Company briefs
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Sembcorp Marine
Marine and offshore engineering group Sembcorp Marine (Sembmarine) yesterday gave notice that it recorded three consecutive years of pre-tax losses, based on its audited full-year consolidated accounts.
The group's six-month average daily market capitalisation was $2.64 billion as at March 28, which means it still meets the financial entry criteria to avoid being placed on the Singapore Exchange's watchlist.
Firms are placed on the watchlist if they record losses for the three latest consecutive financial years and have an average daily market cap of under $40 million over the last six months.
THE BUSINESS TIMES
AIG
American International Group (AIG) has filed for an initial public offering of its life and retirement arm. The business will be renamed Corebridge Financial once it becomes public, AIG said in a filing on Monday.
AIG says the business is "one of the largest providers of retirement solutions and insurance products" in the US, with US$411 billion (S$559 billion) in client assets under management as of the end of last year.
AIG also announced new directors on Corebridge's board, which already included Blackstone president Jonathan Gray and AIG chief executive Peter Zaffino, who serves as chairman of the unit.
BLOOMBERG
Bybit, Crypto.com
Cryptocurrency exchanges Bybit and Crypto.com plan to set up operations in Dubai, as the emirate steps up efforts to attract companies in the fast-growing industry. Crypto.com said in a statement on Monday that it will set up a regional base in Dubai, and plans to establish a "significant" presence there. Bybit will move its global headquarters to the emirate, with operations starting as early as next month, after receiving in-principle approval to conduct a "full spectrum" of virtual assets business in the United Arab Emirates, it said in a blog post.
BLOOMBERG
