Companies in focus on Wednesday, 19 October 2021:
- DBS Hong Kong unit and Postal Savings Bank of China tie up for wealth management connect program
- OCBC’s Hong Kong unit ties up with Ping An Bank for wealth management
- Sembcorp Marine (SembMarine) warns it expects to post losses for 2H21
- Substantial Raffles Education shareholder Oei Hong Leong sells an around 2.8 percent stake
- Others: Ascendas REIT, Alliance Healthcare, Jaga-Me, Mermaid Maritime, Miyoshi, Spackman Entertainment Group, Metech International, Kitchen Culture, Sim Leisure, Leader Environmental Technologies and Khong Guan.
This item was originally published on Wednesday 20 October 2021; it has since been updated to include Addvalue Technologies and Metal Component Engineering.
DBS and Postal Savings Bank of China
DBS Bank (Hong Kong) and the Postal Savings Bank of China (PSBC) have tied up to offer services under the new Wealth Management Connect program allowing cross-border investments in the Greater Bay Area, the banks announced Tuesday in a press release.
OCBC and Ping An Bank
OCBC Bank’s Hong Kong unit has tied up with China’s Ping An Bank to provide wealth management services under the region’s new program allowing cross-border investments across the Greater Bay Area, the bank said in a press release Tuesday.
Sembcorp Marine warned Tuesday it expects to continue to face losses in the second half of 2021, after posting a loss of S$647 million for the first half of the year, citing uncertainties arising from the Covid-19 pandemic and related border controls and workforce supply issues.
Ascendas REIT said Tuesday its average portfolio rental reversion for leases in the third quarter and year-to-date came in at 3.7 percent and 5.4 percent, respectively. For the full year, rental reversion is expected in the positive low single-digit range amid current market uncertainties, the REIT said in its third quarter update filed to SGX.
Portfolio occupancy was at 91.7 percent at end-September, compared with 91.3 percent at end-June and 91.9 percent at end-September 2020, the filing said.
Ascendas REIT noted it has completed the development of the build-to-suit Grab headquarters in Singapore, and it has divested two Australian logistics properties for a total S$104.5 million.
Oei Hong Leong, a substantial shareholder of Raffles Education, sold around 38.93 million shares of the company in a market transaction for around S$2.7 million on Monday, according to a filing to SGX on Tuesday.
Alliance Healthcare and Jaga-Me
Alliance Healthcare Group said Monday Singapore start-up Jaga-Me, a 55 percent owned subsidiary, has turned profitable, largely due to the city-state’s need for Covid-19 tests and home vaccinations.
Mermaid Maritime, a subsea services provider, has obtained contracts in Thailand, Angola and Saudi Arabia with a total value of around US$120 million, the company said in a filing to SGX Tuesday.
Miyoshi Ltd. warned Tuesday it expected to post a loss for the fiscal year ended 31 August, mainly on the write-off of production facilities.
The write off was due to a change in business conditions in the Philippines, with customers diverting orders to alternative suppliers after a fire incident in May 2020, the company said in a filing to SGX. In addition, the company lost a project in the Philippines, as announced in September, and faces impairments losses as well as higher material costs due to rising steel prices, the filing said.
The results are expected to be announced on or before 30 October, Miyoshi said.
Spackman Entertainment Group
Spackman Entertainment Group said Tuesday that 100 percent of the around 640.76 million shares voted at the extraordinary general meeting approved the disposal of the company’s entire interest in Zip Cinema.
Metech International‘s joint venture Asian Eco Technology (AET) has entered a three-year lease for an industrial property located in Singapore’s Kallang neighborhood, with the location to be used for the production of lab-grown diamonds.
The location is expected to house up to 30 production machineries for producing lab-grown diamonds, with production expected to begin by end-December, with lab-grown diamonds to be produced on a biweekly basis, the company said in a filing to SGX.
Metech International said Tuesday its proposed placement cum warrant issue was oversubscribed and the maximum number of 33.35 million placement shares and 16.67 million warrants have been allocated and issued, raising gross proceeds of S$7 million.
Metech International engages in a recycling business, including consulting and management services, as well as supply-chain management in renewable, clean energy technologies and related industries. The company has also entered a joint venture to produce lab-grown diamonds.
Kitchen Culture’s wholly owned subsidiary KHL Marketing Asia-Pacific (KHLM) has received a statutory demand from Kim Hup Lee & Co. for S$1.77 million in alleged outstanding rental arrears for floors 1-3 of the property at 25 New Industrial Road in Singapore for 2016-2018, the company said in a filing to SGX Tuesday.
Addvalue Technologies‘ wholly owned subsidiary Addvalue Innovation has landed a new order from a seventh IDRS customer for terminals and related airtime service, the company said in a filing to SGX Wednesday. The customer, which isn’t being disclosed due to a confidentiality agreement, plans a constellation of more than 40 LEO satellites the filing said.
Metal Component Engineering
Metal Component Engineering‘s subsidiary Gainhealth has entered a joint venture with MNR Food to market and distribute clinical nutrition products, initially products targeting children’s nutrition, within Asia, the company said in a filing to SGX Wednesday. The joint venture, to be called Gain Foods, will be 60 percent held by Gainhealth, with MNR holding the remainder, the filing said.
Sim Leisure said Tuesday it has completed its subscription deal for 17.72 million new shares at S$0.205 each, with the new shares expected to be listed on SGX on or around 21 October.
Leader Environmental Technologies
Lin Baiyin, founder and executive director of Leader Environmental Technologies, was his total interest in the company fall to 0.07 percent from 1.05 percent previously, after Jingold Resources sold 15 million shares of the company for S$1.05 million in an off-market deal, according to a filing to SGX Tuesday. Lin is deemed interested in Jingold Resources’ holdings, the filing said.
Khong Guan warned Tuesday it expects to post a net loss for the financial year ended 31 July due to a decrease in the share of results of its associate in Malaysia. Further details will be released when the group posts its financial results by 29 November, the company said in a filing to SGX.