SG briefs: Grab and Singtel, Raffles Education, StarHub, KSH

A Grab motorcycle rider picking up a passenger. Photo by Afif Kusuma on UnsplashA Grab motorcycle rider picking up a passenger. Photo by Afif Kusuma on Unsplash

Singapore company briefs: Raffles Education, Grab and Singtel, KSH Holdings and StarHub.

Grab and Singtel

A consortium led by ride-hailing player Grab and including Singtel and group of Malaysian investors, including Kuok Brothers, has won a full digital banking license in Malaysia, the companies said in a filing to SGX Friday.

The digital banking joint venture between Grab and Singtel, called GXS Bank, will hold 55.45 percent of the proposed Malaysian digital bank, the filing said.

“We will leverage the consortium’s combined strengths, including our technology expertise, data from highly engaged consumers using everyday services, experience providing financial services across Southeast Asia, and deep understanding of the Malaysian market, to redefine the banking experience for underbanked Malaysians and improve their economic outcomes – small businesses will have access to growth capital, and individuals the opportunity to dream bigger,” Reuben Lai, senior managing director for Grab Financial Group (Digibank), said in the statement.

Raffles Education

Raffles Education said Saturday it now expects a response after 15 May from Affin Bank over the loan facilities provided to the company’s wholly owned subsidiaries Raffles K12 and Raffles Iskandar.

“The company continues to be in discussion with Affin Bank on the revised terms for settlement of the balance outstanding debts owed by the borrowers under the Affin Bank facilities,” Raffles Education said in a filing to SGX.

Read more: Raffles Education: CAD to arrest certain directors, including Chairman Chew, in Affin Bank investigation


StarHub reported Friday its first quarter net profit fell 2.6 percent on-year to S$29.7 million on revenue of S$512.7 million, up 5.3 percent on-year. Service revenue increased in the mobile, broadband, entertainment and enterprise segments, the telco said in a filing to SGX.

The quarter also marked the first consolidation of the HKBN JOS Singapore and Malaysia businesses after the acquisition was completed in early January, StarHub said.

Earnings before interest, taxes, depreciation and amortization (ebitda) margins were lower in the quarter due to higher operating expenses from staff, occupancy and investments, the telco said.

KSH Holdings

KSH Holdings said Friday that a Beijing court has issued a judgement against the company’s indirect 45 percent-owned associated company Beijing Jin Hua Tong Da Real Estate Development (BJJHTD) for CNY113.2 million, or around S$24.2 million, payable to Beijing Xing Long Cheng Real Estate Development (XLC).

XLC was BJJHTD’s joint venture partner for the Liang Jing Ming Ju residential property development project in Beijing, in which XLC held a 25 percent interest, and BJJHTD held the remainder, KSH said in a filing to SGX. The joint venture was ceased after the project’s phases one to three were completed, with BJJHTD developing phase four on its own, the filing said. The judgement relates to XLC’s claim of a 25 percent share in phase four, KSH said.

BJJHTD has filed an application to appeal and seek a retrial, KSH said.