Singapore company briefs: Sea Ltd., ESR-REIT, The Trendlines Group, Singapore Post (SingPost), Freight Management Holdings and Don Agro International.
Sea Ltd.’s CEO Forrest Li sent the superapp’s employees a 900-word memo Monday, addressing the plunge in gaming and e-commerce player’s market capitalization in an unusual move for a typically reticent company, according to a Bloomberg report Monday.
“Do not fear: we are in a strong position internally, and we are clear on our next steps. This is short-term pain that we have to endure to truly maximize our long-term potential,” Li said, according to the report.
In response to recent setbacks — which included major shareholder Tencent selling off a portion of its stake, India banning its mobile game, and a difficult earnings report — Sea has been revealing more data to investors, the report said.
ESR-REIT said Monday it has completed the divestment of the property at 45 Changi South Avenue 2 in Singapore for S$11.1 million.
Following the divestment, the REIT has a portfolio of 54 properties in Singapore, ESR-REIT said in a filing to SGX.
Singapore Post (SingPost)
Singapore Post (SingPost) said it has conducted adjustments for the completion of the second tranche of the agreement to increase the company’s stake in Australia’s Freight Management Holdings (FMH). After the adjustments, the total consideration for the second tranche is A$29.6 million, or around S$29.5 million, SingPost said in a filing to SGX.
Don Agro International
Don Agro International said Sunday its external sanctions counsel has reviewed the recent sanctions and has not identified that the company has activities prohibited under current sanctions of the U.N., EU, U.K., U.S., Australia and Singapore related to Russia, Belarus or Ukraine.
The Russia-based agricultural company’s statement, filed to SGX, was in response to a query from SGX.
The Trendlines Group
The Trendlines Group said Monday it has partially completed the first tranche of the subscription of new shares by investors, with around 17.60 new shares issued at S$0.12 each.
Librae Holdings has been issued 12.39 million shares for US$1.1 million, Avztim LLC has been issued 1.69 million shares for US$150,000 and FEA Innovations LLC has been issued 3.52 million shares for US$312,500, Trendlines said in a filing to SGX.
The new shares will be listed on SGX’s Catalist board on 17 March, with the total number of shares rising to 808.79 million from 791.19 million previously, the filing said.