Corporate digest

Published Wed, Feb 3, 2021 · 05:50 AM

Keppel Corp

KEPPEL Corporation's asset-management arm has launched a China logistics property fund together with a global institutional investor, with an initial total equity commitment of around 1.4 billion yuan (S$288.8 million).

According to the exchange filing on Tuesday, the fund, which will invest in "developing high-quality logistics assets in key logistics hubs in China", will have an option to upsize by a similar amount by the end of this year.

The fund will be Keppel Capital's inaugural China-focused logistics property fund, with wholly-owned subsidiary Keppel Capital China (SG) serving as the fund's investment manager.

Shares of Keppel Corp closed at S$5.10 on Tuesday, up 4.1 per cent or S$0.20, before the announcement.


Sunpower Group

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ENVIRONMENTAL solutions company Sunpower Group said on Tuesday that it has won a 141 million yuan (S$29.1 million) manufacturing and services contract from an existing customer in the polycrystalline silicon industry.

It will supply core equipment for its customer's project. Delivery is expected to be completed in 2021. The new contract is expected to have a positive impact on the group's performance for FY2021.

Sunpower's shares closed two Singapore cents or 2.21 per cent higher at S$0.925 on Tuesday.


CFM Holdings

METAL-STAMPING firm CFM Holdings expects to record a higher net loss for the half-year ended Dec 31.

This is due to a decline in gross profit margin, it said in a filing to the Singapore Exchange on Tuesday.

Its net loss is expected to widen in the first half of FY2021 compared to the same period a year before due to an increase in cost of sales from minimum-order requirements for material purchases, tooling and tooling material purchases, higher direct labour costs as well as sub-contract services for its metal stamping operations, it said.

The counter closed at 3.8 Singapore cents on Tuesday, down 0.4 cent or 9.52 per cent, before the announcement was made.


Japfa

AGRI-FOOD company Japfa completed the disposal of 80 per cent interest in Greenfields Dairy Singapore (GDS) on Tuesday, it said in an exchange filing on Tuesday.

Japfa said it intends to utilise part of the consideration received to pay a special interim dividend of S$0.10 per share. Japfa had in December announced its intention for the special interim dividend, but said that further details on the dividend, if declared, would be announced only after completion.

Japfa shares closed at S$0.91 on Tuesday, up 1.7 per cent or 1.5 Singapore cents, before the announcement.

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