Company Briefs: Jardine Matheson

Jardine Matheson's acquisition of Jardine Strategic will proceed as planned, following approval by shareholders of Jardine Strategic at a special general meeting on Monday.

The acquisition, which is effective today, allows for Jardine Matheson to move ahead with its plans to simplify the parent company structure of the group, it said in an exchange filing on Monday.

The group added that a large number of shares that voted against the resolution were held by investors who were not shareholders at the time of the announcement of the acquisition on March 8.

THE BUSINESS TIMES

Mitbana, a joint venture firm of Mitsubishi and Surbana Jurong, together with Sinar Mas Land through its subsidiary Bumi Serpong Damai (BSD), on Monday announced that they will be jointly developing the first interconnected multi-modal transport complex in Greater Jakarta.

Spanning about 6ha in the Intermoda district of BSD City, the new transit-oriented development will offer access to multiple public transportation options.

The approximately $200 million project will also feature community facilities and a new town centre.

THE BUSINESS TIMES

Credit Suisse Group has cut bonuses for its staff by hundreds of millions of dollars after it lost US$4.7 billion (S$6.3 billion) from the collapse of hedge fund Archegos Capital, the Financial Times (FT) reported on Monday.

The report said the Swiss bank's pre-tax income for the first quarter was expected to be just over US$3.7 billion, with about US$600 million from the reductions to staff bonuses and other one-off items.

The magnitude of bonus cuts will be revealed with the company's quarterly results next week, FT said.

REUTERS