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Business Times
3 hours ago
- Business
- Business Times
SingPost board should speed up resetting directions
[SINGAPORE] Shareholders of postal service provider Singapore Post (SingPost) could understandably be frustrated and disappointed that the annual general meeting (AGM) held last week did not deliver the answers they wanted. SingPost posted an underlying net loss of S$461,000 for the second half-year ended Mar 31, from a net profit of S$28.1 million in the year-ago period, and attributed the dismal performance to intensifying challenges and uncertain conditions in the global logistics sector. This came after the group divested its key financial contributor Freight Management Holdings at the end of March – without a replacement source of revenue . Selling the cash cow without a Plan B meant the group could only depend on its property business and the unremarkable postal and logistics businesses until whatever future endeavours bear fruit. When investors gathered at the extraordinary general meeting (EGM) in mid-March for the divestment of the key earnings pillar, then-chairman Simon Israel was already bombarded with questions from shareholders . Israel said then that the board did have some ideas, but would need to evaluate them, and work with the chief executive to be appointed on the reset strategy. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up He added: 'Maybe by the AGM, which is not that far away, things will be a lot clearer.' Following the EGM, shareholders were distraught at the lack of specific direction on where SingPost – saddled with the declining postal and competitive e-commerce logistics businesses – was headed. Yet, when they sought answers at the AGM last week, they were urged to be patient. Israel, who stepped down at the AGM on Jul 23 after nine years on the board, asked shareholders to allow the reconstituted board and incoming chairman Teo Swee Lian time to work through the 'many options'. His counterpart Teo said these were 'not easy issues'. There are also other stakeholders – customers, the regulators and SingPost staff – to think about in deciding on the future path for the group, she added. To be fair, shareholders are not being impatient, and they are right to press the board about the future of SingPost. Bear in mind that it would take time to put into action whatever plans it has and for the plans to work out – or not. Acquisitions could be risky, given that studies have shown the majority of such corporate actions failed. In fact, SingPost has had an unsuccessful experience in acquisitions in the US, which prompted it to take a prudent, phased approach to buying Freight Management Holdings . A shareholder sought assurance at the AGM that it is worthy to continue holding its shares, while another earlier at the EGM describing the group as a 'sinking boat' was concerned that the remaining sales proceeds from recent divestments would be ploughed into riskier or more volatile business. A third shareholder suggested that SingPost divest all its assets and return the capital to shareholders as he could easily make equivalent investment returns in the current stock market rally rather than wait five years for SingPost's future venture to bear fruit. Although four of its seven members were appointed to the board only between February and May this year and would need time to familiarise themselves with SingPost, time is of the essence in a highly competitive and volatile environment – particularly more so for SingPost operating declining or competitive businesses. Granted, the challenges that SingPost is facing are not easy to overcome and one would argue that the board should not be rushed into decisions. However, it is exactly that the pursuit of viable plans to turn SingPost around has significant implications that there is urgency. What is at stake is not only the shareholders' investments, but also its 3,000 workers' livelihoods and morale. The board should commit to a timeline and not wait till the next AGM to present the path forward for SingPost shareholders and other stakeholders. It may also want to take this suggestion into consideration for its future acquisitions. Granted that the purchase of Freight Management Holdings had saddled SingPost's balance sheet with debt, but it would have and should have made all the calculations before making the offer. In spite of the purchase being seemingly unappreciated by shareholders – it was said that the stock price did not rise in tandem with the contributions from Freight Management Holdings – if the business continues to be a promising one for the group, it should not be sold. It was because one of the objectives of buying Freight Management Holdings was to offset the declining postal business for SingPost. Should another core asset or business in the future fetch an attractive price, especially from an unsolicited offer, SingPost shareholders may want to think about what the offeror could have seen in it that they could have missed.
