Latest news with #Mice
Straits Times
05-08-2025
- Business
- Straits Times
Dezign Format targets $6.5m IPO on Catalist, eyes Malaysia expansion
Sign up now: Get ST's newsletters delivered to your inbox The offering will comprise 32.5 million new placement shares at 20 cents each, according to its offer document filed on Aug 1. SINGAPORE - Design agency Dezign Format is looking to raise $6.5 million through an IPO on the Singapore Exchange (SGX) Catalist board, which caters to fast-growing firms that may not yet meet mainboard listing requirements. The offering will comprise 32.5 million new placement shares at 20 cents each, according to its offer document filed on Aug 1. It is expected to hit a market capitalisation of $40 million after listing. The IPO will close at noon on Aug 13, and shares of the company are expected to begin trading on Aug 15 at 9am. Evolve Capital Advisory is the sponsor, issue manager and placement agent for the proposed IPO. Dezign Format specialises in installations for meetings, incentives, conferences and exhibitions (Mice) events, as well as fit-outs for retail and commercial spaces. Its most significant projects include the 2024 lunar new year decorations at Marina Bay Sands; an 'imaginary gardens' themed installation for jewellery brand Van Cleef & Arpels' collaboration with French artist Julie Joseph; and the DinoQuest exhibition in conjunction with the Science Centre. Net proceeds of $4.8 million from the IPO will be channelled into business expansion plans that include joint ventures and mergers and acquisitions, particularly in the Mice sector and location-based entertainment space - a new division for the company. The funds raised will also be used to develop proprietary intellectual property (IP) and acquire IP rights from around the world. Regional expansion is also a priority for the the company, which currently employs 166 staff in its Singapore office. Dezign Format is gearing up for expansion in Malaysia, its first overseas market, in the fourth quarter of 2025. The company expects its new 50,000 square feet facility in the Johor Special Economic Zone to boost production capacity while lowering operational costs. It is also eyeing Thailand and Vietnam for future expansion, citing strong growth potential in the Mice sector. The company had first broached the idea of going public in 2019, but those plans had to be put on the backburner due to the pandemic. A post-Covid recovery reignited the company's listing ambitions, with profits rising to $5 million for the financial year ended Dec 31, 2024 from earnings of $3.3 million the year before. Revenue rose to $33.4 million in FY2024, up from $26 million in FY2023. Mr Mike Chong, chief executive and executive chairman of Dezign Format, said while Hong Kong was initially considered, the company ultimately decided to go public in Singapore due to the bulk of its business being located here, as well as proximity to the rest of South-east Asia for expansion. He added that the Government's recent initiatives to revitalise the Singapore stock market, particularly its support for small and mid-cap stocks, also encouraged him to list the company. Dezign Format was established in 1988 by Mr Chong and his elder brother Chong Nen Sing, and has been a family-owned company since. With more second-generation family members joining the company's ranks bringing new ideas and vision, the company also needed to evolve, said Mr Chong. 'With this IPO, our objective is to bring this company forward from a family-run business to a future-ready enterprise with more structure and standardised systems in place. 'This would also attract more talent to join our company, which is very important for staff renewal.' Mr Jonathan Chong, executive director of Dezign Format and son of the older Mr Chong, said the timing to list was ideal for the company's transition from the first to second generation of family business owners. He added that the listing would also increase the company's standing and reputation. 'We want to strengthen the foundation that the first generation of family members have built to forge strategic alliances and partnerships. 'Listing the company would elevate our stakeholders' trust in us and increase our transparency and corporate governance, which is critical for our regional expansion plans.' Dezign Format is the t hird homegrown company to list on the SGX amid a revival in IPOs so far this year, and the second on Catalist. Singapore software company Info-Tech Systems, which listed on the mainboard in July 4, closed Aug 5 at 80 cents, down 12 per cent since listing. In contrast, local property revitalisation firm Lum Chang Creations closed at 38 cents, up almost 21 per cent since it began trading on July 21. Another local firm, semiconductor optics company MetaOptics, lodged its preliminary prospectus for a listing on Catalist on July 30. Two foreign companies have also joined SGX this year: Japan's NTT DC Reit, which is down 6 per cent since going public, and China Medical System, which is down 7 per cent.
