SINGAPORE, Nov 18, 2022 – (ACN Newswire) – The Relevant Shareholders[1] of Kitchen Culture Holdings Ltd. ("Kitchen Culture" or the "Company") refer to the EGM which will be convened on Friday, 25 November 2022 at 9.00 a.m. to be held by way of electronic means in relation to the proposed removal of 5 existing directors and the appointment of 5 new directors.
The Relevant Shareholders advise shareholders of the Company ("Shareholders") not to be discouraged by any statement issued by the Company about the validity of the EGM or seeking to persuade them not to attend the EGM. The EGM will proceed with or without the cooperation of the Company.
The Relevant Shareholders emphasize that there is no provision in the Company Constitution, Companies Act, or SGX Listing Manual that gives the Company the power to declare the EGM invalid.
Legal advisors have also confirmed that the Notice of EGM as published on 3 November 2022 in the Business Times ("Notice of the EGM") and the EGM are valid pursuant to the Company's Constitution and the Companies Act 1967 of Singapore.
The Relevant Shareholders would like to remind Shareholders that the Company had previously refused to publish the Notice of EGM on SGXNet and on the Company's website, contrary to Catalist Rule 704(14) of the SGX Listing Manual (the "Rule"). Under the Rule, the Company is required to immediately announce the details of any general meeting, such as by publishing a copy of the Notice of the EGM on SGXNet and the Company's website, regardless of any advice sought or action to be taken. Failure to do so is a breach of the Rule and unfairly disenfranchises Shareholders who wish to attend and vote at a general meeting.
Shareholders are strongly encouraged to attend and vote at the EGM either in person or via proxy, to exercise their rights as shareholders of the Company with respect to the proposed resolutions set out in the Notice of the EGM.
[1] Relevant Shareholders refers to OOWAY Group Ltd., Koh Cher Chow, Lin Xiao Long, Ling Chui Chui, Koh Ngin Joo, Lim Cheng Huat, Chew Yu Sheng and Soh Koon Eng.
Issued by Relevant Shareholders of Kitchen Culture Ltd.
Media and Investors Contact:
Email: query@oowayasia.com
Kitchen Culture Holdings Ltd. [SGX: 5TI] [BBG: KCH:SP] [RIC: KCHL.SI] https://kcholdings.com.sg
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
China Wantian Holdings Announces FY2022 Interim Results
HONG KONG, Nov 18, 2022 – (ACN Newswire) – China Wantian Holdings Limited ("China Wantian Holdings" or the "Group"; stock code: 01854.HK) announces its unaudited interim results for the six months ended 30 September 2022 (the "Reporting Period"). Following the completion of the general offer in August 2021, the Group has officially stepped towards a new milestone by setting up business operation points in Shenzhen city and Zhongshan city, as well as establishing its headquarters in the Guangdong-Hong Kong-Macao Greater Bay Area (the "Greater Bay Area") to expand its business in the region. The year 2022 marks a new chapter for the Group, during which the Group doubles its effort to develop three main businesses including supply chain, catering, as well as environmental protection and technology, in the Greater Bay Area market.
During the Reporting Period, China Wantian Holdings began to develop business in the Greater Bay Area, while maintaining its business in sourcing, processing and supplying food ingredients, with a focus on the provision of vegetables and fruit to food service operators in Hong Kong. It currently supplies in excess of 1,300 food ingredients to more than 480 customers. During the Reporting Period, the Group's revenue from the existing business remained stable and the total revenue increased by 0.74% year-on-year to approximately HK$68.7 million (six months ended 30 September 2021: approximately HK68.2 million). During the Reporting Period, thanks to the improvement in product mix, gross profit surged by approximately 33.4% year-on-year to approximately HK$14.9 million (six months ended 30 September 2021: approximately HK$11.2 million), and gross profit margin improved to approximately 21.7% from approximately 16.4% in the same period of last year. However, the establishment of the Group's Shenzhen headquarters and Zhongshan branch and active expansion of its business in the Greater Bay Area has lifted up the Group's operating expenses, thus resulting in a net loss of approximately HK$8.1 million (six months ended 30 September 2021: net loss of approximately HK$1.4 million), inclusive of an expense resulting from share option of HK$3.8 million. The investment in operating expenses is beneficial to the Group's business expansion, and is expected to contribute to the Group's long-term development eventually.
