SG briefs: Ho Bee Land, SGX, City Developments, MCK, Khong Guan

SGX building signage in SingaporeSGX building signage in Singapore

Singapore company briefs: Ho Bee Land, Singapore Exchange (SGX), Khong Guan, City Developments and Millennium & Copthorne Hotels New Zealand (MCK).

Ho Bee Land

Ho Bee Land said Thursday that a Munich, Germany, office property called Elementum, in which it invested EUR78.6 million via the acquisition of notes, has been divested, with the Singapore-based property developer expecting an estimated gain of around EUR44.8 million. 

Singapore Exchange (SGX)

Singapore Exchange Regulation (SGX RegCo) said Thursday it would start eight sustainability courses directors of listed companies can attend, with a requirement to attend at least one to meet the enhanced sustainability reporting rules.

“Changes and disruptions due to environmental, social and governance developments are already underway. Company directors must therefore have a good grasp of sustainability issues,” Michael Tang, head of listing policy and product admission at SGX RegCo, said in a statement filed to SGX.

Read SGX’s statement.

City Developments and Millennium & Copthorne Hotels New Zealand

Millennium & Copthorne Hotels New Zealand (MCK), a New Zealand-listed subsidiary of City Developments, said Wednesday it welcomed the New Zealand government’s decision to reopen the country’s international border earlier.

New Zealand will allow fully vaccinated visitors from Australia into the country from 13 April, and from visa waiver countries such as the U.K. and the U.S. from 2 May, the company noted in a filing to NZX, which City Developments filed to SGX.

MCK’s Vice President of Operations Ken Orr said the company’s hotels would accelerate its plans to match the new reopening dates, noting the news was “very welcome for all hotels and tourism
operators across New Zealand who have suffered great hardship over the last two years,” and “will
definitely make a difference to our trading performance.”

Khong Guan 

Khong Guan reported Thursday its fiscal first half ended 31 January swung to a net loss S$267,000 from a net profit of S$495,000 in the year-earlier period, citing lower margins from the wheat flour and edible goods segments, and a lower contribution from United Malayan Flour, which was hit by high global freight rates and increased global commodity prices.

“The group’s operations continue to face increasing raw material and freight costs pressures, as well as supply chain challenges due to the tight container freight situation. The ongoing conflict between Russia and Ukraine will further exacerbate the situation as these countries are major exporters of agriculture products such as wheat,” Khong Guan said in a filing to SGX. 

“While international travel has resumed in many countries, the directors envisage a challenging second half of this financial year as the Covid-19 situation remains a concern,” the company said. 

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