Straits Times
25-07-2025
- Business
- Straits Times
Mice industry will need more manpower in areas like technology, sustainability: Alvin Tan
Minister of State for Trade and Industry and National Development Alvin Tan speaks during the Mice Awards Gala Dinner at Sands Expo & Convention Centre on July 24. SINGAPORE – Singapore will need more people in the Mice industry – that is, meetings, incentives, conferences and exhibitions – to hit its goal of tripling Mice tourism receipts from $1.4 billion in 2019 to $4.5 billion by 2040. It is especially looking for those with expertise in sustainability and technology, said Minister of State for Trade and Industry Alvin Tan, on the sidelines of the Singapore Mice Awards 2025 on July 24. These skills will help draw global event organisers to Singapore, he added. He cited examples such as using machine learning and artificial intelligence to make organising Mice events more exciting and less labour-intensive. 'People, as we know, are behind the heart of every Mice experience and behind every successful Mice event – where you start from 5.30 in the morning to those who are cleaning up after today's dinner,' Mr Tan said. 'That's why we must continually identify, grow and develop talent in our industry.' Singapore recently secured several Mice events for multi-year contracts such as the Milken Institute Asia Summit, which will be from 2026 to 2028. It will also host the Asian edition of world-leading trade shows from Europe, such as Passenger Terminal Expo Asia and Breakbulk Asia in 2026, and InnoTrans Asia in 2027. They span growing industries, such as aviation, logistics and transport technology. The groundwork for this talent pipeline is already being laid, Mr Tan added. Top stories Swipe. Select. Stay informed. Business GIC posts 3.8% annualised return over 20 years despite economic uncertainties Business GIC's focus on long-term value aims to avoid permanent loss amid intensifying economic changes Opinion No idle punt: Why Singapore called out cyber saboteur UNC3886 by name Asia Cambodia and Thailand are willing to consider ceasefire: Malaysian PM Anwar Asia Deadly Thai-Cambodian dispute puts Asean's relevance on the line Business MAS' measures spark cautious optimism for Singapore stock market revival: Analysts World Trump and Fed chief Powell bicker during tense central bank visit Life Hulk Hogan, who helped turn pro wrestling into a billion-dollar spectacle, dies at 71 The Singapore Mice Development initiative will be launched on July 25 as part of the three-day Singapore Mice Forum that kicked off on July 23. The forum, organised by the Singapore Association of Convention and Exhibition Organisers and Suppliers (Saceos), is expected to see more than 1,500 attendees from the industry. Leading Mice companies will be able to engage with over 600 students from 13 institutes of higher learning (IHLs), and mid-career professionals exploring opportunities in the industry as part of this initiative. In a speech at the Singapore Mice Awards at the Sands Expo and Convention Centre, Mr Tan noted that the global Mice market is projected to double in value, with the Asia-Pacific as one of the fastest growing markets. Singapore is intensifying efforts to attract more Mice visitors, who are estimated to spend twice as much as leisure visitors, and studying the development of a new Mice hub in the downtown area. The new facility is expected to complement and bolster Mice facilities in the vicinity, and will leverage existing and upcoming amenities, including hotels and lifestyle experiences. A total of 16 awards were given out at the Singapore Mice Awards, which celebrated outstanding individuals and organisations in the business events industry. The forum also saw the signing of four agreements on July 23 between partners such as Saceos, IHLs and the Singapore Tourism Board (STB), aimed at strengthening the pipeline of talent and enhancing training standards. With the aim of lowering barriers to launch, scale and anchor new and innovative events in the Republic, and cultivate them into impactful international events, STB and Saceos launched BeInspiredSG on July 24. The event incubator and accelerator pilot programme will provide promising local event concepts with mentorship from industry veterans and professional consultancy services.
