SG briefs: VTAC, Olam, Raffles Education, V2Y, Mary Chia

Photo by Adi Goldstein on UnsplashPhoto by Adi Goldstein on Unsplash

Singapore company briefs: Vertex Technology Acquisition Corp. (VTAC), Olam International, Raffles Education, V2Y Corp. and Mary Chia Holdings.

Olam International

Olam International said Friday that shareholders overwhelming approved its proposed restructuring, the proposed listing of Olam Food Ingredients (OFI) and the proposed demerger of OFI, in the vote at its extraordinary general meeting (EGM). 

Read more about Olam International’s proposed restructuring.

Vertex Technology Acquisition Corp. (VTAC)

Vertex Technology Acquisition Corp. (VTAC) said Friday that due to the exercise of the overallotment option in its initial public offering (IPO), around 1.6 million new units would begin trading on Monday, bringing the total number of units to around 41.61 million. 

Raffles Education

Raffles Education is in talks with Affin Bank on the continuing facility for the remaining outstanding debt owed to the bank after 31 March, the company said in a filing to SGX in response to enquiries from the exchange. 

The Affin Bank loans have been classified as current since mid-2021, after the default, with the amount due as of end-2021 at S$93.2 million, or around 287.6 million ringgit, the filing said. 

The amount due on 31 March is subject to the outcome of talks with Affin Bank, Raffles Education said, but noted it is also in discussions with other banks while waiting for Affin Bank’s decision. 

Read more: Raffles Education: MAS and CAD demand documents in investigation of company

Mary Chia Holdings

Mary Chia Holdings said Friday its wholly owned subsidiary Organica International, entered a memorandum of understanding (MOU) with Harmony Lifecare to jointly market, via a joint venture company, their beauty, healthcare and wellness products in Singapore and Asia via a digital platform. 

The joint venture company, HORA World, which will be held 50:50, will market Harmony Lifecare’s JeuneTe products and Organica’s products, with both contributing their member databases, Mary Chia Holdings said in a filing to SGX.

Read Mary Chia’s filing to SGX.

V2Y Corp.

V2Y Corp. warned Friday it expected to report a net loss for 2021, after reporting a net loss for the January-to-June period due to business uncertainty during the pandemic period. 

“The ongoing Covid-19 pandemic, coupled with the rising inflation and global chip shortage, has impacted many industries including those of the group’s main customers. There continues to be a slowdown in both renewal of contracts by existing customers and in signing of contracts with new customers in relation to the company’s Insurtech business, resulting in lower revenue,” V2Y said in a filing to SGX.

An impairment loss on goodwill is expected to “contribute significantly” to the 2021 net loss, V2Y said.