Business briefing

Tan Chin Hwee joins SPH as independent director

SINGAPORE Press Holdings (SPH) has appointed Tan Chin Hwee, 43, as an independent director. Mr Tan will be a member of the Audit Committee as well as the Board Risk Committee. Mr Tan is the founding partner in Asia for alternative investment firm Apollo Global Management. Prior to that, he was a managing director at US hedge fund Amaranth. Mr Tan is also a non-executive director of Keppel Reit and a director of Lien Aid (Singapore) and KK Endowment Fund. He is a member of the Panel for Government Parliamentary Committee for Finance and Trade and Industry, as well as the new Advisory Panel for Volunteer Youth Corp of the Ministry of Culture, Community and Youth.

Albedo narrows FY2013 loss to $1.17m

ALBEDO reported a loss of $1.17 million for the 12 months ended Dec 31, 2013, versus a loss of $1.37 million in the previous financial year. Revenue declined 14.3 per cent year on year to $13.03 million while loss per share was 0.12 cent from a loss per share of 0.23 cent previously.

F&N EGM approves proposal to reduce capital

A PROPOSED capital reduction was wholly approved yesterday at Fraser and Neave's extraordinary general meeting. The issued share capital of the company will be reduced by some $606.86 million on the basis of $0.42 per share.

FSL Trust's Q4 hit by US$36.6m impairment loss

FIRST Ship Lease (FSL) Trust reported a loss of US$41.98 million for the fourth quarter ended Dec 31, 2013, widening from a loss of US$1.55 million in Q4 2012. This was due to a US$36.6 million impairment loss on vessels. Revenue dipped 3.6 per cent to US$23.19 million. Loss per unit was 6.41 US cents, from 0.24 US cent in Q4 2012. For FY 2013, the loss worked out to US$65.2 million from US$8.38 million previously, while revenue declined 15.2 per cent to US$89.99 million.