Straits Times
24-07-2025
- Business
- Straits Times
Mice industry will need more manpower in sectors like technology, sustainability: Alvin Tan
Find out what's new on ST website and app. Minister of State for Trade and Industry and National Development Alvin Tan speaks during the Mice Awards Gala Dinner at Sands Expo & Convention Centre on July 24. SINGAPORE - Singapore will need more people in the Mice industry – that is, meetings, incentives, conferences and exhibitions – to hit its goal of tripling Mice tourism receipts from $1.4 billion in 2019 to $4.5 billion by 2040. It is especially looking for those with expertise in sustainability and technology, said Minister of State for Trade and Industry Alvin Tan, on the sidelines of the Singapore Mice Awards 2025 on July 24. These skills will help draw global event organisers to Singapore, he added. He cited examples such as using machine learning and artificial intelligence to make organising Mice events more exciting and less labour-intensive. 'People, as we know, are behind the heart of every Mice experience and behind every successful Mice event – where you start from 5.30 in the morning to those who are cleaning up after today's dinner,' Mr Tan said. 'That's why we must continually identify, grow and develop talent in our industry.' Singapore recently secured several Mice events for multi-year contracts such as the Milken Institute Asia Summit, which will be from 2026 to 2028. It will also host the Asian edition of world-leading trade shows from Europe, such as Passenger Terminal Expo Asia and Breakbulk Asia in 2026, and InnoTrans Asia in 2027. They span growing industries, such as aviation, logistics and transport technology. Top stories Swipe. Select. Stay informed. Asia Live: People evacuated from border regions amid deadly Thailand-Cambodia clash Asia 11 Thai civilians killed as Thai and Cambodian militaries clash at disputed border: Reports Asia Deadly Thai-Cambodian dispute puts Asean's relevance on the line Singapore Singapore says prolonged suffering of civilians in Gaza is 'unconscionable' Singapore Khatib Camp to make way for housing, with its functions moving to Amoy Quee Camp Singapore First BTO flats in Greater Southern Waterfront, Mount Pleasant to go on sale in October Singapore Mindef to set up new volunteer management unit to grow volunteer pool Singapore Primary 1 registration: 29 schools to conduct ballot in Phase 2B The groundwork for this talent pipeline is already being laid, he added. The Singapore Mice Development initiative will be launched on July 25 as part of the three-day Singapore Mice Forum that kicked off on July 23. The forum, organised by the Singapore Association of Convention & Exhibition Organisers and Suppliers (Saceos), is expected to see more than 1,500 attendees from the industry. Leading Mice companies will be able to engage with over 600 students from 13 institutes of higher learning (IHLs), and mid-career professionals exploring opportunities in the industry as part of this initiative. In a speech at the Singapore Mice Awards at the Sands Expo and Convention Centre, Mr Tan noted that the global Mice market is projected to double in value, with the Asia-Pacific as one of the fastest growing markets. Singapore is intensifying efforts to attract more Mice visitors, who are estimated to spend twice as much as leisure visitors, and studying the development of a new Mice hub in the downtown area. The new facility is expected to complement and bolster Mice facilities in the vicinity, and will leverage existing and upcoming amenities, including hotels and lifestyle experiences. A total of 16 awards were given out at the Singapore Mice Awards, which celebrated outstanding individuals and organisations in the business events industry. The forum also saw the signing of four agreements on July 23 between partners such as Saceos, IHLs and the Singapore Tourism Board (STB), aimed at strengthening the pipeline of talent and enhancing training standards. With the aim of lowering barriers to launch, scale and anchor new and innovative events in the Republic, and cultivate them into impactful international events, STB and Saceos have launched BeInspiredSG on July 24. The event incubator and accelerator pilot programme will provide promising local event concepts with mentorship from industry veterans and professional consultancy services.
New York Post
22-07-2025
- Business
- New York Post
Marina Bay Sands is getting an $8B expansion
Singapore's eye-catching Marina Bay Sands hotel and resort is undergoing an $8 billion expansion. A trip to Singapore isn't complete without taking a look at Marina Bay Sands. The massive resort, made up of three 650-foot-tall skyscrapers and connected by a boat-like skybridge, is a symbol of the city-state's modernism and prosperity. Such a pricey expansion to such a national icon is, predictably, a hot-button topic. Marina Bay Sands is set to receive a fourth tower, plus a 15,000-seat arena. The makeover broke ground this month under the looming specter of public scrutiny. 6 When it opened in 2011, Marina Bay Sands hotel and resort radically redefined the Singaporean skyline. AFP via Getty Images 6 A rendering of the planned fourth tower and adjoining event venue. Safdie Architects The resort's original architect, Moshe Safdie, designed the new tower. 