SG Equities Digest (Thursday, 04 July 2024)
Find updates of the following companies in the news in today's post: Centurion Corporation Ltd, Frasers Property Ltd, IREIT Global, Mercurius Capital Investment Ltd, Sats Ltd, and SingTel Ltd:
Centurion Corporation Ltd (SGX: OU8)
04 Jul 2024: Centurion-Lionrock (HK) Ltd, a 60%-owned subsidiary of Centurion Corporation, has leased 50 residential flats in Shek Wu Hui, Hong Kong, to be renovated into a 550-bed accommodation for workers, operational by October. The property will be managed under Centurion's Westlite brand, with the lease starting on 3rd July and expiring on 31 May 2030, with a 5-year renewal option.
Frasers Property Ltd (SGX: TQ5)
04 Jul 2024: Frasers Hospitality aims to expand its portfolio with 20 new properties over the next 4 years, including 9 already planned for in China and Vietnam within the next 2 years. The company is strengthening its international presence through collaborations with capital partners and third-party hotel operators, while leveraging its renowned hospitality excellence and recent partnerships, such as with Yotel in Japan to open the first Yotel hotel in Japan (in the 244-room hotel named Yotel Tokyo Ginza), to drive future growth.
IREIT Global (SGX: UD1U)
04 Jul 2024: IREIT Global has appointed Peter Viens as its new CEO, succeeding Louis d’Estienne d’Orves, who will assume a senior role at Tikehau Capital and move to Asia. Emilio Velasco, Tikehau Capital’s head of real estate in Spain and Portugal, will be the part-time CIO of IREIT Global, with these changes expected to take effect by Q1 2025, pending regulatory approvals.
Mercurius Capital Investment Ltd (SGX: 5RF)
04 Jul 2024: Mercurius Capital Investment announced it cannot hold its AGM for the fiscal year ending 31 Dec 2023, by the extended deadline of 29 Jul, due to unpaid fees to auditors and accountants, which have disrupted essential services. The company is seeking funding to resolve these issues and has applied for a waiver from SGX-ST to aid in repaying creditors and completing the FY2023 audit and annual report.
Sats Ltd (SGX: S58)
04 Jul 2024: Sats awarded its CEO, Kerry Mok, a remuneration of S$2.4 million for FY2024, marking a 27.9% increase from the previous year, as the company reported its first profit since the pandemic and benefited from its acquired cargo handler. The second highest-paid executive was Michael Simpson, CEO for Americas at Worldwide Flight Services, with a remuneration between S$2 million and S$2.25 million.
Singapore Telecommunications Ltd (SGX: Z74)
04 Jul 2024: Singapore Telecommunications (SingTel) and the National Trades Union Congress (NTUC) have signed an MOU to enhance connectivity for NTUC’s 1.3 million members, particularly youths and professionals. The five-year partnership includes Singtel investing over S$5 million to offer free or subsidised connectivity to 6,000 retrenched and lower-income NTUC members, alongside digital literacy training and exclusive product discounts.