Company Briefs: Thyssenkrupp



Thyssenkrupp will cut almost twice as many jobs as planned just last year as the German conglomerate's beleaguered steel business haemorrhages cash.

The company will eliminate a total of 11,000 positions over the course of several years, according to a statement yesterday. It is forecasting a more than €1 billion (S$1.59 billion) full-year net loss, after registering a €5.5 billion deficit for the period that ended in September.

The pandemic exposed and worsened deep-seated issues at the company, which still employs more than 100,000 people.


SPH Reit

SPH Reit non-executive director David Chia Chay Poh, 65, has resigned to pave the way for the "renewal of board members".

His resignation is effective from Dec 1. He has been a non-executive director since June 10, 2013, a member of the audit and risk committee, as well as chairman of the nominating and remuneration committee. He directly holds 150,000 units in SPH Reit.

Mrs Trina Loh, 61, has been appointed as non-executive director, and will take over Mr Chia's committee roles. Her appointments take effect from Dec 1 as well.


Roxy-Pacific Holdings

Property and hospitality group Roxy-Pacific Holdings' wholly-owned subsidiary RL East will fork out $93 million to acquire a freehold residential development site near the Aljunied and Mountbatten MRT stations.

Located at 217 to 223A Guillemard Road and 1 to 21A Jalan Molek, the property occupies a total land area of about 37,131 sq ft.

This will be the largest private residential transaction in the year to date, said Cushman & Wakefield's executive director of capital markets Shaun Poh.


A version of this article appeared in the print edition of The Straits Times on November 20, 2020, with the headline 'Company Briefs'. Print Edition | Subscribe