Corporate digest
First Reit
FIRST Reit's distribution per unit for Q4 2019 was flat year on year at 2.15 Singapore cents. Rental and other income was 1.6 per cent lower at S$28.86 million due to lower variable rental component for its Indonesia properties, while net property and other income dipped 0.8 per cent to S$28.3 million. The distributable amount was 0.9 per cent higher at S$17.17 million. The payment date for the DPU is March 13.
For full year, rental and other income edged down 0.8 per cent year on to year to S$115.3 million, while net property and other income was 1.3 per cent lower at S$112.89 million.
Singtel
THAI-BASED Singtel associate Advanced Info Service (AIS) has been ordered by an Arbitral Tribunal to pay 31.07 billion Baht (S$1.37 billion), plus interest, to Thai telco TOT Public Company.
The interest of 1.25 per cent per month is to date back to Nov 30, 2015.
TOT's claim relates to alleged unlawful contract amendments dating back to 2001 and 2002 in a Cellular Mobile Telephone Service agreement between the two.
TOT had claimed for an additional payment of 62.77 billion baht as it maintained that certain amendments in the agreement resulted in the loss of benefit to TOT.
Mobile operator AIS said: "The company disagrees with such award for the reason that it was unlawful. Therefore, we are proceeding to submit the case to the Central Administrative Court for the revocation of the Arbitral Tribunal's award within 90 days after receiving the award."
It added that the dispute is not final and the company would take further legal action; hence the award does not impact its financial status, liquidity nor its ability to service debts.
Acromec
ACROMEC announced on Wednesday that it is currently in advanced discussions with an unrelated third party to conclude a potential material contract which involves the construction of a medical facility in Singapore.
It highlighted though that the talks are still ongoing, and that there is no certainty or assurance that the discussions will materialise into a definitive contract.
