Corporate digest

Yongnam Holdings

A WHOLLY-OWNED subsidiary of Yongnam Holdings is buying three parcels of industrial land in Johor for RM46.7 million (S$15.6 million) to move its factory operations there. The group said it has been experiencing higher fabrication labour costs at its Singapore factory over the years, and intends to move most of its factory operations to Malaysia. The purchase will be funded with internal resources and bank borrowings, according to Yongnam.

Lippo Malls Indonesia Retail Trust

LIPPO Malls Indonesia Retail Trust has obtained unsecured term loan facilities of up to S$350 million, with an option to expand this by a further S$70 million through a greenshoe option.

The two separate loans of S$175 million each will be used for the acquisition of certain properties, the refinancing of the trust's existing debt obligations and other purposes that the trustee and its lenders may agree on.

Eu Yan Sang

EU Yan Sang's net loss for its fourth quarter ended June 30, 2016, has widened. In its financial results released on Monday, it posted a net loss of S$14.1 million, from a net loss of S$3.6 million a year ago.

This was despite the traditional Chinese medicine group reporting a slight 2-per-cent increase in revenue to S$73.5 million, which was mostly due to higher wholesale revenue in Hong Kong. The lower earnings were due to lower "other operating income" (down 28 per cent to S$845,000), higher impairment loss on property, plant and equipment, intangible assets and other assets (of S$6.8 million versus S$417,000 a year ago) and a 94 per cent drop in fair value gain on investment properties to S$388,000.

Maritime and Port Authority

THE Maritime and Port Authority (MPA) of Singapore will help Singapore-listed maritime companies to pay for half of the costs of producing sustainability reports, the regulator announced on Monday. MPA will co-fund half of the qualifying costs for the reports, capped at S$50,000 per company. The funding for the first 10 approved applications will be on a reimbursement basis.

Singapore Exchange's new sustainability reporting rules require listed companies to publish sustainability reports for financial years that end on or after Dec 31, 2017. Companies that take part in the MPA co-funding scheme will have to publish their sustainability reports before Dec 31, 2017.