Singapore company briefs: Soilbuild Construction, Sinjia Land, F J Benjamin Holdings and Grand Banks Yachts.
Soilbuild Construction Group‘s wholly owned subsidiary, SB Procurement, was awarded an around S$52.9 million construction contract for additions and alterations to an existing four-storey single-user industrial development in the Boon Lay Planning Area, the company said in a filing to SGX Friday.
Sinjia Land said Friday it entered a deal to sell a three-storey terrace shop office property in Kulai, Johor, to Kien Seng Motor Trading for 1.1 million ringgit, or around S$353,760, in cash.
“The proposed disposal is in the best interests of the group and shareholders, as it will enable the group to realise the value of the property and improve the liquidity of the group,” Sinjia Land said in a filing to SGX.
F J Benjamin Holdings
F J Benjamin Holdings said Friday the new Omicron variant of the Covid-19 virus does not appear to be impacting the retail sector as much as the Delta variant, with governments in the company’s markets so far not tightening social distancing rules. The company’s remarks were in response to a shareholder question before the upcoming extraordinary general meeting (EGM) on 28 January.
“Based on feedback from our stores and our observations of the crowd in Singapore suburban shopping malls and in the main Orchard Road shopping belt, the local population seems to have learnt to live with Covid-19 and the general sentiment in the retail sector is gradually improving. In Malaysia and Indonesia, there do not seem to be many enhanced measures being introduced except in Indonesia, where shopping malls must close at 9.00 p.m. instead of 10.00 p.m.
Given the above, as long as the general attitude towards the Omicron variant remains as it is, with the continued vaccination programme and assuming that there is no dramatic increase in morbidity or cases requiring intensive care, the company expects to continue to see a steady state of business and a gradual improvement in consumer sentiment and sales.”
Grand Banks Yachts
Grand Banks Yachts warned Friday it expected to report a loss for the six months ended 31 December, its fiscal first half, mainly on a shutdown at its Pasir Gudang manufacturing facility for the three months ended 30 September to comply with Malaysia’s Covid-related restrictions.
The shutdown affected construction schedules for pre-sold boats, impacting revenue recognition for the period, the company said in a filing to SGX. Grand Banks Yachts builds boats in a factory in Johor Bahru, Malaysia.
“The loss of revenue and the combined impact of the accrued fixed overhead costs in 1Q FY2022, increased freight costs amid disruptions in sea freight, and rising material costs are expected to result in a net loss for 1H FY2022,” Grand Banks Yachts said.