Corporate digest

Global Yellow Pages

GLOBAL Yellow Pages said on Wednesday that a writ has been served on the company and its subsidiary, Singapore River Explorer Pte Ltd, by Leisure Empire Pte Ltd in Singapore's High Court.

The writ of summons was served on July 7, 2015. Leisure Empire is claiming S$150,000 in damages in lieu of written notice for the termination of a service agreement dated Dec 1, 2012, and S$50,000 a month in damages for the subsistence of the agreement. It is also seeking damages for loss of profits to be assessed. Global Yellow Pages said it intends to rigorously defend its position and has referred the matter to its legal counsel.

STATS ChipPAC

STATS ChipPAC on Wednesday said it expects the unaudited consolidated net revenues of the group for the second quarter of this year to be about 15-17 per cent lower compared to the same period a year ago. It will also be about 6-8 per cent lower compared to the first quarter of the year.

"This decline in net revenues reflects the generally sluggish demand in semiconductor industry, particularly from smartphones sales in emerging market, product transition in the high-end smartphones segment, and weaker demand from the personal computer segment," it said in a statement. China's Jiangsu Changjiang Electronics Technology Co (JCET) will be buying out the company with the intention of taking it private.

JCET is one of the largest Chinese electronics packaging service providers listed on the Shanghai stock exchange. It is ranked sixth in the global semi-conductor packaging and testing industry and first in China in 2014.

OCBC Bank

FITCH Ratings has assigned Singapore-based OCBC's US$100 million one-year floating rate notes due June 2016 a rating of "AA-", it said on Wednesday. The notes were issued under OCBC's US$10 billion global medium-term note programme.

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