Corporate digest

Yangzijiang Shipbuilding

YANGZIJIANG Shipbuilding's first quarter net profit rose 38 per cent to 824.1 million yuan (S$166.7 million), from 595.1 million yuan a year ago. This comes on the back of an increase in vessels delivered and higher volume of trading activities. Revenue for the group was up 27 per cent to 6.29 billion yuan, from 4.96 billion yuan the year prior.

China Everbright Water

CHINA Everbright Water has priced its Hong Kong public offering at HK$2.99 apiece. The total share value on offer stands at about HK$311 million (S$54 million), for around 104 million shares. Previously, it launched its public offer at between HK$2.99 and HK$4.35.

After market close, the company said it secured a project commanding an investment of about 560 million yuan (S$113.3 million) in Ji'nan City, in China's Shandong Province.

Courts Asia

THE furniture and electronics retailer will delist from the Singapore Exchange with effect from 9am on May 3, after losing its free float status.

The delisting will take place following the completion of Japanese electronics retailer Nojima Asia Pacific's compulsory acquisition of all the remaining shares of the company from shareholders who did not accept its offer of S$0.205 per share.

Fortress Minerals

THE iron ore producer rebounded to a net profit of US$4.9 million for its financial year ended Feb 28, 2019, from a loss of US$411,393 in the prior year.

For the first quarter of FY2020, the board has declared a one-tier first interim dividend of 0.16 Singapore cent per share for FY2020, amounting to S$800,000. This dividend is in addition to the group's intention to further declare dividends of not less than 15 per cent of its net profit after tax for FY2020.

Singapore Airlines, SATS

THE national carrier and groundhandler have renewed a suite of aviation services contracts for the next five years, with an option to extend for a further five years.

SATS' contracts with SIA and the latter's regional arm SilkAir commenced on April 1. It covers inflight catering and cabin handling, passenger and ramp handling, cargo handling, aircraft interior cleaning, aviation security and laundry services. The renewed aviation security contract will also see the provision of aviation security services for Scoot.

LMIRT

GOUW Vi Ven, the chief executive officer (CEO) of the manager Lippo Malls Indonesia Retail Trust (LMIRT), will step down from her role with effect from May 1. The real estate investment trust's (Reit) manager has appointed deputy CEO Liew Chee Seng James to take over as CEO.

Ms Gouw will remain as part of the Reit's board as an executive director.

CSE Global

THE systems integrator will, from May 1, have an investment committee to assist the company's board with reviewing and evaluating major investments and strategic initiatives. This brings the number of board committees that CSE Global has to four.