SINGAPORE (THE BUSINESS TIMES) - The following companies saw new developments that may affect trading of their securities on Tuesday (March 24):
Singapore Airlines (SIA): The flag carrier on Monday announced a raft of aggressive cost-cutting measures to increase its liquidity following capacity cuts of 96 per cent. These include 20 to 30 per cent pay cuts for management, 30 per cent fee cuts for board members, and compulsory or voluntary no-pay leave for some 10,000 staff, including pilots. SIA shares fell $0.66 or 11 per cent to close at $5.36 on Monday.
Singapore Press Holdings (SPH): SPH, which publishes The Business Times, will not be going ahead with a C$232.9 million (S$244.5 million) acquisition of six senior housing properties in Canada due to "global market instabilities" caused by the Covid-19 pandemic, it said on Monday night. The media and property group had announced the proposed deal last month. SPH shares fell $0.16 or 8.8 per cent to finish at $1.65 on Monday.
DBS: The bank announced after trading hours on Monday that it is appointing ex-GIC stalwart Anthony Lim and former PepsiCo India marketing head Punita Lal to its board, effective April 1. These appointments are part of DBS' board renewal process, which will also see Nihal Kaviratne and Danny Teoh retiring on March 31. DBS shares fell $1.28 or 7 per cent to close at $16.88 on Monday.
BreadTalk Group: The food and beverage player on Monday night said it will reduce the executive pay of its employees temporarily amid the coronavirus outbreak. These include 30-50 per cent reductions in the pay of mainland China and Hong Kong staff, and 10-15 per cent cuts to the pay of middle management executives based in South-east Asian countries including Singapore. BreadTalk shares gained 0.5 cents or 0.7 per cent to 73.5 cents as at 9.02am on Tuesday.
SIIC Environment Holdings, Metech International: Mainboard-listed water treatment firm SIIC Environment has appointed Tang Congliang as chief financial officer. Meanwhile, Catalist-listed metal dealer Metech has appointed Clement Tay as its executive director and chief executive. On Monday, SIIC Environment shares closed down one cent or 4.9 per cent to 19.5 cents, while Metech shares fell 0.5 cent or 3.7 per cent to close at 13 cents.
Golden Energy and Resources: The mainboard-listed coal miner will not require shareholder approval for its A$70 million (S$59 million) investment in a joint venture to acquire a gold mine in Australia, it said on Monday. This comes after the Singapore Exchange had granted it a waiver, and Golden Energy's 86.9 per cent majority shareholder PT Dian Swastatika Sentosa had given its support for the acquisition. Golden Energy shares closed down one cent or 8.1 per cent to 11.4 cents on Monday.
UMS Holdings: The mainboard-listed precision engineering firm said on Monday that its factory in Penang will remain closed until March 31 in compliance with Malaysia's ongoing movement control order. This comes as it has not received approval from the Ministry of International Trade & Industry to continue operating during the restriction period. UMS shares closed down six cents or 9.6 per cent to 56.5 cents on Monday.
Frencken Group: The mainboard-listed equipment service provider said on Monday that it has received approval from the Malaysian authorities to continue its mechatronics manufacturing operations in Bangi, Selangor, amid Malaysia's ongoing movement control order. Shares of Frencken Group dipped one cent or 1.9 per cent to 52 cents on Monday.
Zico Holdings: The Catalist-listed professional services provider closed its business premises in Malaysia from March 18 to 31 in compliance with the movement control order, said the firm in a statement on Monday. It has since implemented a business continuity plan for its subsidiaries in Malaysia. Zico shares closed flat on Monday at 14.8 cents.
