SG briefs: Parkson Retail Asia, FSLT, HG Metal, Hotel Properties

Parkson Retail Asia department store in Johor Bahru, MalaysiaParkson Retail Asia department store in Johor Bahru, Malaysia

Singapore company briefs: Parkson Retail Asia, First Ship Lease Trust (FSLT), HG Metal Manufacturing and Hotel Properties Ltd.

First Ship Lease Trust

First Ship Lease Trust (FSLT) said its seeing a change in trade patterns for tankers since the imposition of sanctions on Russia, due to the country’s invasion of Ukraine, with “beneficial” changes in freight rates for certain vessel sizes.

“At the same time, it is premature to predict the medium- and long-term effects of the sanctions and the elevated geopolitical uncertainties on the tanker trade and the increased prices for oil and oil products may have an adverse effect on global demand for oil and oil products which remains to be seen,” FSLT said in a filing to SGX Friday with answers to shareholders’ questions before its annual general meeting (AGM).

HG Metal Manufacturing

HG Metal Manufacturing said Friday its factory utilization rate has recovered to near pre-pandemic levels, but the rate is still being impacted by the progress of construction-site work, which sometimes faces slowdowns due to worker shortages.

In 2020, the factory utilization rate was around 30 percent below normal as Singapore’s construction industry was badly hit by the Covid pandemic, with the suspension of most construction activity in the second and third quarters of that year, HG Metal Manufacturing said in a filing to SGX Friday with answers to shareholders’ questions before its annual general meeting (AGM).

Parkson Retail Asia

Parkson Retail Asia is reviewing its Vietnam operation and its one remaining store in the country, the department store operator said in response Friday to a query from SGX about whether the group can operate efficiently in the country with only one location.

When queried on its collaboration with Muji, Kohnan and Uniqlo at the Vietnam location, Parkson Retail Asia said it has a long-term lease with the three retailers, with a substantial portion of the store rented to the brands for their flagship outlets in the country.

“The current store, namely Saigon Tourist Plaza, is located at a strategic location in Ho Chi Minh City and this collaboration is also a co-branding strategy wherein both parties would be able to complement each other in the long run,” the company said.

Hotel Properties Ltd.

Hotel Properties Ltd. said Friday its Maldives properties were operating “well above pre-Covid levels” in 2021.

“We are cautiously optimistic that this trend will continue into 2022,” the company said in a filing to SGX Friday with answers to shareholders’ questions before its annual general meeting (AGM).

For the Paddington Square property, Hotel Properties said leasing interest for office space there is strong, with some signed and the remaining in the final stages of negotiation. The retail and leisure space is being “filled up progressively,” the company said, noting the retail leasing is expected to lag the office leasing as the project is being opened in phases.