Straits Times
2 days ago
- Business
- Straits Times
GE shareholders to decide whether insurer resumes trading with choice on bonus issue from July 29
GE's shares have been suspended from trading on the Singapore Exchange since July 2024. SINGAPORE - Great Eastern (GE) shareholders will receive forms from July 29 to choose whether to take up non-voting shares or receive bonus ordinary shares, a move that will determine whether the insurer can resume trading. Those opting for Class C shares will need to fill out the form and submit it to the Central Depository, also known as CDP, by 5.30pm on Aug 7. However, for shareholders who wish to receive bonus ordinary shares, no action is required on their part. The development comes after a proposed delisting resolution failed to pass at GE's extraordinary general meeting (EGM) earlier this month. The conditional exit offering of $30.15 per share made by GE's parent company OCBC also lapsed. GE's shares have been suspended from trading on the Singapore Exchange since July 2024. The pause occurred after the insurer's public float fell below the 10 per cent minimum required by the exchange. Minority shareholders – who were the only ones allowed to vote – were then asked to vote for the resumption of trading resolution, which necessitates the adoption of a new Constitution to create Class C non-voting shares and undertaking of the proposed bonus issue. More than 98 per cent voted for the new Constitution and the bonus issue resolution. Shareholders will get bonus ordinary shares in respect of their shares unless they elect to receive Class C non-voting shares. Top stories Swipe. Select. Stay informed. Singapore Tanjong Katong sinkhole backfilled; road to be repaved after LTA tests Singapore Ong Beng Seng set to plead guilty on Aug 4 in case linked to ex-transport minister Iswaran Asia Gunman kills 5 security guards near Bangkok's Chatuchak market before taking own life Singapore COE quota up 2.6% to 18,701 for August to October Business Resilient economy versus uncertain outlook splits views on Singapore's monetary policy Singapore HPB looking for vaping, smoking counselling services for up to 175 secondary school students Asia Cambodia says immediate ceasefire is purpose of talks; Thailand questions its sincerity Singapore Jail for former pre-school teacher who tripped toddler repeatedly, causing child to bleed from nose Mr David Gerald, president of Securities Investors Association (Singapore), said that shareholders need to be mindful that while Class C shares carry the same economic rights to dividends and distributions, the shares are not listed, not redeemable and carry no voting rights. They also cannot be exchanged for ordinary shares for a period of five years. 'A holder of Class C shares will likely find it hard to sell the shares as they have to find a willing buyer privately to do so. Retail investors need to carefully consider if they are willing to give up their voting rights and liquidity by electing to receive Class C shares,' he said. Meanwhile, shareholders who opt for bonus ordinary shares will receive one bonus ordinary share for every share they currently hold, effectively doubling their shareholding, he said. Mr Gerald added that if and when trading resumes, GE shares will undergo price discovery in the open market, where a new post-bonus, post-delisting-offer equilibrium price will be established. In a circular to shareholders dated June 9, GE said that bonus ordinary shares are identical to shareholders' existing shares and will count towards meeting the free float requirement whereas Class C non-voting shares will not count towards the free float. Speaking at a media briefing on July 28, group chief financial officer Ronnie Tan said the company is optimistic that GE will resume trading. He said: 'As explained at our EGM, the Class C shares were essentially structured to allow OCBC to support GE to resume trading in the event that the delisting resolution was not approved. Through the structure, we are optimistic that GE will resume trading through this process. 'It doesn't make sense for shareholders, other than OCBC, to take on Class C shares because it has disadvantages. Shareholders will be giving up quite a lot if they want to choose Class C shares.' GE's board of directors had recommended that shareholders, other than OCBC, do not elect to receive Class C non-voting shares. OCBC said it intends to receive the Class C non-voting shares, which will dilute its own shareholding of voting shares in GE to 88.19 per cent, from 93.72 per cent. This will help to restore GE's minimum free float of 10 per cent and allow trading to resume. However, if a sufficient number of shareholders choose Class C shares, GE may not be able to restore its free float and its trading will remain suspended. Mr Tan said if more than one-third of the shares held by minority shareholders become Class C shares, GE will not be able to meet the free float requirement. If more than two-thirds of shares held by minority shareholders do not become Class C shares, the free float requirement will be met, he added. GE on July 28 reported that its net profit declined 11 per cent to $248.2 million for the quarter ended June 30, from $280.4 million in the same period a year ago. The drop was attributed to lower profit from the insurance business for the quarter.
