Singapore companies in focus on Monday, 30 May 2022:
- Singtel rebuffs report of Bharti stake sale
- SPH REIT unitholders advised to accept Cuscaden Peak offer
- NutryFarm: Ex-CEO’s alleged durian deals may spur a legal stink
Others: OCBC, SMI Vantage, Stamford Land, Singtel and APAC Realty.
- Singtel rebuffed media reports suggesting it was considering selling part of its stake in Bharti Airtel.
- The independent financial advisor (IFA) has advised SPH REIT unitholders to accept Cuscaden Peak’s offer for the REIT, according to the circular filed to SGX Friday.
- Singtel reported Friday its net profit for the fiscal year jumped 252 percent on-year to S$1.95 billion on the divestment of its 70 percent stake in Australia Tower Network, compared with an exceptional loss in the previous year.
- The Monetary Authority of Singapore (MAS) has imposed additional capital requirements on OCBC Bank after its spotty response to phishing scams in December.
- APAC Realty‘s shareholders were advised against accepting the S$0.57 a share mandatory general offer (MGO) for the company, according to the independent financial advisor (IFA) letter included in the circular filed to SGX Friday.
- NutryFarm International is contemplating legal action against its former CEO Cheng Meng after receiving two settlement agreements alleging the company owes compensation of as much as CNY33.4 million, or S$6.8 million, for shortfalls in durian shipments, the durian supplier said in filings to SGX on Friday and Sunday.
- Stamford Land reported Friday its fiscal year net profit nearly quadrupled to S$31.87 million from S$8.25 million in the previous year.
- SMI Vantage reported Friday its net loss for the fiscal year narrowed to US$4.21 million, from a year-earlier net loss of US$5.38 million, as borders remained largely closed to travel into Myanmar.
- As the world begins to roll back pandemic restrictions, wallets are opening up — and watches are on consumers’ shopping lists.