SG briefs: Keppel, SATS, Katrina Group, Memiontec, Zhongmin Baihui Retail

SATS Gateway Services bus at Changi AirportSATS Gateway Services bus at Changi Airport

Singapore company briefs: Keppel Corp. and SATS, Katrina Group, Memiontec Holdings and Zhongmin Baihui Retail Group.

Keppel Corp. and SATS

Keppel Corp. said Wednesday its subsidiary Keppel Telecommunications & Transportation has completed the divestment of its entire 10 percent interest in Asia Airfreight Terminal (AAT).

In a separate statement, SATS said it has completed the transaction boosting its stake in AAT to 65.4 percent after acquiring shares from Keppel T&T, Torres Investments and FedEx. 

Read SATS’ statement on the deal.

Katrina Group

Katrina Group said Wednesday its potential material variance and profit guidance for 2021 was due to the finance team not receiving invoices of around S$402,000 from 2020. 

“The invoices were issued by a particular vendor who only mails out their invoices and does not send out statement of accounts. None of these invoices have been paid by the company. The majority of these invoices were for work done during 2020 and were mailed out during the period whereby the group’s subsidiary was experiencing high staff turnover. As such, the group finance team was not aware
of these invoices until they did a reconciliation in March 2022,” the company said in a filing to SGX in response to queries from the exchange.

The invoices were expected to result in a loss of S$214,000 for 2021, instead of a profit after tax of S$158,000,” Katrina Group said.

Memiontec Holdings

Memiontec Holdings proposed Wednesday splitting each of its shares into three shares. The company has 220.26 million shares, and after the completion of the split, it would have 660.77 million shares, Memiontec said in a filing to SGX.

“The reduced price of each share after the proposed share split will make each share more affordable, thus encouraging greater participation by general investors and providing greater flexibility in terms of the size of the trades to investors with different investment profiles. The reduced price of each board lot of shares could also make the shares more accessible and attractive to investors and enhance the trading liquidity,” Memiontec said.

Shares of Memiontec ended Wednesday at S$0.82, up 11.57 percent. 

Zhongmin Baihui Retail Group

Zhongmin Baihui Retail Group said Wednesday that of its 21 stores in China’s Fujian Province, six have temporarily closed the department-store sections and two have suspended all activities. With the exception of the two stores, all of the group’s supermarkets are operational, the company said in a filing to SGX. 

Fujian Province has experienced Covid-19 cases recently, and the government has implemented control measures, such as movement controls and the closure of non-essential businesses, the filing said.

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