In May 2022, the Group established its Greater Bay Area headquarters in Shenzhen's Nanshan district, marking its official debut in the high-potential Greater Bay Area market. Subsequent to the establishment of its headquarters in the Greater Bay Area, the Group continued to adopt its multi-pronged approach to accelerate the business development in the region. At the same time, the Group announced that it will double its effort to develop three main businesses including supply chain and catering, as well as environmental protection and technology to actively establish a leading green brand in the Greater Bay Area. Moreover, the Group officially set up its Zhongshan branch in June 2022, signifying that Zhongshan city will become the Group's regional headquarters in the Zhuhai-Zhongshan-Jiangmen Economic Circle. The Group is also optimistic about the business prospects of Zhongshan city and sees it as the starting point of its three main businesses, followed by gradually expanding its businesses to the Greater Bay Area market.
With regards to supply chain business, the Group capitalises on its advantages in Hong Kong supply chain business, boosting efficiency of every sessions and striving to deliver fresh ingredients namely seafood, meat and vegetables to customers in a safe and efficient manner, with the fastest time and at the lowest cost. At the same time, the Group plans to replicate its successful experience gained in Hong Kong to the Greater Bay Area market. In November 2022, the Group announced that it intends to acquire Shenzhen Wealth Source Trading Development Company Limited* ("Shenzhen Wealth Source"), which is a domestic fresh food supply chain service provider in the PRC. It marks the Group's expansion of its supply chain business into the Greater Bay Area market. Shenzhen Wealth Source is principally engaged in the trading of live cattle, fruits, vegetables, seafoods and food ingredients in the PRC. It sources live cattle from Inner Mongolia and distributes them to slaughterhouses in the Greater Bay Area. It also supplies and offers fruits, vegetables and seafood to restaurants in the Greater Bay Area. Acquiring Champion Point with well-established business network and customer base in the PRC will allow the Group to offer comprehensive service packages to the customers and broaden customer base, thus expediting the development of supply chain business.
With regards to catering business, the Group strives to seize the business opportunities of the catering industry in the Greater Bay Area, further expanding its restaurant network to other cities and its catering business territory in the Greater Bay Area. Leveraging its whole-of-industry supply chain in the upstream, midstream and downstream segments, the Group strategically opened restaurants that specialises fresh food ingredients in the heart of Zhongshan's busiest areas, gradually expanding the brand Wantian Catering. The four restaurants cater mainly to young consumers, specialising dishes for customers who love to "check in" and eat healthily. While the reach of Wantian Catering gradually extends, the Group has been actively enhancing its brand recognition in the Greater Bay Area and expanding its customer base in order to grow its market share.
With regards to environmental protection and technology business, the Group actively supports the national development approach of "modern agricultural technology and environmental protection", integrating agricultural technology and green environmental protection, utilising available rooftop for farming and increasing the urban green area, with a view of supporting sustainable development of the Greater Bay Area. Besides, the Group has also been actively supporting national policies to realise the vision of net-zero carbon emission by establishing a department dedicated to promoting modern agriculture and green education in primary and secondary schools and enterprises in the Greater Bay Area, with an aim of promoting a green and environmentally-friendly lifestyle and making the world a greener place.
Being one of the most open and economically dynamic regions in the PRC, the Greater Bay Area plays an important and strategic role in the overall development of the country, and is now facing unprecedented development opportunities. The Group's management believes that the Greater Bay Area business will be its biggest driver of revenue growth, and is expected to generate steady and sustainable income over the long term. China Wantian Holdings aims to enhance the diversity of its development strategies by expanding its businesses. With the establishment of Shenzhen headquarters being the first step of its Greater Bay Area development strategy, the Group will focus on the synergies among the three businesses namely supply chain and catering, as well as environmental protection and technology, to foster unique strengths to overcome challenges and establish solid foundations.
Looking ahead, leveraging on the extensive business experience of management and its well-established business network in the PRC, the Group will continue to identify potential business opportunities. By adhering to the business philosophy of "People-Oriented, Pragmatism, Creativity and Honest and Responsible", the Group will set up a one-stop food industry chain system covering from the source of cultivation to the food supply chain and the catering businesses, with a view to becoming a leading service provider for good life and a premier green brand in the Greater Bay Area.
About China Wantian Holdings Limited
China Wantian Holdings Limited (01854.HK) is an investment holding company. The Group is principally engaged in sourcing, processing and supplying food ingredients, with a focus on the provision of vegetables and fruit to food service operators in Hong Kong. It supplies in excess of 1,300 food ingredients to more than 480 customers. In May 2022, China Wantian Holdings established its Greater Bay Area headquarters in Shenzhen, marking its official debut in the Greater Bay Area market. The Group will focus on developing three main businesses in this market, including supply chain and catering, as well as environmental protection and technology to actively establish a leading green brand in the Greater Bay Area to provide customers with fresh, healthy and safe food, meanwhile striving to become a leading lifestyle service provider in China.
