CNA938 Rewind - Stock take today: Nvidia reaches $4 trillion market cap, Asian equities set to rally
More companies will get the help they need to protect sensitive data. The Infocomm Media Development Authority (IMDA) is committing to cover up to 50 per cent of the cost for adopting new privacy-enhancing technologies. Andrea Heng and Susan Ng talk to Denise Wong, Deputy Commissioner at the Personal Data Protection Commission to find out more about these new technologies, and how Singapore is shaping its approach to emerging technology, especially generative AI.
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CNA
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- CNA
Cathay Cineplexes operator mulls closing down its cinemas to address 'financial challenges'
SINGAPORE: Cathay Cineplexes' operator is mulling several options – including winding up the cinema business – as it struggles with millions of dollars in debt. Mm2 Asia, which owns and operates Cathay Cineplexes, said in a bourse filing on Thursday (Jul 17) that it is evaluating all available options to address its "ongoing financial challenges". "The group has been committed towards the continued operation of its cinema business in Singapore," said mm2 Asia, which is listed on the Singapore Exchange (SGX). "However, such commitment requires the support from its landlords which has not been meaningful despite the difficult operating environment for cinemas and the wider retail industry over the past years caused by, amongst other things, the COVID-19 pandemic." Six Cathay Cineplexes cinemas have closed in around three years, leaving four outlets still in operation. In February, mm2 Asia revealed that it had received letters of demand from the landlords of its Century Square and Causeway Point cinemas for S$2.7 million (US$2.1 million) that it owed in rent and other costs. The amount owed is now more than S$3 million. This month, the landlord of Cathay Cineplexes' shuttered outlet at Jem shopping mall demanded payment of about S$3.45 million in rental arrears, while Linkwasha Holdings is seeking more than S$7 million in repayment. Mm2 Asia borrowed S$30 million from Linkwasha Holdings in 2017 to finance the acquisition of Cathay Cineplexes from Cathay Organisation. The majority of the loan has been repaid, but Linkwasha Holdings has asked for the outstanding amount to be paid by Jul 28. On Wednesday, mm2 Asia also announced that is has proposed to extend the repayment deadline for a S$54 million bond deal from December this year to Dec 30, 2031. CATHAY'S AVAILABLE OPTIONS With the difficult operating environment and the "recent receipt of various statutory demands", mm2 Asia said it is evaluating options, including three that it outlined. The first is to continue negotiations with landlords with the aim of restructuring existing obligations consensually. The second option is to seek a scheme of arrangement to restructure existing obligations under a court-supervised process while continuing operations, and the third is to pursue a winding up of Cathay Cineplexes. In an exclusive interview with CNA in February, mm2 Asia's founder and executive chairman Melvin Ang said he was optimistic about the cinema business. 'I am still very passionate, and I want to continue to maintain and grow this business,' he said at the time, adding that the company wanted to "push on".
CNA
an hour ago
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Shangri-La Asia appoints Kuok Hui Kwong, daughter of Malaysian tycoon Robert Kuok, as CEO
SINGAPORE: Shangri-La Asia on Wednesday (Jul 16) announced the appointment of chairman and executive director Kuok Hui Kwong as its new chief executive with effect from Aug 1. Ms Kuok, 47, has been the executive director of Shangri-La Asia since June 2016 and its chairman since January 2017. She is also the daughter of Shangri-La founder Robert Kuok, who is Malaysia's richest man. 'The combination of the roles of chairman and chief executive officer under the leadership of Ms Kuok is expected to enhance the company's strategic cohesion and operational execution by ensuring a unified and consistent vision across all levels of leadership,' Shangri-La Asia said in a bourse filing. She has played a key leadership role in the company since her appointment as executive director and has been 'primarily responsible for formulating the company's strategic priorities and steering the company towards its goals,' the group said. The position of CEO has been vacant since December 2022, when the group's former chief executive Lim Beng Chee retired and stepped down after almost six years. Under her current employment contract, Ms Kuok is entitled to a monthly base of HK$576,000 (US$73,000), plus discretionary bonus and pension. She has a total direct and indirect interest in 95.57 million Shangri-La Asia shares. The group is listed on both the Hong Kong and Singapore exchanges. Ms Kuok has held directorships in China World Trade Centre Company in the past three years. She also holds a Bachelor's degree in East Asian Studies from Harvard University.
Business Times
3 hours ago
- Business Times
ST Engineering unit, SP Group to sell joint venture for S$290 million to Singapore fund manager Seraya Partners
[SINGAPORE] ST Engineering's wholly owned subsidiary, ST Engineering Urban Solutions, has entered into an agreement with SP Group to divest their joint venture SPTel, an enterprise broadband connectivity provider. The buyer is AQX, a Tokyo-based digital infrastructure investment platform focused on developed Asia-Pacific markets such as Singapore, Japan, Korea and Australia. It is wholly owned by home-grown private equity manager Seraya Partners. On Thursday (Jul 17), ST Engineering and SP Group said the proposed transaction will better position SPTel to scale under a new owner. '(It) will enable SPTel to grow under a new owner whose primary mandate is in investing and growing digital infrastructure platforms,' they said. The sale consideration is S$290 million, subject to closing adjustments. This translates to an enterprise value-to-revenue multiple of 4.1 times and an enterprise value to earnings before interest, taxes, depreciation and amortisation (Ebitda) multiple of 21.4 times, based on SPTel's revenue and Ebitda for the year ended December 2024. 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 SPTel is 51 per cent owned by ST Engineering Urban Solutions and 49 per cent owned by SP Group. The proposed sale is expected to yield a one-off gain of around S$80 million for ST Engineering based on its carrying value for SPTel of around S$65 million. Besides this, it is not expected to have material impact on ST Engineering's consolidated net tangible assets per share and earnings per share for the current financial year. Additionally, the sellers may receive an earn-out amount of up to S$15 million if certain buyer's return thresholds are met in the future, ST Engineering and SP Group said. For the financial year ended December 2024, SPTel posted S$72 million in revenue and a S$4 million net loss. Its revenue is not consolidated into the financials of both joint venture owners as it is equity accounted. The sale consideration and earn-out amount were arrived at on a willing-seller, willing-buyer basis, taking into account the business track record, prospects of SPTel and its financial performance among other factors, the companies said. The proposed transaction is expected to close in Q4 2025, subject to conditions including approval from the Infocomm Media Development Authority. None of the directors or controlling shareholders of ST Engineering have any interest in the proposed transaction. Seraya Partners is a Singapore-headquartered private equity manager that focuses on Asian mid-market deals in the energy transition and digital infrastructure sectors. ST Engineering Urban Solutions acquired a 51 per cent stake in SPTel in May 2017, prior to which it was wholly owned by SP Group since 1997. Shares of ST Engineering ended Wednesday 0.1 per cent or S$0.01 higher at S$8.34.
