Corporate digest

Singapore Airlines (SIA)

THE extraordinary general meeting (EGM) for SIA shareholders to vote on its S$15 billion debt and equity capital raising will take place on April 30 at 11.30am.

Shareholders will be able to either watch the proceedings via a live webcast or listen in via a live audio feed. They can also submit questions in advance and/or vote by proxy at the meeting.

Those who wish to tune in to the webcast on their mobile phones, tablets or computers or the audio feed via telephone, must preregister by 11.30am on April 27.

The airline proposed a renounceable rights issue comprising a three-for-two issue of shares to raise S$5.3 billion and an offering of up to S$3.5 billion worth of 10-year mandatory convertible bonds (MCBs). The cash call also includes a further issue of up to S$6.2 billion in additional MCBs.

Japfa

JAPFA on Wednesday said it will sell a 25-per-cent stake in its subsidiary to Japanese conglomerate Meiji for US$254.4 million in cash. In addition, the subsidiary will get to supply raw milk to Meiji on a five-year rolling basis, renewable annually.

The subsidiary, AustAsia Investment Holdings, operates Japfa's dairy-farming business in China. Japfa said the move is in line with its plans to grow AustAsia into the largest independent raw milk producer in China.

Japfa stands to gain US$37 million from the proposed transaction, which it intends to use to repay a US$253-million term-loan facility.

Far East Group

The group, which is in the refrigeration and air-conditioning business, slid into the red with a S$1.4 million net loss for FY2019, a reversal from its S$25.7 million net profit a year ago.

Other operating income fell 91 per cent year on year to S$2.9 million, mainly due to one-off gains in FY2018.

Far East also expects the Covid-19 pandemic to have a negative impact on the current year's performance, and would not rule out cutting salaries and other expenses.