For more details, please visit: chinawantian.etnet.com.hk
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China Medical System (867.HK) S&P Global CSA Score Achieved Significant Improvement, Leading the Industry Globally
SHENZHEN, CHINA, Nov 18, 2022 – (ACN Newswire) – Recently, the S&P Global Corporate Sustainability Assessment (S&P Global CSA) released the 2022 Environmental, Social and Governance (ESG) scores for China Medical System Holdings Limited ("CMS" or the "Group"). CMS achieved a significant improvement with a score of 53 in 2022 from 36 in 2021, surpassing 92% of the global peers and being significantly ahead of the industry average. This result shows the Company's outstanding achievement from its active integration of ESG governance into strategic development and daily operation.
S&P Global CSA is the global leading assessment tool of corporate sustainability practices initiated by S&P Global. S&P Global CSA provides comprehensive evaluation on corporate sustainability performance, and the Group's identification and management abilities of potential opportunities and challenges by considering factors, such as corporate economy and governance, environment protection, and social responsibility. S&P Global CSA has been regarded, by stakeholders, as one of the most important references for making business or investment decisions.
Based on a well-established, scientific and effective ESG governance structure, CMS has been continuously improving its overall operations with the concept of sustainable development. Its latest S&P Global CSA-ESG scores indicated the Group has achieved significant improvements in several issues including Human Rights, Occupational Health & Safety, Supply Chain Management, Product Quality Management, Information Security & Cyber Security, Environment Policy & Management Systems, Addressing Cost Burden and Improving Access to Healthcare. Especially, the Group received excellent scores in Marketing Practices, Product Quality Management, and Addressing Cost Burden.
Adhering to compliant operations, CMS has built an honest, efficient, and open operational culture via a solid internal management system. By continuously enhancing its innovative product incubation platform and fully leveraging its strengths, the Group promotes diversified collaborative R&D and continues to build a pharmaceutical ecosystem in a collaborative setting for the benefit of all stakeholders, to improve pharmaceutical R&D efficiency, and constantly offer patients with accessible, affordable, and quality products. In the future, upholding visionary corporate mission and responsibility, CMS said it will continuously enhance its corporate governance, environment control practices, and social responsibility fulfillment, and promote the integration of ESG concepts into the Group's strategy, striving to be the leading sustainable pharmaceutical company in China.
Media Contact
Media Team, CMS
Email: ir@cms.net.cn
Website: http://www.cms.net.cn/
Source: China Medical System Holdings Ltd.
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Kitchen Culture Says Purported Notice to Call Second Attempted EGM on 25 November 2022 to Remove 5 Directors By Electronic Means Is Invalid; Urges Shareholders Not To Attend
SINGAPORE, Nov 18, 2022 – (ACN Newswire) – Kitchen Culture Holdings Ltd. ("Kitchen Culture" or the "Company") said today that a second attempt to convene an Extraordinary General Meeting ("Second Intended EGM") to remove 5 of 6 directors next week is defective and invalid for non-compliance with the Companies Act 1967 and the Company's Constitution.
Kitchen Culture had sought legal advice and had since early November 2022 been writing to lawyers representing OOWAY Group Ltd. ("OOWAY") who in turns representing a group of 7 other shareholders (8 aforementioned shareholders collectively, the "Requisitioners") who had published an advertisement in The Business Times on 3 November 2022 calling for the Second Intended EGM to be held on 25 November 2022 by electronic means.
Based on opinions of 2 lawyers, Kitchen Culture, the SGX Catalist-listed provider of solutions and products for kitchens and wardrobes said:
"… the Company announces that the Second Intended EGM (scheduled for 9.00 am on Friday 25 November 2022 to be held by electronic means) is NOT a proper extraordinary general meeting of the Company. As such, that Second Intended EGM is defective and invalid, and any resolution passed at any purported meeting held as the Second Intended EGM will be invalid. Even assuming that the Second Intended EGM is not defective and invalid, any resolution to remove any Director or to appoint some person in place of a Director so removed, will be invalid."
The Requisitioners had not given sufficient notice in writing of the Second Intended EGM as required by the Companies Act and the Constitution of the Company. While the Requisitioners were in a position to send all required notices in writing to every member of the Company at the relevant and appropriate address they did not do so, the Company said.
Further, the Requisitioners are in 'serious breach' of the Company's Constitution by failing to deposit executed Proxy Forms only at Kitchen Culture's registered office. Instead, shareholders were informed that executed Proxy Forms were "to be sent to the office of a company unknown to the Company and at an address not previously known to the Company, and not to the registered office of the Company."
Kitchen Culture's Board, with the exception of Madam Hao Dongting, has said that there are no grounds to justify the resignations of the 5 directors – Mr Lim Wee Li (Executive Director), Mr Lau Kay Heng (NonExecutive Non-Independent Chairman), and 3 Independent Directors, Mr Ang Lian Kiat, Mr William Teo Choon Kow and Mr Peter Lim King Soon.
