To The Moon

SG Stocks Flag carrier Singapore Airlines (SIA) said that it is currently in confidential discussions with Tata Group to explore a potential transaction relating to securities of Vistara and Air India, a subsidiary of Tata. “The discussions seek to deepen the existing partnership between SIA and Tata, and may include a potential integration of Vistara and Air India,” the company said in a bourse filing on Thursday (Oct 13). SIA currently holds a 49 per cent equity interest in Tata SIA Airlines which operates Vistara, an Indian full-service airline based in New Delhi. Tata holds the remaining 51 per cent stake. SIA said that discussions are ongoing and no definitive terms have been agreed upon yet. It added that even if a transaction were to materialise, it would be subject to relevant regulatory approvals, among other matters. It also said that the establishment of Vistara in 2013 gave SIA Group a stake in India’s growing aviation sector, with domestic and international travel flows expected to more than double over the next 10 years. SIA shares closed flat at S$5.03 on Thursday, before the announcement was made. Stamford Land Corporation expects to record a net loss for the six months ended Sep 30, 2022. In a bourse filing on Thursday (Oct 13), the mainboard-listed company says the net loss is mainly attributed to foreign exchange losses and fair value loss on its investment property in London. The profit guidance is based on a preliminary assessment of unaudited consolidated management accounts of the group for the first half of its FY2023, which has not been reviewed by the audit and risk management committee of the company. Still, Stamford Land said that the group expects to record a gain on the previously-announced disposal of two properties in Sydney and Auckland in its unaudited consolidated management accounts in the six months ended Mar 31, 2023. Shares of Stamford Land closed flat at S$0.37 on Thursday, before the announcement was made. Metech International has announced the termination of their joint venture with Jurong Barrels & Drums Industries (Jurong BD). In April 2021, the two sides entered into a joint venture agreement to establish a joint venture company, to be incorporated in Singapore. This company was supposed to explore the provision of environmental services globally, with an immediate focus on water treatment in China. Metech was supposed to have a 70% stake in the JV company, with Jurong BD holding the remaining 30%. The JV company would have an issued and paid-up share capital of $100,000. At the time of the JV agreement, Metech disclosed that Jurong BD specialises in the revitalisation and reconditioning of steel and plastic drums, and had started various investments in wastewater treatment projects in Singapore and China. Jurong BD’s controlling shareholders and management have had a long-standing business relationship with Metech’s principal shareholders and management, after having traded with each other in the metal recycling industry for many years. Metech says that as of Oct 13, the JV company has yet to be incorporated, as no definitive service agreement with any third party has been secured. As such, the termination agreement is not expected to have any material financial impact on the net tangible assets and earnings per share of Metech for its financial year ending June 30, 2023. None of Metech’s directors, controlling shareholders or substantial shareholders of has any interest in this termination, save for their shareholdings in Metech. Shares of Metech closed at 13 cents on Oct 13, down one cent or 7.14% lower than its previous close.