Corporate digest

Keppel Corporation

KEPPEL Telecommunications and Transportation (Keppel T&T) will sell its entire stake in Keppel Logistics to Geodis International SAS for some S$80 million, Keppel Corporation announced on Thursday (Mar 31).

The proposed divestment is in line with Keppel Group's 2030 plans to simplify and focus its business, and is expected to take place in the second quarter of this year, the company said in a bourse filing.

Following its completion of the sale - which, it noted, is still conditional upon the receipt of approval from the applicable regulatory authorities, among other things - Keppel Logistics will cease to be a subsidiary of the company, Keppel stated.

Low Keng Huat (Singapore)

THE mainboard-listed builder sank deeper into the red in the fiscal second half from a year ago, its latest financials released on Thursday showed.

Net loss for the 6 months ended Jan 31, 2022 stood at S$4.3 million, compared with a net loss of S$3.1 million posted the same period a year ago.

The results translate to loss per share of 0.58 Singapore cents, against loss per share of 0.43 Singapore cents in the preceding half. Its net profit for the full financial year fell to S$20.8 million from S$48.7 million in the year-ago period.

Wing Tai Holdings

THE company announced that its unit has bought the remaining 50 per cent interest in its freehold properties in Melbourne, Australia for A$49.4 million (S$50.1 million).

The properties are 464-466 St Kilda Road and units 112-218, 23 of Brooklands Car Park on Queens Road.

In 2018, Wingspring Trust, a subsidiary of Wingspring Investment, had jointly acquired them with Abacus 464 St Kilda Road Trust for A$95.4 million as tenants in common in equal shares.

The consideration for the acquisition, which was paid in cash, was arrived at on a willing-buyer and willing-seller basis, Wing Tai said.