Companies in focus on Monday, 25 October 2021:
- Sembcorp Industries lands 180MW wind project in India
- CapitaLand Integrated Commercial Trust posts 3Q21 net property income more than doubled
- ComfortDelGro’s CDG Australia to target acquisitions across regional Australia
- Others: Boustead Projects and Boustead Industrial Fund, SATS, OUE Commercial REIT, Raffles Education, BRC Asia, British and Malayan Holdings, EuroSports Global and Scorpio Electric, and Forise International.
This item was originally published on Saturday, 23 October 2021 at 3:11 a.m. SGT; it has since been updated to include Sembcorp Marine (SembMarine), Singtel, Metro Holdings, iFAST and Singapore Kitchen Equipment. An additional item on Raffles Education has been added.
CapitaLand Integrated Commercial Trust
CapitaLand Integrated Commercial Trust reported Friday its third quarter net property income more than doubled on-year to S$242.6 million, from S$104.5 million on the full contribution from the Raffles City Singapore property and from a larger portfolio.
Sembcorp Industries has landed a 180 megawatt wind power project in India from the recent 11th nationwide wind-power auction held by the Solar Energy Corp. of India (SECI), the Singapore-listed energy and infrastructure company said in a filing to SGX Friday.
ComfortDelGro Corp. Australia (CDG Australia), which parent ComfortDelGro plans to list on the Australian Stock Exchange, is targeting acquisition-led growth across regional Australia as well as identifying a pipeline of expiring bus-service contracts to tender for, according to a filing to SGX Friday.
Sembcorp Marine said Sunday its part of work on the Johan Castberg project was largely completed, but the customer, Equinor, has requested the remaining work be planned to accommodate the available transportation window for the towing operations to Norway.
Singtel’s cyber security arm Trustwave divested its payment card industry compliance business SecureTrust to Sysnet Global Solutions for US$80 million as part of a strategic review of the Singapore telco’s digital businesses, which was announced in May, the company said in a filing to SGX Monday.
“With enterprises pivoting fast to hybrid, multi-cloud environments, the cyber threat landscape has changed considerably and the need for a focused set of services centered on managed threat detection and response has grown. Trustwave can now better meet those needs by concentrating on its core offerings,” Yuen Kuan Moon, Singtel’s group CEO, said in the statement.
Boustead Industrial Fund (BIF) will acquire the property at 351 Braddell Road in Singapore for S$121 million from a 50:50 joint venture between Boustead Projects and a wholly-owned subsidiary of The Platform-Hanwha ARESF Fund No 1, according to a filing to SGX.
Metro Holdings, along with its joint venture partner Sim Lian Group, has acquired the Cherrybrook Village Shopping Centre in New South Wales, Australia, for around A$132.8 million, or around S$133.9 million, the Singapore-listed company said in a filing to SGX Friday.
IFAST reported Saturday its third quarter net profit increased 23.3 percent on-year to S$7.60 million, despite generally more subdued trading activities compared with earlier in the year, as non-recurring net revenue was robust on contributions from some project implementation fees.
OUE Commercial REIT
OUE Commercial REIT‘s manager said Friday Tan Shu Lin, age 48, has resigned as CEO and executive director, effective 30 November, to pursue other opportunities.
Raffles Education filed on Sunday a letter responding to substantial shareholder Oei Hong Leong’s allegations over the size and scope of the company’s payments to CEO Chew Hua Seng and his family members. The company referred to its audited financial statements and said there was no basis for Oei’s allegations. In particular, Raffles Education said Oei’s allegations that “other unofficial family members” of Chew were receiving remuneration was “patently false.”
The company told Oei “we invite you to forthwith retract the baseless and/or libellous allegations,” and it has said it has reserved its legal rights.
Lim Siew Mun, an independent director at Raffles Education, acquired 1 million shares of the company in the market for S$72,253 on Friday, giving her a 0.072 percent stake in the company, according to a filing to SGX. She did not hold any Raffles Education shares at the time of the acquisition, the filing said.
BRC Asia said one of its independent directors, He Jun, has attended interviews with the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force over matters related to Raffles Education, where he serves as an independent director.
He has told the company the authorities informed him of a possible offense under the Securities and Futures Act, and as part of the usual procedure, he has surrendered his passport to authorities, but he has not been arrested, placed on bail or charged with any offense, BRC Asia said in a filing to SGX Friday.
British and Malayan Holdings
British and Malayan Holdings said Friday its independent non-executive director, Ng Kwan Meng, is being investigated by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) of the Singapore Police Force over matters related to Raffles Education, where he is an independent director.
The investigation is of a possible offense under the Securities and Futures Act. He has not been arrested, placed on bail or charged with any offense, the filing said.
Singapore Kitchen Equipment
Singapore Kitchen Equipment said Friday its independent auditor, BDO LLP, has included a disclaimer of opinion on the company’s financial statements for 2020 as it couldn’t determine whether the results were materially misstated or accurate.
Singapore Kitchen Equipment
Singapore Kitchen Equipment reported Sunday its first half swung to a net profit of S$475,000 from a year-earlier loss of S$1.11 million as sales and the gross profit margin increased on a gradual recovery toward the pre-Covid situation.
EuroSports Global and Scorpio Electric
Scorpio Electric has launched an electric motorcycle, called the X1, for pre-orders, EuroSports Technologies, which is backed by EuroSports Global, said in a statement Friday.
EuroSports Technologies owns the Scorpio Electric brand; the group has backed Scorpio Electric, a Singaporean electric vehicle manufacturer.
EuroSports Global distributes luxury automobiles and after-sales services for Lamborghini and Alfa Romeo in Singapore, and for Touring Superleggera in Singapore, Malaysia, Brunei and Indonesia, according to its website.
Andrea Querci has sold his entire 29.1 percent stake, or 12.4 million shares, in Forise International, for S$1.6 million in an off-market transaction, according to a filing to SGX Friday.
In a separate filing, it said Forise’s Executive Director Peng Weile “Leo” acquired 12.4 million shares for S$1.6 million in an off-market transaction. Peng did not hold any shares in the company before the transaction, the filing said.