SG briefs: IFAST, Nordic, City Developments, DISA

Market movement charts. Photo by Adam Smigielski on UnsplashMarket movement charts. Photo by Adam Smigielski on Unsplash

Singapore company briefs: DISA, City Developments’ CDL Investments New Zealand, iFAST Corp., and Nordic Group.

iFAST Corp.

IFAST Corp.’s growth in China has been slower than the company expected, with the move toward profitability taking longer than expected, with higher overall competition than in other markets, and thinner margins, the wealth management platform said in a response to shareholder questions at the annual general meeting (AGM) in late April, according to the minutes filed to SGX Tuesday.

In addition, China’s market has been under “tremendous stress,” with China’s stocks, especially those listed outside the mainland, Lim Chung Chun, chairman and CEO, said, according to the filing.

“Despite that, we strongly believe that going forward, the China business continues to have a lot of potential in the China market, and the numbers for 1Q2022 did not suggest that the company does not have a future in the China market,” Lim said.

Nordic Group

Nordic Group‘s wholly owned subsidiary Avitools Singapore has entered a non-binding term sheet to acquire all of precision machining company Eratech from Koh Hang Meng and Lai Foong Mee for S$10 million, the company said in a filing to SGX Tuesday.

“In line with the group’s strategy to acquire new businesses in order to increase its range of products and services as well as penetrate new markets, the proposed acquisition presents the opportunity for the group to widen its range of products and services as well as to tap into new customers in the precision engineering sector, thereby expanding its customer base,” Nordic said.

City Developments’ CDL Investments New Zealand

City Developments’ CDL Investments New Zealand is expected to be profitable in 2022, but the company will face external economic pressures, Managing Director BK Chiu said at the annual general meeting (AGM), according to remarks filed to NZX and SGX Tuesday.

“All of the data we have points to a market that is softening with prices coming off historic highs as mortgage rates increase once again. We expect those conditions and pressures to remain throughout this year,” he said. “While we may see some slowing down in sales tempo, we still expect to see strong demand from our developments in Auckland and Canterbury this year.”

CDL Investments New Zealand is majority owned by New Zealand-listed Millennium & Copthorne Hotels New Zealand, which is around 71 percent owned by City Developments.

DISA

DISA‘s indirect subsidiary Digital Life Line has received the CE-IVD (In-Vitro Diagnostic) mark for its PASPORT GOLD SARS-CoV-2 ART test kit, indicating it can be sold in the European Union, the company said in a filing to SGX.

“Receiving the CE-IVD mark is a major commercialisation milestone for DLL and with that we are looking to launching PASPORT ART kit in the EU in the third quarter of this year,” Eddie Chng, managing director and CEO of DISA, said in the statement.

“The PASPORT GOLD SARS-CoV-2 ART kit overcomes the reliability issue with saliva-based testing, which allows for wider adoption of an affordable and convenient sampling method to encourage more frequent testing for early diagnosis and reduce the burden at the hospitals,” he added.