Corporate digest

Shopper360

CATALIST-LISTED marketing services company Shopper360 announced on Friday after trading hours that its group chief executive officer (CEO) Matthew Ho Weiern has resigned to focus on family commitments, effective on March 1, 2020.

He has been in his position for slightly more than two years, having been appointed to his role in January 2019. The duties of the group CEO will be carried out by Chew Sue Ann, who is executive chairman and group managing director of the company.

Parkway Life Reit

PARKWAY Life Reit on Friday said it is divesting its non-core industrial property in Japan known as P-Life Matsudo for a total consideration of 2.9 billion yen (S$36.8 million) to a real estate company in Japan. It is expected to recognise an estimated gain of about S$5.1 million, as Parkway Life Reit originally purchased the property at S$33.2 million in 2008. The divestment is also at 20.3 per cent or 490 million yen above the latest valuation of 2.41 billion yen of the property as at Dec 31, 2020, and 19.8 per cent above the book value.

Ezion Holdings

EZION Holdings on Friday said it will sell the Teras Conquest 7 liftboat for a cash consideration of US$13 million. The gain on disposal for the transaction for the nine-month period from Jan 1, 2020 to Sept 30, 2020 is US$650,000 after accounting for transaction costs.

Ezion said the disposal will allow the group to immediately reduce its outstanding liabilities via the partial repayment of secured bank loans.

Emerging Towns and Cities, Hong Lai Huat

PROPERTY developers Emerging Towns & Cities Singapore (ETC) and Hong Lai Huat Group are expecting to report losses for FY2020 ended December 2020.

ETC attributed the upcoming loss to a combination of the recognition of fair value losses on its investment properties at its Golden City project, as well as lower revenue recognised for the project's sales property units.

Hong Lai Huat cited the decline in revenue resulting from the adverse impact of the Covid-19 pandemic as a reason for the loss.