FJB's senior management takes 70% pay cut, seeks S$39m cash call
But cost savings from pay cuts may not amount to much; rights cum warrants issue is firm's first fund raiser since 2002
Singapore
IN a move that reflects the tough times facing retailers here, the senior management of one of Singapore's prominent luxury fashion retailers, FJ Benjamin (FJB), has taken a further 40 per cent pay cut on top of an earlier 30 per cent to speed up its recovery.
The loss-making retailer, which has been on the Singapore Exchange watch-list since December 2016 for sustaining pre-tax losses for more than three consecutive financial years, is also looking to raise up to S$39 million via a rights cum warrants issue - its first fund raiser since 2002. FJB has a three-year deadline from Dec 5, 2016 to meet SGX's listing requirements if it wants to stay listed.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance
Suntec Reit Q1 DPU down 13% to S$0.01511 in absence of capital distribution
US: Wall St opens lower as Meta Platforms, economic data weigh
Sheng Siong Q1 net profit up 9.3% on higher revenue