Business Standard
2 days ago
- Business
- Business Standard
NHC Foods Signs Mou With Lotmor Brands, Eyes Diversification, Retail Growth, Appoints New KMPs
PNN Mumbai (Maharashtra) [India], July 28: NHC Foods Limited (BSE: 517544), a leading exporter of agricultural commodities and spices, has entered into a strategic Memorandum of Understanding (MoU) with Lotmor Brands, marking a significant move in the company's growth and diversification strategy. This grants NHC Foods the rights to manufacture a range of beverages and similar products under Lotmor's 'Nature Day' brand. The strategic move aligns with NHC Foods' strategy to diversify its portfolio beyond exports and agricultural commodities. The company plans to leverage this tie-up to expand its footprint in India's organised retail sector, with a focused entry into leading chains. NHC aims to capture the growing demand for quality packaged beverages and allied FMCG products driven by evolving consumer lifestyles and preferences. Commenting on the MoU, Satyam Joshi, the newly appointed Managing Director of NHC Foods Limited, said, "This MoU with Lotmor marks a defining moment for NHC Foods as we step into India's thriving retail sector. Our strengths in manufacturing, quality assurance, and distribution, combined with Lotmor's product innovation, will enable us to deliver exceptional value to the consumers. This is the beginning of a long-term transformation for us. Highlights: * NHC Foods Limited has entered a strategic MoU with Lotmor Brands Private Limited to manufacture beverages and similar products under Lotmor's 'Nature Day' brand, marking its diversification beyond exports and agri-commodities. * Financial performance for FY 2024-25 shows strong growth, with revenue rising 63.1% to Rs. 341.41 crore and net profit increased 184.7% to Rs. 6.69 crore, reflecting operational efficiency and business momentum. * An EGM held on July 18, approved increasing authorised share capital from Rs. 65 crores to Rs. 100 crore and issuing 6.5 crore convertible warrants on a preferential basis to Mr. Joshi." Mr. Joshi's elevation from Executive Director to Managing Director follows the company's strategic shift under new leadership. An Extraordinary General Meeting (EGM) recently approved several resolutions, including an increase in authorised share capital from Rs. 65 crore to Rs. 100 crore, and the issuance of 6.5 crore convertible warrants on a preferential basis to Mr. Joshi. Separately, the Board of Directors of NHC Foods has approved the appointment of Manoj Kumar Sharma as the Company's Chief Financial Officer. At the same time, Vijay Thakkar has been appointed as the Company Secretary and Compliance Officer. Both appointments took effect on July 16. Financially, NHC Foods continues to demonstrate robust performance. The company's revenue for the financial year 2024-25 was Rs. 341.41 crore, representing a 63.1% increase over the previous year's revenue of Rs. 209.24 crore. The company's net profit jumped by 184.7% from Rs. 2.35 crore to Rs. 6.69 crore, reflecting enhanced growth and operational efficiencies. Disclaimer: This document contains forward-looking statements, which are not historical facts and are subject to risks and uncertainties such as government actions, local developments, and technological risks. The Company is not responsible for any actions taken based on these statements and does not commit to publicly updating them to reflect future events or circumstances.
Time of India
3 days ago
- Politics
- Time of India
GFA general body approves revised Private Football Tournament Rules
The GFA said they were forced to go ahead with the clusters since the uncertainty would be detrimental to several village clubs Panaji: A saga that lasted a year and affected several inter village tournaments, besides player license cards from January 2025, finally came to an end as the general body of the Goa Football Association (GFA) approved the revised Private Tournament Rules, as directed by the Arbitration Tribunal. At the last extraordinary general body meeting in July last year, the clusters proposed in terms of the amendments to Salcete and Quepem talukas were not finalised. The EGM felt the need to authorise the executive committee to discuss and deliberate upon the concerns of the affected clubs and to arrive at a resolution In the order, the Arbitration Tribunal noted that the GFA executive committee chose to go ahead and implement the revised Inter-Village Football Tournament Rules with effect from January, 2025, 'notwithstanding that the concerns of the affected clubs had not yet been addressed, disregarding thereby the EGM resolution which categorically directed/ empowered the executive committee to render a finding/arrive at a conclusion only after concerns of the affected clubs were addressed.' The GFA said they were forced to go ahead with the clusters since the uncertainty would be detrimental to several village clubs. During discussions at the annual general body on Sunday, it was unanimously resolved that the matter be put to vote between the affected clubs. United Boys of Ambaulim, Guardian Angel SC, St. Anthony's FC, Assolda and Fr. Agnelo Sports and Cultural Club, Paroda resolved that they had no problem with the revised cluster. Chandor Club and Guirdolim Club voted against the motion. The final inter village clusters approved are as follows: Cluster no 11 of Salcete taluka includes Guirdolim/Chandor and Quepem taluka will comprise of two clusters: Curchorem/Assolda/Xelvona/ Xeldem as the first cluster, and Ambaulim/Deao/Avedem/Paroda as the second cluster. "I am happy that finally the issue has been resolved and we can now implement the rules from Monday,' said GFA president Caitano Fernandes. 'There were issues created by a few disgruntled elements and the general body has rightfully shown them their place. Clubs are extremely happy with the good work that we are doing and a few issues here and there will not affect my resolve to work for the clubs.'
Malaysiakini
3 days ago
- Politics
- Malaysiakini
'No automatic carry-over for Bar EGM motions, fresh submissions needed'
The Malaysian Bar's key motions that were scheduled for debate at its aborted extraordinary general meeting (EGM) yesterday will not be automatically carried over to its next annual general meeting (AGM) in March. Bar president Ezri Abdul Wahab said any such motions must be resubmitted in line with the Legal Profession Act. 'Any attempt to table...
