Company Briefs: SGX; Vicom; mm2 Asia
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SGX
Singapore Exchange (SGX) has formed a joint venture company to launch a new Asian bond trading platform this year. SGX said it will launch the platform, Trumid XT, with New York-based fintech company Trumid and private equity firm Hillhouse Capital.
"Trumid XT will connect the commercial footprint and liquidity from SGX's Bond Pro and Trumid's Market Centre in the United States to provide a robust network for trading of Asian fixed income," the firms said in a joint statement. SGX unit, Asian Gateway Investments, will take about a one-third stake in the combined company.
REUTERS
Vicom
Vehicle inspection and testing group Vicom posted a 13.8 per cent drop in full-year earnings to $24.5 million despite Covid-19 government relief.
Without the $7.7 million in aid, the ComfortDelGro Corp subsidiary's results for the period ended Dec 31 last year would have fallen by 36.8 per cent on an operating level.
Revenue shrank by 16.6 per cent to $86.5 million on account of the pandemic-induced slowdown. Earnings per share fell from 8.01 cents to 6.91 cents, but margin before depreciation and taxes improved from 40.1 per cent to 42.4 per cent.
mm2 Asia
Shares in mainboard-listed entertainment group mm2 Asia yesterday sank 30.8 per cent to 8.3 cents as the market began to price in a potential new investment, as well as a proposed rights issue.
This comes a day after the group announced that a Singapore private equity investor is interested in investing in one of its core businesses.
The news also comes shortly after mm2 Asia announced that it had, on Feb 2, received in-principle approval for a proposed renounceable underwritten rights issue to raise net proceeds of about $52.2 million.
