Davis Commodities Limited Announces Results of Extraordinary General Meeting
1. As a special resolution, the re-classification and re-designation of the authorised share capital of the Company of US$100,000.11 divided into 232,500,000,000 ordinary shares with a par value of US$0.000000430108 each (the 'Ordinary Shares') as follows:
(i) all the authorized and issued and outstanding Ordinary Shares held by existing shareholders of the Company, except (a) the 15,056,700 Ordinary Shares held by Davis & KT Holdings Pte. Ltd. and (b) the 1,458,281 Ordinary Shares held by Mr. Lek Pow Sheng, Pauson, be re-designated and re-classified as class A ordinary shares with a par value of US$0.000000430108 each (the 'Class A Ordinary Shares') on a one for one basis; and
(ii) the 15,056,700 authorized and issued and outstanding Ordinary Shares held by Davis & KT Holdings Pte. Ltd. be re-designated and re-classified as 15,056,700 class B ordinary shares with a par value of US$0.000000430108 each (the 'Class B Ordinary Shares') and the 1,458,281 authorised and issued and outstanding Ordinary Shares held by Mr. Lek Pow Sheng, Pauson be redesignated and re-classified as 1,458,281 Class B Ordinary Shares; and
(iii) 232,472,014,356 authorized but unissued Ordinary Shares be re-designated and re-classified into 232,472,014,356 Class A Ordinary Shares with a par value of US$0.000000430108 each; and
(iv) the 3,485,019 authorized but unissued Ordinary Shares be re-designated and re-classified into 3,485,019 Class B Ordinary Shares with a par value of US$0.000000430108 each,
in each case having the rights and subject to the restrictions set out in the Amended M&A (as defined below) to be adopted, and following which the authorized share capital of the Company shall be US$100,000.11 divided into 232,480,000,000 Class A Ordinary Shares and 20,000,000 Class B Ordinary Shares, with the power for the Company, insofar as is permitted by law, to redeem or purchase any of its shares and to increase or reduce the said share capital subject to the provisions of the Companies Act (As Revised) and the Articles of Association of the Company and to issue any part of its capital, whether original, redeemed or increased, with or without any preference, priority or special privilege or subject to any postponement of rights or to any conditions or restrictions; and so that, unless the conditions of issue shall otherwise expressly declare, every issue of shares, whether declared to be preference or otherwise, shall be subject to the power hereinbefore contained.
(the 'Alteration of Share Capital', and the proposal, the 'Alteration of Share Capital Proposal')
2. As a special resolution, the adoption of the third amended and restated memorandum and articles of association of the Company (the 'Amended M&A') in substitution for the existing memorandum and articles of association of the Company (the 'Amendment to the M&A', and the proposal, the 'Amendment to the M&A Proposal') as follows: 'IT IS HEREBY RESOLVED, as a special resolution, that, subject to the effectiveness of the Alteration of Share Capital, the Company adopts the third amended and restated memorandum and articles of association attached hereto as Annex A (the 'Amended M&A') in substitution for and to the exclusion of the existing memorandum and articles of association of the Company'.
3. To authorize the adjournment of the Extraordinary General Meeting, if necessary, to solicit additional proxies if there are not sufficient votes at the time of the Extraordinary General Meeting or adjournment or postponement thereof to approve of the foregoing proposals (the 'Authorization to Adjourn the Meeting', and the proposal, the 'Authorization to Adjourn the Meeting Proposal').
About Davis Commodities Limited
Based in Singapore, Davis Commodities Limited is an agricultural commodity trading company that specializes in trading sugar, rice, and oil and fat products in various markets, including Asia, Africa and the Middle East. The Company sources, markets, and distributes commodities under two main brands: Maxwill and Taffy in Singapore. The Company also provides customers of its commodity offerings with complementary and ancillary services, such as warehouse handling and storage and logistics services. The Company utilizes an established global network of third-party commodity suppliers and logistics service providers to distribute sugar, rice, and oil and fat products to customers in over 20 countries, as of the fiscal year ended December 31, 2024.
For more information, visit https://www.daviscl.com
Forward-Looking Statements
This press release contains certain forward-looking statements, within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by terms such as 'believe,' 'project,' 'predict,' 'budget,' 'forecast,' 'continue,' 'expect,' 'anticipate,' 'estimate,' 'intend,' 'strategy,' 'future,' 'opportunity,' 'plan,' 'may,' 'could,' 'should,' 'will,' 'would,' and similar expressions or negative versions of those expressions.
Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, therefore, subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this press release. The Company's filings with the SEC identify and discuss other important risks and uncertainties that could cause events and results to differ materially from those indicated in these forward-looking statements.
Forward-looking statements speak only as of the date on which they are made. Readers are cautioned not to place undue reliance upon forward-looking statements. Davis Commodities Limited assumes no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
For more information, please contact: Davis Commodities Limited Investor Relations Department Email: [email protected] Celestia Investor Relations Dave Leung Email: [email protected]
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March 2025: Arrow Electronics introduced an AI platform for North American channel partners, expanding its portfolio with managed AI deployments across security and cloud services. December 2024: Accenture reported USD 17.7 billion in Q1 FY2025 revenue, with managed services contributing USD 8.6 billion, reflecting 11% growth. November 2024: Dell broadened its edge and 5G ecosystem through expanded collaborations with Ericsson and Nokia to strengthen its edge-management capabilities. September 2024: IBM unveiled new services integrating generative AI and Oracle cloud applications to support Oracle clients' digital transformation. September 2024: IBM and NTT DATA launched SimpliZCloud, a fully managed cloud platform for financial institutions built on IBM LinuxONE, enabling AI/ML adoption and improved infrastructure performance through a subscription-based model. September 2024: TCS introduced two AI-powered cybersecurity offerings—Managed Detection and Response (MDR) and Secure Cloud Foundation—in partnership with Google Cloud to improve hybrid cloud security posture. June 2024: DXC Technology and Dell launched Enterprise Intelligence Services (EIS), combining AI, data analytics, and cloud to deliver advanced multi-cloud managed services for operational optimization. June 2024: Telefónica Tech partnered with IBM to advance enterprise-level AI, data analytics, and data management solutions. May 2024: Lenovo collaborated with Cisco to offer integrated infrastructure and networking solutions aimed at accelerating enterprise digital transformation. May 2024: Elitery, an Indonesian cloud services provider, was recognized as a Google Cloud Managed Services Provider, enabling it to deliver generative AI solutions to local governments. May 2024: Dell Technologies and CrowdStrike expanded their partnership to deliver Managed Detection and Response (MDR) services using the CrowdStrike Falcon XDR platform. March 2024: Cognizant extended its partnership with Pon IT to continue delivering cloud managed services and optimizing cloud platforms across Pon Holdings' subsidiaries. January 2024: Accenture acquired NaviSite to bolster its managed services capabilities in application and infrastructure management for North American clients. January 2024: Kyndryl and Cisco collaborated on a new security edge service designed to strengthen customers' cybersecurity posture and response capabilities. January 2024: GTT partnered with JOVO to provide inspection, maintenance, repair, and engineering consultancy through two new technical services. October 2023: Logicalis introduced its Intelligent Connectivity suite—featuring SASE, SSE, SD-WAN, and Private 5G—powered by Cisco and supported by the Logicalis Digital Fabric Platform. September 2023: Cloud5 Communications launched a managed services division targeting IT needs across hospitality, student housing, and senior living sectors. May 2023: Alfar Capital and Walter Capital Partners acquired MSP Corp in Canada and merged it with Groupe Access to enhance IT and cybersecurity offerings. January 2023: Rackspace Technology launched Modern Operations, a managed public cloud service for Azure, AWS, and GCP, offering 24/7 support and cloud optimization capabilities. Reasons to Purchase this Report: Gain a comprehensive understanding of the market through qualitative and quantitative analyses, considering both economic and non-economic factors, with segmentation and sub-segmentation details provided in terms of market value (USD Billion). Identify regions and segments expected to experience the fastest growth or dominate the market, with a detailed analysis of geographic consumption patterns and the factors driving or hindering market performance in each region. Stay informed about the competitive environment, with rankings of major players, recent product and service launches, partnerships, business expansions, and acquisitions from the past five years. Access detailed profiles of major market players, including company overviews, insights, product benchmarking, and SWOT analysis, to understand competitive advantages and market positioning. Explore the present and forecasted market landscape, with insights into growth opportunities, market drivers, challenges, and constraints for both developed and emerging regions. Benefit from Porter's Five Forces analysis and Value Chain insights to evaluate various market perspectives and competitive dynamics. Understand the evolving market scenario, including potential growth opportunities and trends expected in the coming years. 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New energy realities could extend coal's role in global energy markets
Wood Mackenzie new Horizons report shows how energy security concerns, unprecedented power demand, and technological advances could extend coal's life and reshape the global energy transition Global coal demand could remain stronger for longer, with coal-fired power generation potentially staying dominant through 2030, well beyond current projections for peak coal, according to a new Horizons report from Wood Mackenzie. The report titled 'Staying power: How new energy realities risk extending coal's sunset' suggests that a confluence of factors, from a rapidly electrifying global economy to energy security priorities rising from geopolitical and cost shocks to Asia's young and evolving coal fleet, could extend coal's role as a vital power source well into the next decade and beyond. 'Extending coal's prominence through 2030 would fundamentally alter the global energy transition timeline. We're talking about delaying the phase-out of the world's most carbon-intensive fuel source during a critical decade for climate action,' said Anthony Knutson, global head, thermal coal markets at Wood Mackenzie. 'While the long-term trajectory towards renewables remains intact, the path is proving far more complex than many anticipated as countries grapple with energy security and affordability concerns.' In Wood Mackenzie's base-case Energy Transition Outlook, coal-fired power generation is projected to decline by nearly 70% between 2025 and 2050. This decline is driven by decreasing renewable energy costs, advancements in battery storage technology, a resurgence in nuclear energy, and an increase in natural gas capacity. However, Wood Mackenzie's latest Horizons report highlights the potential for coal to remain demand to be stickier than expected. A 'high coal demand' case that offers a significantly different perspective: coal generation could average 32% higher than the base case through 2050. Under the high coal demand case, output from global coal fleets is optimized to help meet steep and rapid load growth expectations, leading to significantly less renewable and gas energy deployment. This equates to 2,100 gigawatts (GW) less global wind, solar, energy storage, and natural gas capacity between 2025 and 2050. Without carbon capture and storage investment, unabated emissions from the coal sector would increase by two billion tonnes compared to the base case scenario. Total global coal electricity generation, unabated, terawatt hours (TWh) Source: Wood Mackenzie Investment headwinds and shifting market forces The latest Horizons report notes that a higher coal demand case will expose investment gaps in replacement coal supply, potentially raising prices by 2030. 'Private equity and sovereign wealth funds will be needed to fund greenfield and brownfield mine expansions,' said Knutson. 'We expect most Western financial institutions to continue limiting thermal coal investments, with the strongest impact on supply growth from 2025-2030 and longer-term market implications if supply replacement momentum is not maintained.' According to the report, lack of commensurate investment is the largest risk facing coal markets now. Wood Mackenzie expects higher coal prices to erode the fuel's core cost advantage if demand increases without a supply response. 'While we understand coal demand may remain resilient in coming years, eventually supply constraints will emerge, and this could accelerate price increases globally and erode future demand,' said Knutson. Reimagined coal power offers potential pathways The potential for carbon capture, utilisation, and storage (CCUS) offers a pathway to extend coal's operational life in a decarbonising world. 'CCUS could theoretically transform coal's environmental profile by capturing carbon dioxide emissions before they enter the atmosphere, but the economics remain challenging without substantial policy support and capital investment,' said David Brown, director, energy transition practice at Wood Mackenzie. 'Higher coal utilisation rates would improve the investment case, but we're still years away from cost-competitive deployment at scale, particularly in Asia, where carbon storage costs are likely to limit widespread adoption,' he added. As governments and asset owners reposition for a low-carbon future, technologies that reduce the carbon intensity of coal must be prioritised. Without innovation in areas like CCUS, co-firing and flexible, load-following coal capacity to work in concert with renewables, a high coal demand scenario becomes increasingly difficult to justify. Where CCUS is deployed, pairing it with gas-fired generation may offer a more efficient path, given the lower CO₂ capture requirements per unit of electricity produced. A new paradigm for global energy planning While increased coal consumption represents neither an inevitable outcome nor an optimal scenario, current market trends indicate a significant transformation in global energy priorities. As nations develop comprehensive energy planning strategies, they are increasingly prioritizing energy sovereignty and domestic resource control to support their long-term objectives. This shift reflects countries' efforts to accelerate electrification initiatives that are both cost-effective and dependable for their populations, while maintaining greater autonomy in their energy planning decisions. 'Despite potential higher coal demand, we have the tools to phase it out,' Brown concluded. 'Without urgent actions, the world faces a growing risk of drifting towards a 3°C pathway. Our high coal demand case is not a forecast, but it's a warning of what inaction could bring, and a reminder of what can still be prevented.'Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
