Company Briefs: Suntec Reit

Suntec Real Estate Investment Trust (Suntec Reit) has sold its 30 per cent interest in 9 Penang Road, formerly known as Park Mall, to Haiyi Holdings.

The buyer will pay about $89.9 million for the 15 million ordinary shares and 678 redeemable preference shares that Suntec Reit held in the joint venture company, which indirectly owns the property. Net proceeds are expected to be around $88.2 million, Suntec Reit's manager said in a filing on Wednesday evening.

THE BUSINESS TIMES

---

TikTok

TikTok owner ByteDance's total revenue hit US$34.3 billion (S$46 billion) last year, up 111 per cent from 2019, the company told its employees in a staff meeting, a person who attended it told Reuters yesterday.

Its gross profit hit US$19 billion, representing a 93 per cent growth year over year, while its operating loss was US$2 billion for the year and net loss was US$45 billion, the person said.

REUTERS

---

Volkswagen

Volkswagen is gearing up to make and sell considerably more electric vehicles (EVs) in North America after United States President Joe Biden mapped out a US$174 billion (S$233 billion) plan to accelerate the move to electric cars.

The US administration has created a new proposition for EVs in the market, VW brand development chief Thomas Ulbrich told reporters in Munich. VW is drafting plans "to realign to this in a massive way", Mr Ulbrich said. A final decision is set for later this year during the manufacturer's annual investment review, he added.

BLOOMBERG