The following companies saw new developments that may affect trading of their securities on Tuesday (Jan 10):
Olam (VC2): Olam Group has outlined plans to list Olam Agri, its agribusiness unit, as early as H1 2023, it said on Tuesday (Jan 10).
The move will result in a primary listing in Singapore, a concurrent one in Saudi Arabia, and a demerger of Olam Agri and Olam Group through a distribution in specie of shares in Olam Agri to shareholders.
If the transaction goes through, Olam Agri’s initial public offering (IPO) will be the first dual-listing for a company on both the Singapore and Saudi Arabia stock exchanges and the first-ever listing in Saudi Arabia for a non-Gulf Cooperation Council incorporated business, Olam Group said in a press statement.
Tan Chong (T15): Auto dealer Tan Chong International on Monday (Jan 9) said that it expects to post an unrealised loss of HK$222 million (S$37.9 million) for the financial year ended Dec 31, 2022. The loss is not expected to be reclassified to the group’s consolidated statement of profit or loss.
Over the same period a year ago, the company posted an audited unrealised loss of HK$170 million.
“The loss is due to share price changes of its listed investments, which are marked to market and therefore unrealised,” the company said.
Sats (S58): Proxy adviser ISS Governance said that Sats shareholders should approve the proposed acquisition of air cargo handler Worldwide Flight Services (WFS) as it considers the deal an “effective investment opportunity.
In its report published Jan 5, ISS noted WFS’ expertise in the cargo handling industry, handling services and expansive global network as factors for supporting the deal.
Civmec (P9D): Construction and engineering services provider Civmec announced on Monday (Jan 9) that it has secured a A$330 million (S$304 million) contract for mining company Rio Tinto’s Western Range Project.
The iron ore project, located at the Paraburdoo site in the Pilbara region of Western Australia, will include the construction of a new Run of Mine (ROM) pad, primary cruising facility, overland conveyancing circuit, as well as modifications to the coarse ore stockpile and downstream conveying system.
Civmec added that the package of works will utilise most of the company’s in-house capabilities.
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