Company Briefs: GuocoLand Group

GuocoLand Group

The developers of Tanjong Pagar Centre have received the Temporary Occupation Permit for the building's office component, Guoco Tower, and the basement retail component.

The integrated commercial, retail and lifestyle complex - which also includes 181 luxury apartments in Wallich Residence, the 222-room Sofitel Singapore City Centre hotel, and a 150,000 sq ft Urban Park - will open in phases from next month.

The 890,000 sq ft office tower is now about 80 per cent leased, up from 10 per cent at the beginning of the year. These include signed leases and those under advanced negotiations.

The list of committed tenants includes Agoda, Amadeus, Asics, Danone, Straits Trading and Teva Pharmaceutical Industries. The centre will be fully completed early next year.

DBS Bank

DBS has launched a new mobile feature for corporate customers which eliminates the need for physical tokens. The service is available to both Apple and Android users.

Corporate treasurers often have to carry several security tokens to conduct their business banking, with some having up to six physical tokens with them at any one time, the bank said. To access the digital token, existing users can download or update the DBS Ideal app from the Apple or Google Play store.

The digital token is integrated into the user's phone. Specifically for iPhone users, the token utilises the user's fingerprint to verify identity and conduct secure transactions. Android users will continue to key in their PIN. The new service is available to over 140,000 DBS Ideal and DBS Ideal Mobile customers across 10 markets.

Cheung Woh Technologies

Cheung Woh Technologies said yesterday that its net profit for the second quarter fell 99 per cent to $32,000 from the same period a year ago. Revenue for the three months ended Aug 31 fell 0.4 per cent to $21.7 million.

The firm was hit by a depreciation of the Malaysian ringgit, in which its sales are denominated, as well as by an increase in material and labour costs. And while demand for its hard disk drive components rose, sales of its precision metal stamping components fell due to a decrease in demand from euro zone customers.

Earnings per share fell to 0.63 cent as at Aug 31, from 0.95 cent a year ago. Net asset value per share dropped to 36.49 cents from 36.81 cents six months before.

* What it should have been

In our Company Briefs on Tuesday, we said Cheung Woh Technologies posted a net profit of $32,000 in the second quarter. This is wrong. The company's net profit was $1.9 million. We also said the firm was hit by a depreciation of the Malaysian ringgit, in which its sales are denominated. Cheung Woh has clarified that sales in its hard disk drive segment are denominated in US dollars, whereas sales in the precision metal stamping are mainly denominated in Malaysian ringgit.

We are sorry for the error.

A version of this article appeared in the print edition of The Straits Times on October 11, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe