Corporate digest
Tuan Sing Holdings
TUAN Sing Holdings' net profit slumped 73 per cent to S$31.4 million for the fourth quarter ended Dec 31, 2019. The group recorded a fair value adjustment of S$34.1 million, a plunge from S$113.2 million a year ago, mainly due to a decrease in fair value gain from the revaluation of investment properties. The higher revaluation of investment properties in 2018 was due mainly to the fair value gain from 18 Robinson, which was deemed completed in 2018.
Revenue rose 11 per cent to S$92.3 million due to higher revenue from the property segment, partially offset by lower revenue from hotels investment and industrial services segments. Earnings per share was 2.6 Singapore cents, lower than a restated 9.8 Singapore cents a year ago.
The group has declared a first and final one-tier tax exempt dividend of 0.6 Singapore cent per share for the financial year ended Dec 31, 2019. The dividends will be paid on June 25, 2019.
Koh Brothers Eco Engineering
KOH Brothers Eco Engineering is exploring the possibility of spinning off its majority-owned indirect subsidiary Oiltek and listing it on either the Catalist board of the Singapore Exchange (SGX), or on Bursa Malaysia's ACE Market.
Koh Brothers Eco Engineering's shareholding in Oiltek is about 80 per cent. Oiltek's wholly-owned subsidiary Oiltek Nova Bioenergy will also be spun off for the proposed listing.
The spun-off entity has based its operations in Malaysia, and is involved in the engineering, procurement, construction and commissioning of edible oil refining plants. It is also involved in the designing, building and supplying of biogas recovery plants to palm oil mill effluent plants, and provides its services to global clients spanning 32 countries.
CDL Hospitality Trusts
CDL Hospitality Trusts' (CDLHT) stapled securityholders have voted in favour of its two proposed hotel deals.
Securityholders approved the proposed redevelopment of Novotel Singapore Clarke Quay, with 99.9 per cent of total votes in favour. The resolution on the potential acquisition of W Singapore in Sentosa Cove was approved as well, with 99.28 per cent of total votes in favour.
UOL Group
UOL Group has entered into an agreement to buy a 154-room hotel in Jakarta, Indonesia from PT Success Venture Hotel Investments for US$50 million.
The hotel, which is under construction and will be managed by Pan Pacific Hotels Group (PPHG) in 2022, is located on levels 51 to 57 of Tower 2 of Thamrin Nine, an integrated development. The hotel has an estimated total semi-gross floor area of 135,377 square feet, and an extendable 30-year lease.
Design Studio
DESIGN Studio Group, which intends to undergo a court-supervised restructuring, said on Thursday that its chief financial officer (CFO) Lilian Tan Yin Yen has resigned. Ms Tan's notice period expires in mid-April 2020.
