Company Briefs : Tee International

Tee International received an order on Thursday to produce various documents to the Commercial Affairs Department to assist with an investigation regarding an offence under the Securities and Futures Act (SFA).

This comes after the Singapore Exchange said it reported the mainboard-listed engineering group to the relevant authorities for potential offences under the SFA.

SGX is also investigating the firm for potential listing rule breaches.

THE BUSINESS TIMES

---

Meta Platforms

Meta Platforms, formerly known as Facebook, has tumbled out of the world's list of 10 largest companies by market value, hammered by its worst monthly stock fall ever. Once the sixth largest company with a valuation in excess of US$1 trillion (S$1.34 trillion), Meta closed on Thursday with a value of US$565 billion, placing it in 11th place behind Tencent Holdings, according to data compiled by Bloomberg.

The stock extended losses on Thursday in the wake of a dismal earnings report two weeks ago that revealed stagnating user growth. It has now fallen 46 per cent from last year's record.

BLOOMBERG

---

Shake Shack

Shake Shack has forecast first-quarter revenue below estimates as the fast-spreading Omicron Covid-19 variant kept diners away and led to temporary restaurant closures.

Rising paper and food expenses as well as labour costs have also put a squeeze on Shake Shack's margins.

To protect its margins, Shake Shack will jack up prices next month and increase its third-party delivery menu prices.

REUTERS