THE following companies saw new developments that may affect trading of their securities on Monday (Aug 29):
CHINESE electric vehicle maker Nio has substantially completed its independent internal review and concluded that allegations made in a report by short-seller Grizzly Research were “not substantiated”, it said in a bourse filing on Friday (Aug 26).
The short-seller claimed on Jun 28 that Nio had been “playing Valeant-esque accounting games” to inflate its revenue and boost net income margins. It also said that Nio was likely using an unconsolidated related party to exaggerate the group’s revenue and profitability, among other allegations.
HOTEL group Shangri-La Asia reported a net loss of US$158.2 million for the first half of FY2022, marking 2 consecutive years of net losses since the Covid-19 pandemic hit the hospitality industry.
In a bourse filing on Friday (Aug 26), the company reported that its net loss for the period ending June 30, 2022 went up by 164.5 per cent from a net loss of US$59.8 million for the same period a year ago.
FRASERS Property is exercising its call option to redeem all S$350 million of its 3.95 per cent of its fixed-rate subordinated perpetual securities.
They will be redeemed at par with interest accrued on the first reset date on Oct 5, 2022.
The securities were priced and issued in September 2017 under the group’s S$5 million multicurrency programme.
HEALTHCARE provider Thomson Medical Group on Monday (Aug 29) posted a 572.7 per cent jump in net profit for the second half of 2022, on the back of revenue growth as a result of a rise in patient loads and higher average bill sizes.
The group also announced the resignation of chief executive Wong Chiang Yin, who is leaving to pursue personal interests. His last day will be on Sep 30. The board said it has identified a potential successor to Dr Wong and will be making an announcement at an appropriate time, it said in a press statement.
SEMICONDUCTOR play Micro-Mechanics said in a bourse filing on Saturday (Aug 27) that it achieved its “highest-ever” quarterly results for the 3 months ended Jun 30 as net profit leapt 22.7 per cent to S$5.9 million, from S$4.8 million a year ago.
This came as revenue grew 14.8 per cent in the quarter to S$22 million, from S$19.1 million a year earlier, amid a 46.5 per cent jump to its US sales to S$5.6 million, and a 6.9 per cent jump to its sales in China, its largest market, to S$6.4 million.
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