Singapore companies in focus on Wednesday, 5 January 2022:
- Sembcorp Industries signs long-term contract to supply power to Andhra Pradesh
- MSCI upgrades Wilmar’s ESG performance rating
- NikkoAM-Straits Trading China Electric Vehicles ETF files for IPO
Others: United Global, Viking Offshore and Marine, QAF, Chemical Industries (Far East) and Koda.
Sembcorp Industries‘ wholly owned subsidiary Sembcorp Energy India Ltd. (SEIL) has signed a long-term power purchase agreement (PPA) to supply 625 megawatts of power to Andhra Pradesh’s state power-distribution companies, the Singapore-listed infrastructure player said in a filing to SGX Tuesday.
Index provider MSCI has upgraded Wilmar International’s performance rating for environmental, social and governance (ESG) to A in its 2021 assessment, from BBB previously, according to a filing to SGX from the palm oil player Tuesday.
NikkoAM-StraitsTrading MSCI China Electric Vehicles and Future Mobility ETF
The NikkoAM-StraitsTrading MSCI China Electric Vehicles and Future Mobility exchange traded fund (ETF) has filed for an initial public offering (IPO) on SGX, with an expected listing date of 20 January.
Dairy Farm, Suntec REIT, United Hampshire US REIT, Dasin Retail Trust and others
Singapore substantial shareholder changes: Dairy Farm International Holdings, Suntec REIT, United Hampshire US REIT, Dasin Retail Trust, NutryFarm International and SHS Holdings.
The management-led buyout offer from DMW Investments to take United Global Ltd. private has received valid acceptances totaling around 92.72 percent of the total shares as of Monday, according to a filing to SGX Tuesday.
DMW Investments is now entitled to, and will, compulsorily acquire the remaining shares, the filing said. The offer will close on 25 January, and the shares will be suspended at that time, the filing said, adding the offeror intends to take steps to delist the company when the offer closes.
In a separate filing, United Global said it has appointed an independent financial adviser (IFA) to advise the independent directors.
Viking Offshore and Marine
Viking Offshore and Marine said Tuesday the mandatory unconditional cash offer for its shares has closed with the offerors receiving acceptances from 743,830 shares, or around 0.1 percent of outstanding shares. The offerors now own, control, have acquired or have agreed to acquire 87.1 percent of the company’s shares, compared with 87 percent prior to the offer, the company said in a filing to SGX.
QAF said Tuesday one of Gardenia Malaysia’s bakery factories has shut down operations due to severe flooding from recent torrential rains in Peninsular Malaysia; no employees were injured, the company said in a filing to SGX.
“The shutdown is for a currently undetermined duration as the damage caused by the flood is still being assessed. The group’s other six Malaysian bakery factories remain operational. The flood has affected part of the inventories and property, plant and equipment and the extent of the damage is currently being ascertained,” QAF said.
“Production at certain of the unaffected factories has been ramped up, and product mix adjusted, with a view to mitigating supply disruption, which based on current estimates is expected to affect approximately 10 percent of total supply of Gardenia Malaysia for FY2022 until the affected lines of production have been replaced or repaired,” the company said.
Chemical Industries (Far East)
Chemical Industries (Far East) said Tuesday that the investigations into petty cash claims paid in 2018 without any supporting documents determined an employee submitted claims for cartage outwards, packaging and entertainment, but without documentation, the legitimacy couldn’t be determined.
However, the payments were authorised and there was no evidence to suggest the authorisations were forged or that there was fraud or misappropriation, the company said in a filing to SGX. The company said it was determined not to file a police report as there was no evidence of forgery, fraud, cheating or other misappropriation and there were concerns over the costs of further investigations.
The contract of the employee making the claims will be ending at end-March, the filing said.
Koda Ltd. said Tuesday a fire occurred at one of its 11 factory buildings in Long An Province in Vietnam on 3 January. No casualties were reported, the company said in a filing to SGX.
“To minimise operational disruption, the management has made immediate arrangement for affected orders to be produced in other factory buildings. The affected factory building, including equipment and certain inventories stored therein are adequately insured,” Koda said.
NutryFarm International and Anan International
Singapore companies announcing executive changes: Anan International and NutryFarm International.