SG briefs: SIA Engineering, Astaka, Broadway Industrial, Shinvest, Luminor Financial

Singapore Changi Airport Terminal 4 departure boardSingapore Changi Airport Terminal 4 departure board

Singapore company briefs: Luminor Financial Holdings, SIA Engineering, Astaka Holdings, Broadway Industrial Group and Shinvest Holding.

SIA Engineering

SIA Engineering said Thursday it has conducted a successful trial of using sustainable aviation fuel (SAF) in engine tests at its facility using a Rolls-Royce Trent 900 engine, which is used in A380 aircraft. The blended SAF in the tests produced 32 percent less carbon emissions compared with conventional fossil jet fuel, the company said in a filing to SGX.

“The successful testing of blended SAF on our Trent 900 engine by SIAEC is an important milestone in accelerating the adoption of SAF in MRO services across the Asia-Pacific region, enabling our partners and customers in the transition to low-carbon aviation,” Dominic Horwood, services director of civil aerospace at Rolls-Royce, said in the statement. 

Read SIA Engineering’s filing to SGX.

Luminor Financial Holdings

Luminor Financial Holdings said Thursday its indirect wholly owned subsidiary Chongqing Gangyuan Property Development has received 42.94 million yuan from the Fuling District authority as compensation for repossession of its development land in Chongqing in mainland China.

The land had a book value of 8.18 million yuan, for an estimated gain on disposal of 34.76 million yuan, Luminor Financial said in a filing to SGX.

Shinvest Holding

Shinvest Holding said Thursday it would appoint an independent financial advisor to advise its independent directors on the voluntary conditional cash offer from a management-led group. 

On Wednesday, VTTSG Holding offered S$3.50 a share in cash, conditional on the offeror and concert parties holding more than 50 percent of Shinvest’s shares, according to a filing to SGX; the offeror currently has irrevocable undertakings from 29.02 percent of shares, the filing said.

VTTSG Holding is owned by the Teo Family Group, which includes four company directors who are substantial Shinvest shareholders, the offer said. 

Read the offer document filed to SGX.

Broadway Industrial Group

Broadway Industrial Group Ltd. (BIGL) reported Thursday its 2021 net profit rose 8.2 percent on-year to S$15.3 million on revenue of S$471.4 million, up 17.7 percent on-year. 

“BIGL attributed its strong performance to an increase in shipment volume and higher average selling prices of its Hard Disk Drives (HDD) products arising from the strategic shift of its product mix from the personal and mobile segments to the high-performance enterprise segment,” the company said in a filing to SGX. 

Read Broadway Industrial’s filing to SGX.

Astaka Holdings

Astaka Holdings warned Thursday it expected to report a net loss for the three months ended 31 December and for the 18-month financial year ended 31 December, as revenue declined on the resurgence of Covid-19 variants and on Malaysia’s Covid-related border restrictions.