Corporate digest

Singapore Exchange

SGX has enabled SingPass use to authorise transactions requiring a high level of security for Central Depository (CDP) services, it said on Monday. CDP began offering access to the national digital identity system, including transaction signing, from October 2020 for CDP Internet online services.

The move to offer SingPass access is part of a larger plan to bring all CDP customers on board CDP Internet - an online service which allows investors to access their investment portfolio, download e-statements and manage their securities-related activities.

Sembcorp Industries

THE 718 million rand (S$70 million) sale of Sembcorp Industries' (SCI) South African water assets may potentially be reversed as a result of legal proceedings. However, according to legal advice, the "prospects of this outcome are remote", SCI said on Monday. If the divestment is reversed, parties to the deal would have to reapply for the consent of the Mbombela local municipality.

In December 2018, SCI announced that its wholly-owned subsidiary Sembcorp Utilities (Netherlands) NV (SUNNV) had sold the entire stake in Sembcorp Utilities South Africa (SUSA) and the 100 per cent effective stake in Sembcorp Silulumanzi to South African Water Works.

The municipal consent is now being challenged in the South African High Court by a party who had made an unsuccessful bid to become a local minority shareholder in Sembcorp Silulumanzi. To protect its interests, SCI requested and was granted court approval for SUNNV and SUSA to be joined as parties to the proceedings.

Vibropower

A GROUP of shareholders failed to oust the board of power generator supplier Vibropower Corporation at an extraordinary general meeting (EGM) on Monday.

But one of nine resolutions allowing directors to issue shares or convertible securities, which was proposed by the company itself, was passed.

Requisitioning shareholder Alex Chng had, together with his cousin Lim Eng Tiong, attempted to boot out all of Vibropower's three directors, including the company's founder Benedict Chen, and then appoint himself and two others to the board.

But all the resolutions for removal and appointments garnered about 40.95 per cent of votes each, shy of the simple majority required to pass them. In contrast, the resolution for a proposed share issue mandate was voted in by 58.67 per cent of votes.