Corporate digest

HRnetGroup

The recruitment company posted a net profit of S$46.9 million for its full-year ended Dec 31, 2020, down 9.2 per cent from the year-ago period.

Meanwhile, revenue increased 2.4 per cent to S$433 million in FY2020. This is a record high for the group, it said in a bourse filing on Tuesday.

For the full year, earnings per share stood at 4.67 Singapore cents, compared with 5.13 Singapore cents the previous year.

The group said it is "cautiously optimistic of the outlook for 2021 and remains vigilant to make necessary adjustments to thrive in the new norm".

Mary Chia Holdings

The group on Monday entered into a conditional debt capitalisation agreement (DCA), for the proposed debt conversion and issue of conversion shares of the aggregate debt into 25.5 million new shares, at a conversion price of S$0.15 per conversion share.

The parties involved in the agreement are Ho Yow Ping, Chia Ah Tow and JL Asia Resources.

In a bourse filing on Tuesday, the group said that as at March 1, it owed a total of S$3.83 million to them.

The conversion price of S$0.15 represents a 6.7 per cent discount of the weighted average price of Mary Chia's shares of S$0.1607 on March 1.

Mary Chia said that it had decided to enter the DCA in view of the group's poor financial performance and uncertainties brought about by the Covid-19 pandemic to its Singapore and Malaysia operations.

The proposed debt conversion will be subject to shareholders' approval at an extraordinary general meeting for the allotment and issue of the conversion shares.