Mr Lau Kay Heng and Mr Peter Lim King Soon were named as new directors on 15 July 2022, the same day that Mr Lincoln Teo, an OOWAY representative and former Interim CEO of Kitchen Culture, ceased to be Executive Director. The Company stressed that OOWAY had in fact supported the re-appointments of Mr William Teo Choon Kow and Mr Ang Lian Kiat at the Annual General Meeting held on 18 March 2022.
The Requisitioners comprise OOWAY – the Company's largest shareholder – and 7 individuals who own an aggregate of 21.71% of the Company's shares. They had first issued Purported Notices under Section 177 of the Companies Act 1967 – on 30 September 2022 and 14 October 2022 – to remove the 5 directors at a physical EGM that was first called to be held on 1 November 2022 at the Grand Copthorne Waterfront Hotel.
Kitchen Culture had responded that the Purported Notices were defective and that any resolution passed at the 1 November 2022 EGM would be invalid. The Requisitioners then published the 3 November 2022 newspaper advertisement and engaged in legal correspondence with the Company's lawyers.
"The Company will not be publishing as an announcement the Second Concatenation Purported Notice of EGM, and the Company cannot proceed and will not be proceeding with the Second Intended EGM purportedly called for by the Relevant Shareholders (i.e. the Requisitioners). If the Second Intended EGM is attempted to be held, and any resolution purportedly passed at such Second Intended EGM, would be invalid. In any case, the Company advises shareholders not to attend the Second Intended EGM purportedly called for on 25 November 2022", Kitchen Culture said.
Kitchen Culture shares have been suspended from trading since July 2021. Its Board has seen several changes since the involvement of OOWAY in October 2020.
Issued by:
Kitchen Culture Holdings Ltd.
9 Raffles Place, #52-02, Republic Plaza
Singapore 048619
Tel: +65 6471 6776, Fax: +65 6472 6776
Media & Investor Contact
Whatsapp (Text): +65 9748 0688
kitchenculture@wer1.net
This press release has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.
The contact person for the Sponsor is Ms. Lee Khai Yinn (Tel +65 6232 3210), at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Old Gold is the New Gold when Music Meets NFTs
Arizona, Nov 18, 2022 – (ACN Newswire) – November 25th, 2022 sees the arrival exclusively in retail stores of a new generation of music distribution, the pairing of vinyl records and NFTs. The Gold Album for this year's Christmas "Must Have" is the "Old is Gold" vinyl Christmas Album. A priceless, timeless collection of the Christmas tunes we know and love.
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This one-of-a-kind Christmas offering is derived from a catalog of historical remastered classics such as "The Christmas Song" performed by Bing Crosby, "Have Yourself a Merry Little Christmas" by Rosemary Clooney, "Winter Wonderland"' by, Faron Young, and "I Saw Mommy Kissing Santa Claus" by Bobby Sherman amongst other hits.
This Christmas "Must Have", includes a Album literally pressed in Gold vinyl. The lucky owner(s) have the exclusive rights to access through a QR Code embedded in the vinyl, their own limited edition NFT.
The "Old is Gold" NFT platform will allow the user to either utilize their existing NFT Wallet or create a wallet by following instructions at https://buyoldisgold.com/. All the NFTs are individually numbered and securely registered via Blockchain Technology to protect the exclusive property of the holder.
The Music NFT is a clone of the Vinyl album that will allow the owner of the NFT to listen to their favorite Holiday Music at their convenience.
Old is Gold is setting a new standard in the music industry by pairing its remastered "Gold Vinyls" with Music NFT versions of those vinyls. This is an industry first that will give music fans the ability to own both the physical vinyl and digital versions of their favorite artists' music creating a Blockchain driven collectible.
There is also an opportunity to purchase the Christmas album in NFT format only, known as the Old is Gold Collector Edition, which will include many benefits, such as the lifetime opportunity to make future purchases of vinyl records directly from the "Old is Gold" Website at a 20% discount. In addition, the NFT owner will also have immediate whitelist access to future Music NFT offerings.
In 2023 there will be a limited series of Music NFTs celebrating Black History Month in February. Artists such as The Jackson 5, Little Richard, Lionel Hampton, Al Jarreau, Sly and the Family Stone, Billie Holiday, Chuck Berry, and Duke Ellington, are just part of the shortlist of this exclusive offering.
Only a limited number of these Collector Edition NFTs will be available for purchase at https://scan.buyoldisgold.com/ for $5.99
There has never been a better time to purchase a little bit of "Christmas Cheer" whilst owning a little piece of "Christmas History" in addition to a lifetime discount on vinyl products.
https://authenticheroes.com is a wholly owned subsidiary of Global Fiber Technologies, Inc .,a public company which will soon change its name to Authentic Holdings, Inc., currently trading under the stock symbol GFTX.
