DAILY NEWS

Daily News – 27 Dec 2019

Singapore Economy

Singapore factory output posts 9.3% shock drop in November
Singapore’s factory output in November saw a plunge steeper than private-sector economists had feared, according to preliminary numbers out on Thursday. Industrial production fell by 9.3 per cent year on year, reversing the growth spike in the month before, even amid year-end hopes that the manufacturing sector was bottoming out. Watchers polled by Bloomberg were expecting a much milder decline of 0.8 per cent.
https://www.businesstimes.com.sg/government-economy/singapore-factory-output-posts-93-shock-drop-in-november
https://www.straitstimes.com/business/economy/factory-output-drops-in-nov-amid-low-demand
https://www.channelnewsasia.com/news/business/singapore-manufacturing-output-november-edb-12212126

Companies’ Brief

Mapletree Logistics Trust sells bonded warehouse in Shanghai to GDS
Mapletree Logistics Trust (MLT) has agreed to divest the Mapletree Waigaoqiao Logistics Park in Shanghai to a subsidiary of Nasdaq-listed GDS Holdings for 330 million yuan (S$64 million), it said on Thursday. GDS is an associate company of Temasek Holdings, which controls MLT, but the sale is being done after an independent and competitive bid process was conducted, MLT said.
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-sells-bonded-warehouse-in-shanghai-to-gds

United Engineers loses free float, to delist after Yanlord offer closes
United Engineers (UE) on Friday morning said it has lost its free float and will be delisted after the close of Chinese developer Yanlord Land Group’s mandatory conditional cash offer. As at 5pm on Thursday, Yanlord owned, controlled or has agreed to acquire about 90.27 per cent of UE’s ordinary shares.
https://www.businesstimes.com.sg/companies-markets/united-engineers-loses-free-float-to-delist-after-yanlord-offer-closes

Second Chance Properties posts S$2.12m net profit in Q1
Mainboard-listed Second Chance Properties on Thursday posted a net profit of S$2.12 million in the first quarter, almost 10 times the profit of S$0.22 million it earned in the same period a year earlier. The difference was due mainly to a fair-value loss on financial assets of S$2.09 million in the first quarter last year compared to a fair-value gain of S$0.25 million this year.
https://www.businesstimes.com.sg/companies-markets/second-chance-properties-posts-s212m-net-profit-in-q1

Capital World CFO resigns, following departure of exec director
The chief financial officer (CFO) of Capital World has resigned to pursue other career opportunities, the Catalist-listed integrated property developer said on Thursday. Kenny Zhang, 45, who has been the group’s CFO since 2017, will step down with effect from Dec 31, it said.
https://www.businesstimes.com.sg/companies-markets/capital-world-cfo-resigns-following-departure-of-exec-director

EC World Reit CFO to resign to pursue personal interests
The chief financial officer (CFO) of EC World Reit will step down on Dec 31 to pursue personal interests, the company said on Thursday. Tng Chin Hwee, 51, had been CFO since January 2017 and the board is identifying a suitable successor to replace him, it said.
https://www.businesstimes.com.sg/companies-markets/ec-world-reit-cfo-to-resign-to-pursue-personal-interests