Company Briefs: Sats
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Sats
In-flight caterer and ground handler Sats announced last Friday that it will spend about $150 million to develop a food hub for its existing institutional catering businesses. Sats has accepted an offer from JTC Corporation for a property with a 30-year lease term within the Jurong Innovation District to operate the hub, the company said. The cost of the total land rent for the period of the lease, commencing June 1, is estimated at $42.6 million. Sats now runs its institutional catering businesses at several JTC-leased premises in Pandan Loop. These operations will eventually move to the new hub.
THE BUSINESS TIMES
Tencent Holdings
Tencent Holdings faces a record fine after China's central bank discovered its WeChat Pay had violated money-laundering rules, The Wall Street Journal reported, citing people familiar with the matter. The People's Bank of China found Tencent's payments platform had allowed the transfer of funds for illicit purposes such as gambling, it reported. WeChat Pay was also judged non-compliant with other rules that required Tencent to identify users and merchants transacting on the platform. A probe into potential money-laundering would open a new front in Beijing's crackdown on the Internet industry.
BLOOMBERG
HSBC
HSBC Singapore is creating a new coverage division focused on mid-sized businesses as it expands its commercial banking coverage in the Republic, it said yesterday. The division will work on supporting domestic and cross-border banking needs of Singapore corporations generating around US$50 million (S$68 million) to US$500 million. HSBC noted that these clients typically require complex working capital banking solutions. The division will be led by Ms Ng Li Lian, who has been appointed to the newly created role of head of corporate, Singapore.
THE BUSINESS TIMES