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
eDriving Integrates Greater Than’s EcoScore Into Their Digital Driver Safety Application, Mentor, To Help Fleets Achieve Sustainability Targets
CAPE MAY, NJ and STOCKHOLM, SWEDEN, Nov 17, 2022 – (ACN Newswire) – eDriving(SM), a Solera company and leading global provider of digital driver risk management solutions, today announced a partnership with Greater Than (GREAT:ST), the global provider of technology that converts GPS data into powerful insights and driver scores. Through the collaboration, eDriving will integrate Greater Than's EcoScore into a new feature in its award-winning digital driver safety app Mentor(SM). The new feature, to be named EcoDrive powered by Greater Than, enables eDriving to further support its global clients in achieving their sustainability goals.
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Revolutionising driver risk management for over 25 years, eDriving is the trusted partner of choice for many of the world's largest sales, service, and delivery fleets, supporting over 1.2 million drivers in 125 countries with award-winning digital driver risk management and safety solutions. eDriving's smartphone-based Mentor programme identifies and remediates drivers' risky habits behind the wheel with training, coaching, and gamification, achieving up to an 89% reduction in risky driver behaviour over 18 months.
The integration of Greater Than's EcoScore is a strategic step for eDriving to elevate the sustainability benefits of Mentor for their customers on a global scale by contributing to carbon footprint reductions of up to 20%. In addition, the EcoScore facilitates more accurate Environmental, Social and Governance (ESG) reporting with harmonised data on an organisation's CO2 emissions and savings.
"Our customers are keen to take ownership of their climate impact and help their drivers minimise their CO2 emissions as well as safely return home to their loved ones at the end of each workday. This exciting new partnership between eDriving and Greater Than will help to accelerate that goal," said Ed Dubens, CEO/Founder of eDriving. "Greater Than's EcoScore is yet another example of how eDriving's Mentor ecosystem brings together the best of the best into one world-class solution focused on driver risk management, safety and sustainability. FICO's Safe Driving Score, Sfara's Collision Detection, Bosch's Emergency Response Services, and now Greater Than's EcoScore continue to evolve and sustain Mentor's unique value proposition supporting the world's largest enterprise organisations."
Mentor's EcoDrive powered by Greater Than will incorporate Greater Than's unique pattern-AI technology which conducts real-time driving analysis to calculate CO2 emissions per individual driver. With a uniform measure of environmental impact, EcoDrive powered by Greater Than enables fair, transparent, unbiased evaluation of individual drivers' eco performance, regardless of vehicle type or global location. Drivers will be able to see carbon emissions reported in grams and percentages following each trip on their Mentor dashboard, making it the perfect sustainability analysis and reporting tool for organisations with mixed vehicle types.
"We are very excited that eDriving is introducing its new EcoDrive feature based on our EcoScore to its Mentor customers. Our partnership is another proof of the scope of use for our DriverDNA AI analysis. With EcoScore integrated into the Mentor app, eDriving customers will have greater control over their environmental impact and the necessary insights to reduce them, as well as valuable data of absolute CO2 emissions to facilitate comprehensive sustainability reporting, which looks set to be mandatory for many companies in coming years," said Liselott Johansson, CEO, Greater Than.
EcoDrive powered by Greater Than will be available in eDriving's flagship Mentor business solutions, as well as Mentor Defender, eDriving's newest app for individuals and family members, distributed through insurers, auto safety membership organisations and driving schools.
Press contact, eDriving:
Sheila Leverone, Chief Marketing Officer
press@edriving.com
Press contact, Greater Than:
Eva Voors, Chief Communications Officer
eva.voors@greaterthan.eu
+46 708 884 880
About Solera
Solera is the global leader in vehicle lifecycle management software-as-a-service, data, and services. Through four lines of business – vehicle claims, vehicle repairs, vehicle solutions and fleet solutions – Solera is home to many leading brands in the vehicle lifecycle ecosystem, including Identifix, Audatex, DealerSocket, Omnitracs, LoJack, Spireon, eDriving/Mentor, Explore, cap hpi, Autodata, and others. Solera empowers its customers to succeed in the digital age by providing them with a "one-stop shop" solution that streamlines operations, offers data-driven analytics, and enhances customer engagement, which Solera believes helps customers drive sales, promote customer retention, and improve profit margins. Solera serves over 300,000 global customers and partners in 100+ countries. For more information, visit www.solera.com.
