Company Briefs: Singapore Exchange

Singapore Exchange

Turnover in the securities market increased 3 per cent last month to $21.6 billion compared with April, but was down 6 per cent over May last year, the Singapore Exchange (SGX) said yesterday. The daily average value of securities rose 3 per cent to $1 billion compared with April, but was down 11 per cent year on year.

The market turnover value of exchange-traded funds was up 5 per cent on April to $195 million, but was down 1 per cent compared with the same month last year.

May also saw one mainboard initial public offering, which raised $634.4 million, and 27 new bond listings that raised $12.3 billion.

The total market capitalisation value of the 766 listed companies on the SGX stood at $894.7 billion as at May 31.

Global Testing Corp

Chip tester Global Testing Corp plans to propose a dividend of 10 cents per share for the three months to March 31, and also to return shareholders excess capital through distributing 10 cents per share. The firm said yesterday it will hold an extraordinary general meeting to seek approval for these moves.

Shareholders at the annual general meeting on April 29 last year approved a capital reduction and cash distribution plan. This was done to write off accumulated losses of about $39 million as at Dec 31, 2014, and to return extra capital to shareholders.

Ley Choon Group Holdings

Engineering firm Ley Choon Group Holdings' unit Teacly (S) has won a $2.8 million contract from PUB to maintain and service installations in the water supply network from 2016 to 2018. The firm does not expect any material impact on its earnings or net tangible assets for the current financial year ending March 31, 2017.

China Environment

China Environment's auditor Baker Tilly has resigned. China Environment had said it had difficulties working with Baker Tilly's Chinese team earlier this year and asked Baker Tilly to send its Singapore team, or switch to another component auditor in China, to complete the audit of the firm's Chinese subsidiaries.

But Baker Tilly did not agree, which led China Environment to propose a change in auditors. Baker Tilly submitted its resignation on April 15. RT LLP will now be the new auditor.

A version of this article appeared in the print edition of The Straits Times on June 04, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe