Corporate digest
OUE C-Reit
OFFICE space landlord OUE Commercial Real Estate Investment Trust (OUE C-Reit) on Monday said its board of directors has agreed to a voluntary 10 per cent fee cut in light of the escalating Covid-19 situation. The fee cut will apply to directors' fees accrued in respect of the financial year ended Dec 31, 2019, the Reit's manager said in a bourse filing.
Former directors Lim Boh Soon and Jonathan Miles Foxall will be excluded from the fee cut as they had stepped down from the board on Sept 17, 2019, it added.
ComfortDelGro
COMFORTDELGRO Group's board and senior management will take a voluntary cut in directors' fees and pay, respectively, amid the Covid-19 crisis. Directors of the group's three listed companies - ComfortDelGro, SBS Transit and Vicom - will have their directors' fees cut by 20 per cent until the end of the year.
Managing director and group chief executive Yang Ban Seng will take a 15 per cent pay cut, while all senior management ranked vice-president and above will see a 10 per cent salary reduction. The cuts will be effective from April 2020 and will be reviewed at the end of June.
MindChamps PreSchool
MINDCHAMPS PreSchool has entered into a joint venture (JV) with global investment firm Foundation Corporation to establish a fund which will acquire preschools in the Gulf Cooperation Council (GCC) countries and operate them under the MindChamps brand.
Called the GCC PreSchool Fund, the fund will seek to raise an initial tranche of around US$50 million to US$100 million from the offering and sale of limited partnership interests to the fund's limited partners.
It is also intended to have an initial term of six years, the preschool operator said in a regulatory filing on Monday.
Thakral Corp
MAINBOARD-LISTED Thakral Corporation has acquired 4.5 hectares of prime land in New South Wales, Australia, through its GemLife joint venture. The land will be developed into a lifestyle resort for the over-50s, expanding GemLife's portfolio to eight resorts.
GemLife has committed about A$6 million (S$5.23 million) to the resort, named GemLife Tweed Waters, which will comprise 97 homes upon completion. This will bring the total number of residences in the pipeline in the company's portfolio to over 1,900.