About eDriving
eDriving, a Solera company, helps organisations around the world improve safety, reduce injuries, licence violations, carbon emissions, and total cost of fleet ownership through its patented digital driver risk management programmes. These include the Mentor by eDriving(SM) smartphone app with FICO(R) Safe Driving Score; the patented, five-stage Crash-Free Culture(R) risk reduction programme; and the Virtual Risk Manager(R) platform, all designed to work together within a privacy-first, data-secure environment that supports drivers and their managers every step of the way. eDriving is the digital driver risk management partner of choice for many of the world's largest organisations, supporting over 1,200,000 drivers in 125 countries. Over the past 25 years, eDriving's research-validated programmes have been recognised with over 120 awards around the world. For more information, visit www.edriving.com.
About Greater Than
Greater Than is an AI data analytics company that predicts crash probability and CO2 impact per driver in real-time, revolutionising auto insurance pricing and new business solutions for the automotive, new mobility and fleet industries.
Our AI has experienced the equivalent of 855,000 man-years of real driving and has to date discovered over 7 billion unique driver DNAs: learning that makes it the most experienced AI driver in the world.
Greater Than is appointed as an InsurTech100 company and AIFinTech100 company and has been named Provider of AI Automotive Product of the year, 2021. Greater Than (GREAT) is listed on Nasdaq First North Growth Market. FNCA Sweden AB is the Company's Certified Adviser. Learn more at www.greaterthan.eu.
EcoDrive Product Sheet https://www.edriving.com/wp-content/uploads/2022/11/EcoDrive-product-sheet.pdf
SOURCE: eDriving
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Maxim Group: Society Pass (Nasdaq: SOPA) – Despite Challenging Global Macro Environment, Reiterates Positive Outlook on SOPA Based on Strong Revenue Generation and Compelling Valuation
SINGAPORE, Nov 17, 2022 – (ACN Newswire) – Maxim Group LLC ("Maxim") issues Equity Research Report on Society Pass Incorporated ("SoPa") (Nasdaq: SOPA), SEA's leading data-driven loyalty, fintech and e-commerce ecosystem.
Click here to view the full Maxim Group LLC Equity Research Report. https://maxim.bluematrix.com/sellside/EmailDocViewer?encrypt=eb2534e9-6164-47b7-a389-c2efe2f9983d&mime=pdf
Summary Points:
– Positive view of early stages of building SEA ecommerce company. Luxury store, Leflair provides luxury goods online. Additional businesses include online delivery companies Handycart and Pushkart (bought during 1Q22), as well as Gorilla Networks, a telecom MVNO (early June 2022). During 3Q22 the company acquired Thoughtful Media, a digital influencer, Mangan.ph, restaurant delivery, and NusaTrip, an online travel agency. SoPa will launch a loyalty points offering. Maxim believes Thoughtful Media can market SoPa's other brands and the food delivery and luxury brand businesses can be expanded geographically. Maxim has a positive view on the SE Asian market due to increasing mobile and ecommerce penetration, younger populations, travel coming back, and the opportunity to consolidate smaller companies.
– Significant year on year revenue growth in 3Q 2022. 3Q22 revenue of $2.1M increased significantly from $84K in the prior year quarter. Digital marketing accounted for over half of the quarter's revenue. Results were also held back as most of its businesses were very early stage. The company is in the process of restructuring several of its businesses to improve revenue and profitability.
– Healthy balance sheet and cash levels. The company ended September 2022 with $23M in unrestricted cash and no debt. Maxim projects current cash levels as sufficient to fund organic growth over the next two years.
– Challenging macro environment, yet positive on micro company business plan. Maxim factors in a more challenging macro environment impacting Society Pass' end markets and notes that Sea Ltd (SE – NR), SE Asia's largest internet company, has laid off 10% of staff in past 6 months and during its 3Q22 conference call projected lower than expected bookings for 2022. Maxim still expects SE Asia to be one of the fastest relative growth markets and anticipates SOPA to grow from spending on marketing, expansions, the launch of loyalty points in 4Q22, and contributions from all announced acquisitions. Maxim believes many of the businesses can be expanded geographically and benefit from greater capital.
– Strong revenue generation in 2023. Maxim projects revenue to increase from $0.5M in 2021, to $7.0M in 2022, and $40.1M in 2023. The increase is due to the significant expected contribution from acquisitions and organic growth. Maxim projects 2022 adjusted EBITDA loss to widen to ($20.7M), from a loss of ($4.9M) in 2021. The wider loss is due to one time costs related to acquisitions and higher public company expenses. For 2023, Maxim projects EBITDA loss estimate to ($11.0M).
– Compelling valuation. – SOPA trades at an EV/revenue multiple of 0.5x Maxim 2023 revenue estimate with over half of its market cap in cash. Maxim $5 price target is supported by our 10-year DCF analysis, which utilizes a 22% discount rate, 15x terminal multiple, and 3% terminal growth rate and equates to an EV/revenue multiple of 2.5x. The 2.5x multiple target is roughly inline with the peer group average of 2.4x. Our positive outlook is supported by the attractive SE Asian markets and opportunities to consolidate smaller companies. Maxim reiterates Buy rating.