'The (Urban Redevelopment) Authority repeatedly said, 'This is our icon; our people of Singapore love this, and we cannot do anything that's going to compromise it,' Safdie told CNN. The 87-year-old Israeli architect told the outlet that his goal was to design an edifice that was complimentary to the originals, while bearing its own identity. The current iteration of Marina Bay Sands, owned by the US casino and resort company Las Vegas Sands, attracted 38 million visitors and the equivalent of $1.7 billion in business spending last year, according to CNN. Safdie, whose firm is headquartered in Massachusetts, said connecting the fourth tower to the other three was hardly considered. Instead, the 55-story extension will be set apart on an adjacent plot. He described the new tower as the dot of an exclamation point. 6 The fourth tower's boat-like 'Skyloop.' Safdie Architects 6 The adjoining event venue will host a massive arena, and 200,000 square feet of conference and exhibition space. Safdie Architects 'The buildings look related,' Safdie told the outlet. 'They're in the same family.' The new tower will comprise of 570 suites, as well as luxury retail and gaming facilities. The facade, twisting at a 45-degree angle, tops off with a 76,000-square-foot 'Skyloop,' featuring the resort's famous infinity-edge pools, an observatory, restaurants and lush rooftop gardens. The fourth tower will share the original resort's panoramic views of the Marina Bay and Singapore Strait. A massive event venue, designed by the team behind the Las Vegas Sphere, will sit neatly in between the two structures. The building will span approximately 200,000 square feet of conference and exhibition space, with a 15,000-seat sports and entertainment arena at its core. The new development aims to capture more tourism revenue from so-called 'Mice' travelers, according to CNBC, who flock to the city for meetings and conferences, as well as leisure travelers trekking through Asia. 6 Local reactions to the recently announced plans range from disgust to excitement. AFP via Getty Images 6 The three-pronged resort is known for its highly Instagrammable rooftop pool. Best View Stock – Online commenters reacted strongly to the development's recent groundbreaking, with some Redditors comparing the fourth tower design to a lurking neighbor of a 'huge dehumidifier.' Safdie told CNN that all the new development needs is time, saying that, before long, 'people will feel it's always been there.'
Yahoo
15-07-2025
- Business
- Yahoo
Current economic headwinds do not dampen outlook for new MBS building: Las Vegas Sands president
SINGAPORE – Consumer spending in the Asia-Pacific is currently dampened due to geopolitical factors, but Las Vegas Sands' Patrick Dumont remains unfazed about long-term business projections for the upcoming Marina Bay Sands (MBS) development. 'We think in 10, 20-year terms,' said Mr Dumont, who is the president and chief operating officer at Las Vegas Sands, MBS' parent company. 'South-east Asia is filled with young people who are entrepreneurial, aspirational and working very hard and creating business success, and as that occurs, they want to consume, and experience things that are unique, luxury and aspirational. MBS' new US$8 billion (S$10.3 billion) development is set to be completed by 2030 and open in the first quarter of 2031. The complex will comprise 570 luxury hotel suites, a casino, a 15,000-seat entertainment arena, and 200,000 sq ft of meeting and convention space. It will also have a 'Skyloop' – a counterpart to the current MBS SkyPark – and high-end restaurants. 'This is going to be the most luxurious and high-serviced hotel in the world,' Mr Dumont told The Straits Times on July 14, a day before the groundbreaking on the new development. The new complex costs almost 50 per cent more than the US$5.6 billion that was pumped into the development of the existing MBS integrated resort by Las Vegas Sands 15 years ago. Despite being targeted at the ultra-luxury market, it will have public spaces open to everybody – such as the new Skyloop on the roof, where two overlapping elliptical decks are stacked on top of each other. The lower Skyloop will have several public areas, including an observatory, restaurants and rooftop gardens, while above, hotel guests will have private cabanas and infinity-edge pools. There will also be a wellness terrace for events. Singapore is 'incredibly desirable' to Las Vegas Sands and its significant investments because so many people want to come to the Republic to live and do business, said Mr Dumont. 'So it's very important for us to continue to invest and grow our capabilities, to maintain leadership in the industry... This is the next evolution in high-value tourism investment.' The focus on high-spending business and leisure tourists aligns with the Government's focus, he noted. For example, the authorities have identified the Mice (meetings, incentives, conferences and exhibitions) segment as a key growth engine for Singapore tourism. Mice visitors are expected to contribute 10 per cent, or $3.5 billion, of the country's tourism receipts by 2040. The upcoming entertainment arena, for instance, will be able to hold both live performances and Mice events. 'We'll have a connection through a bridge that will allow people to have a large Mice event and then also use the arena for other purposes as part of that event,' said Mr Dumont, adding that it is important for the new development to include amenities not available in the existing MBS property. He also envisions the new development having a larger impact on the Marina Bay district as a whole in what he described as a 'halo effect'. 'Where it not only enhances our ability to conduct tourism and drive people to Singapore and to our properties, but also enhances the Marina Bay district as a desirable tourism destination because of the amenities that we'll provide.' Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
