THE following companies saw new developments that may affect trading of their securities on Thursday (Mar 16):
Prudential: FOR the financial year ended Dec 31, 2022, Prudential’s profits from continuing operations attributable to shareholders fell 54 per cent to US$998 million, from US$2.2 billion in the previous year.
Profits from continuing operations in the company’s Indonesia segment fell the most, by 23 per cent to US$343 million, said Prudential on Wednesday (Mar 15).
Profits from continuing operations in Eastspring – the group’s asset management arm – slipped 17 per cent to US$260 million in FY2022.
CICT: CAPITALAND Integrated Commercial Trust’s (CICT) wholly-owned subsidiary CMT MTN has issued HK$755 million (S$130 million) worth of fixed rate notes to institutional or sophisticated investors.
The notes will mature on Mar 15, 2033, and will bear interest at a rate of 4.85 per cent per annum, payable annually in arrear.
Proceeds from the notes issue will be used to finance or refinance eligible green projects undertaken by CICT and its subsidiaries in accordance with the group’s green finance framework, the real estate investment trust (Reit) said on Wednesday (Mar 15).
Aspen: ASPEN Group on Wednesday (Mar 15) said its subsidiaries have settled out of court with Penang Development Corporation (PDC) over the party’s claim for a RM15 million (S$4.6 million) refund.
With the global settlement, the legal suits against Aspen Vision Land and Aspen Vision City in the High Court of Malaya at Penang, Malaysia will be withdrawn, the group said.
The group did not disclose any settlement sum, but said the agreement provides it an opportunity to avoid protracted legal proceedings with PDC and to focus the group’s resources on revenue-generating activities instead.
ValueMax: VALUEMAX Group’s significant loans and borrowings of S$610.5 million in the 2022 financial year caught the attention of the Singapore Exchange Securities Trading (SGX-ST), which asked why this increased by S$167.9 million from the previous FY.
The rise in loans and borrowings were reported earlier this month, against a 16.8 per cent drop in its earnings for the second half of 2022 to S$19.2 million, from S$23.1 million in the corresponding period in 2021.
Addressing its queries on Wednesday (Mar 15), the mainboard-listed company said the loans and borrowings were taken to mainly finance its pawning and moneylending businesses.
Boustead Projects: BOUSTEAD Projects on Wednesday (Mar 15) said there may not be a public market for shares in the company after the offer by Boustead Singapore to acquire its shares at S$0.95 apiece closes on Mar 27.
This was the company’s response to the Singapore Exchange Securities Trading (SGX-ST), which had asked what will happen to the shares held by public shareholders in the event that the shareholding interest of Boustead Singapore and its concert parties exceeds 90 per cent. The question was posed as the listed acquirer is unable to avail itself to the rights of compulsory acquisition.
Boustead Projects said that it was already set out in the independent financial adviser’s (IFA) letter that shareholders who do not accept the offer will hold shares in the company, which may be suspended from trading on the SGX-ST.
Alpina: ENGINEERING services company Alpina Holdings has entered into a non-binding term sheet to take over Wan Dormitory for S$24 million.
Back in 2016, the property at 180 Woodlands Industrial Park E5 was disposed of by Oriental Group, which has since delisted, for S$24.2 million to alleviate its financial woes.
On Wednesday (Mar 15), Alpina said it is looking to acquire the property as there is a shortage of dormitories in Singapore, and the group has faced difficulties in expanding its foreign worker strength due to the lack of available dormitories.