About Society Pass Inc
Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.
Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 2021.
SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa's data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 205,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.
Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com, Vietnam's leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; and Mangan.ph, a leading local restaurant delivery service in Philippines.
For more information on Society Pass, please check out:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass or
Facebook at https://www.facebook.com/thesocietypass or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.
Cautionary Note Concerning Forward-Looking Statements
This press release may include "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus relating to the Company's initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Media Contacts:
PRecious Communications
sopa@preciouscomms.com
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Ando Experiences Remarkable Growth Spurt in Indonesia with aCommerce Strategy and Services
BANGKOK, Nov 17, 2022 – (ACN Newswire) – In today's ecommerce landscape, brands and retailers are expected to have a multi-channel presence in key platforms – from marketplaces, social media,direct-to-consumer channels and more.
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A flurry of simultaneous activities is required to capture and engage with audiences in today's e-commerce landscape – from employing influencers, producing live streams, launching flash sales, or competing in mega-day sales, the e-commerce market is saturated with opportunities.
The challenge most brands are facing, however, is not knowing which platforms are best suited for their brands and managing large-scale operations, eventually taking their focus from business growth.
Ando, a popular brand of sandals and casual shoes for men, women, and children established in the '90s in Indonesia, had built a reputation over the years for stylish, quality, and affordable products to become a local favorite, was on the lookout for a reliable, experienced e-commerce partner.
A Trusted and Reliable Partner
With the aim of scaling its business through ecommerce, Ando partnered with aCommerce Indonesia to create its online stores in major marketplaces: Shopee, Lazada, Tokopedia, Tiktok, and direct-to-consumer.
"We were looking for a reliable and trusted partner. aCommerce, with its current extensive regional experience and reputation, was able to show us a clear path to scalability," said Sherly Yulianita, ANDO's Online Sales Head.
With this partnership, aCommerce is now responsible for a wide range of ecommerce services to get Ando to achieve its goals. One innovative initiative of the service is producing and broadcasting live-streaming videos for Ando on Shopee.
"It's our pleasure to work with great partners such as ANDO. We are collaborating tightly on various tasks such as marketplace management, fulfillment, customer services, and warehousing, and it's been a pleasure to see the results, partnership, and level of sync" said Antonius Adang, Chief Executive Officer of aCommerce Indonesia.
Expanding Ando's Playing Field
As a groundbreaking ecommerce marketing tool, live streaming has gained popularity in recent years due to its more engaging and authentic format, done in real-time. Combining video technology, entertainment, and retail, live streaming enables brands to communicate and connect with target audiences at a deeper level while monetizing live content.
As the largest end-to-end ecommerce enabler in Southeast Asia, aCommerce offers professional broadcasting and live streaming services from our studios at aCommerce HQ. From formulating the right strategy for your brand to creating a detailed communication plan, sourcing influencers and hosts for the broadcast, or using our in-house broadcasters, our aTeam offers the full spectrum of services to connect businesses with 370 million internet users in Southeast Asia.
"aCommerce helps us to focus on designing and developing our products, while they handle our store operations," Sherly added. "Allowing our customers to have an incredible shopping experience from Ando's official store."
The partnership also leverages TikTok's wide market coverage across the region. For the official inauguration of Ando's TikTok store in December 2021, aCommerce supported the company during a live stream where several successful campaigns, including the 'Buy 1 Get 3 Pairs' and 'Buy Shoes Get Nokia Phone.'
Demonstrated Results
Since the store's soft launch on TikTok, Ando was able to rake in impressive earnings. Across Ando's online stores in other marketplaces, aCommerce's strategic initiatives have already shown remarkable results.
Campaign revenues have posted double-digit growth every month, the biggest ones from the 7.7, 9.9, 11.11, and 12.12 mega sale days. Meanwhile, business-as-usual (BAU) days have substantially increased in revenues, while overall sales have more than tripled.
Aside from the Tiktok Shop launch in December 2021, other significant milestones that Ando achieved with the help of eCommerce's strategic efforts include
– Improvement of order fulfillment
– Maintenance of customer and after-sales service excellence
– Maintenance of good inventory levels
– Initiation of two new campaigns to boost sales:
— Free Gimmick Campaign
— Free Random Mystery Box
Moving forward, Ando intends to expand to another key local marketplace BliBli with support from aCommerce.
