Corporate digest

Global Testing

THE board of directors of Global Testing Corporation is proposing a dividend of S$0.10 per share. It is also proposing a round of capital reduction and cash distribution, both at S$0.10 per share, the board said in a filing to Singapore Exchange on Friday.

An extraordinary general meeting will be convened to seek shareholders' approval for the dividend, and the capital reduction and cash distribution exercises. For the capital reduction exercise, it is looking to reduce the issued and paid-up share capital of the company by S$3.53 million, or S$0.10 per share, to S$50.19 million. The number of issued shares is unchanged.

SMRT Corporation

PLANS for board renewal at SMRT Corporation have been shelved, as the public transport operator looks to transit to a new rail financing framework in the coming financial year. "In the coming year, the planned transition to the new rail financing framework will need the board's closest attention. Board continuity is important at this stage so we have decided to defer the planned board renewal," said chairman Koh Yong Guan in the company's annual report for financial year 2016 that was released on Friday.

The Nominating Committee has nominated and recommended that board members Patrick Ang Peng Koon, Yap Kim Wah, Peter Tan Boon Heng and Moliah Hashim retire, it said. "All of them, being eligible for re-election, have offered themselves for re-election" at the forthcoming annual general meeting in July, the report noted.

Lafe Corporation

LAFE Corporation, whose operations comprise property investment, property development, property agency and consultancy services, said on Friday it has been placed on Singapore Exchange's watch-list with effect from Friday. This follows the notice of three consecutive years' losses released by the company on April 6, 2016, said Lafe.

The company will have to fulfil the requirements under Rule 1314 of the SGX-ST Listing Manual for its removal from the watch-list within 36 months, failing which the bourse would delist the company or suspend trading of its shares with a view to delisting the company, Lafe said.