Company Briefs: Sats


Air services company Sats has teamed up with logistics firm Swiss WorldCargo and Cargologic, a Swiss airfreight handling services provider, to establish a secure, temperature-controlled "quality corridor" between Singapore and Zurich.

The three firms have synchronised their cargo-handling facilities and procedures between Singapore and Zurich to improve goods handling on the ground and in the air, with full paperless cargo acceptance processes.

The primary target for the initiative is the pharmaceutical industry, with its need for the highest levels of certified temperature integrity and tracking.

Soilbuild Business Space Reit

SB Reit Management, the manager of Soilbuild Business Space Real Estate Investment Trust, has entered into an agreement with SB (Westview) Investment to acquire Bukit Batok Connection for $96.3 million.

The property at 2 Bukit Batok Street 23 is a nine-storey clean and light industrial development held under a state lease.

Once the deal is completed, Soilbuild Reit will enter into a master lease agreement to lease the property back to SB Westview for seven years.

The acquisition is considered an "interested party" transaction as Soilbuild Group executive chairman and Soilbuild Reit controlling unitholder Lim Chap Huat also indirectly owns 100 per cent of SB Westview.

Soilbuild Reit will have to obtain unitholder approval for the proposed acquisition.

Xpress Holdings

The mainboard-listed printing company posted a net loss of $234,000 for the third quarter, compared with a net profit of $144,000 a year earlier.

Printing revenue for the three months to April 30 fell by about 38 per cent from a year earlier to $2 million, given headwinds in the printing industry here.

The group is in the process of upgrading its Singapore machinery to gain a higher market share for specialised printing, which commands higher margins, it said.

Loss per share for the period was 0.24 cent, compared with earnings per share of 0.23 cent a year earlier.

Net asset value at April 30 was -0.57 cent, down from 2.17 cents a year earlier.

The counter closed down 4.5 cents to 74.5 cents yesterday.

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A version of this article appeared in the print edition of The Straits Times on June 15, 2016, with the headline Company Briefs: Sats. Subscribe