Corporate digest

Singapore Exchange

THE Singapore Exchange (SGX) will be appointing a new deputy chief financial officer who will take over as chief financial officer (CFO) following the current CFO's retirement. Ng Yao Loong, who will be deputy CFO with effect from April 1, will succeed Chng Lay Chew as CFO upon Mr Chng's retirement on Sept 30.

Mr Ng was previously assistant managing director for development and international at the Monetary Authority of Singapore. Meanwhile, Mr Chng is set to retire from SGX after close to nine years with the company.

CH Offshore

VESSEL chartering firm CH Offshore filed a notice on Monday of three years of consecutive losses. According to its unaudited financial statement for the financial year ended Dec 31, 2019, it recorded a loss after income tax of US$14.06 million for FY2019. The company said this is due to losses from an associate company and a provision for brokers' commission following an arbitration proceeding. In a regulatory filing, CH Offshore said its latest six-month average daily market capitalisation as at Feb 17, 2020, is S$39.9 million, which could land the firm on SGX's watch list.

DLF Holdings

ENGINEERING firm DLF Holdings has sold a second car - a Mercedes Benz S320L - less than a month after it sold a BMW to "enhance cash flows".

The car was sold to an unrelated third party at S$161,353, the highest price quoted, even though its net book value was about S$190,493, the Catalist-listed firm said in an exchange filing. Despite the loss, the firm said it considers this transaction to be "in the best interests of all shareholders" as the car is a depreciating non-core asset.

Sino Grandness Food Industry Group

SINO Grandness Food Industry Group is appointing Chan Chun Kit to be the company's CFO with effect from April 1, the company said in a regulatory filing. Mr Chan will be responsible for all aspects of financial planning, internal control compliance, and financial reporting matters of the company and its group of companies, according to the filing. He was previously the regional financial controller of KTL Global Limited.

Silverlake Axis

BUSINESS software firm Silverlake Axis has sold its shares in Auckland-based Finzsoft for NZ$4.4 million (S$3.9 million), reducing its shareholding interest from 43.59 per cent to zero. The mainboard-listed company said in an SGX filing on Monday that it is of the view that its investment in Finzsoft is "no longer in line with the company's business strategy", adding that the sale, which comes at a premium of 22.3 per cent to the current market price, is in the best interests of the company and its shareholders.