4.17 percent at S$0.023 Monday after 24.46 million shares changed hands, according to Yahoo Finance data. On Friday, 17,176 shares changed hands, according to SGX data.
First Ship Least Trust (FSL Trust) said Monday its wholly owned subsidiary FSL-9 has entered a memorandum of agreement to sell the vessel FSL New York to an unaffiliated third party. The trust has received an initial 10 percent deposit in escrow, according to a filing to SGX.
Accrelist said Monday it has completed its placement of 22 million ordinary shares at S$0.07371 each and its issuance of 22 million non-listed, transferable warrants and the allotment of 660,000 introducer shares.
The shares are expected to begin trading on SGX’s Catalist Board on 1 September, the company said in a filing to SGX.
United Food Holdings
United Food Holdings said Monday it planned to issue 37.58 million new shares at S$0.038 each, raising around S$1.38 million, in a private placement to two private investors, Ip Ka Kit and Tsang Miu Wan, neither of which currently holds any shares in the company.
The proceeds are earmarked for general working capital, United Food Holdings said in a filing to SGX.
Memiontec Holdings said Monday it was awarded two new tenders with a total value of S$12.7 million from Singapore’s national water agency PUB, bringing its total order book to around S$91.6 million.
China Environment said Tuesday Boardroom Corporate & Advisory Services (BCAS) has sent the company a letter of demand for payment of around S$32,141 for unpaid registrar expenses.
The company is liaising with BCAS for clarification on the sum payable, China Environment said in a filing to SGX.