"The future looks promising," said Ms.Yulianita as the company witnesses and achieves overall growth on the path toward long-term success. "Both parties strive to grow. Many campaigns and strategies worked extremely well," added Mr. Adang.
aCommerce (SET: ACOM) revolutionized e-commerce enablement with a cutting-edge platform & technology stack, EcommerceIQ, and proprietary software, including innovative omnichannel management software. aCommerce drives brands to achieve e-commerce goals with high-performance digital marketing, online store development & management, data & analytics, customer care, fulfillment & delivery services. Visit https://acommerce.asia.
Released for aCommerce Group by MT Multimedia Co Ltd
Wasana Wongsiri (Jiab), T: +66 84 359 0659, E: wasana.w@mtmultimedia.com
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
SMEStreet and World University of Leadership & Management Join Hands for Bringing Academia and Industry Closer
New Delhi/Dubai, Nov 17, 2022 – (ACN Newswire) – In order to elevate the relationship between academia and industry, SMEStreet Foundation and the World University of Leadership & Management, France have collaborated. This collaboration is expected to highlight Indian entrepreneurial and social leaders so that their professional experience can become a benchmark at a global level.
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India's success story is becoming stronger and stronger at the global level. The importance of Indian-origin entrepreneurs and professionals have become visible at almost every level. On such backdrop, MSMEs and Startups from India are also becoming well-acknowledged globally.
"With this collaboration, we aim to provide a credible global platform for India's entrepreneurial and professional leadership." We will work closely with the World University of Leadership & Management (WULM) for providing success stories which possess the potential of motivating their peers in their respective professional fields. Whether business leaders, entrepreneurs, social entrepreneurs or professionals, India is producing great potential that can make it's impact at a global level. "We at SMEStreet are excited with this collaboration to provide and facilitate such level of knowledge sharing," says Dr Faiz Askari, Secretary General, SMEStreet Foundation.
"We are very excited and happy to collaborate with SMEStreet, as this gives us access to the potential network of Indian philanthropists and professionals who can become a success story at a global level," says Dr. Randi W Ward, Chancellor of World University of Leadership & Management (WULM), France.
Dr. Diwakar Aryal, CEO of, WULM commented, "This collaboration is considered to bring very important synergy for academia and industry. With SMEStreet's networking and expertise and WULM's academic expertise, we wish to create an efficient pathway of recognition for professionals. This will create success stories influential and approachable for those who wish to leverage the expertise."
This collaboration will generate global-level dialogues and forums which will highlight Indian leadership at a global level.
About SMEStreet – https://SMEStreet.in
SMEStreet.in is an efficient and dynamic ecosystem for MSMEs and Startups. The SMEStreet Platform is a window of opportunity for every entrepreneur to enhance the profitability of business, personalized networking with subject matter experts and insightful market research data. Success Stories and high quality business networking is facilitated by SMEStreet to empower pro-business environment at a global level. The portal has over 1 Million unique visitors every month and over 3.5 Million Pageviews are registered here.
About SMEStreet Foundation
SMEStreet Foundation is created to serve the potential rich entrepreneurs, aentrepreneurs,preneurs and Professionals from Indian MSME and startup domain. Registered as a Section 8 company. The SMEStreet Foundation is aimed to bring value of knowledge and become a proactive platform of enhancing business productivity and peer to peer learning.
About WULM (wulm.org)
World University of Leadership and Management is headquartered in France and working with the visions and missions of the openness philosophy, believing that open universities are rooted in the idea that education is a basic human right, that teaching and learning need to be democratized, that equity in education needs to be facilitated and social justice.
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Pertamina to balance energy transition, security in net zero push
JAKARTA, Nov 17, 2022 – (ACN Newswire) – The energy transition process must take place in order to maintain sustainability, chair of the Energy, Sustainability, and Climate Business 20 (TF ESC-B20) Task Force, Nicke Widyawati, has said.
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During a "BloombergNEF (BNEF) Net Zero Summit" discussion initiated by the Coordinating Ministry for Maritime Affairs and Investment and the Asia Natural Gas and Energy Association (ANGEA), Widyawati, who is also the CEO and president director of state-owned energy company Pertamina, said that the energy transition process is a part of B20 activities.
During the discussion, she emphasized that the energy transition cannot be achieved in a short time.
"The process requires various kinds of technology, costs, and human resources that can reach the standards of renewable energy," she explained.
When the energy transition process occurs, the demand for energy will also increase, she pointed out. Thus, energy security on a large scale will need to be maintained.
Widyawati then described several strategies carried out by Pertamina to overcome the challenges faced in balancing efforts to realize the energy transition for sustainability, including net zero emissions, with measures to maintain energy security.
"To achieve net zero emission (NZE) aspirations while maintaining energy security in Indonesia, Pertamina has developed some comprehensive strategies that are delivered through two main pillars and three medium-term strategies," she informed.
The two main pillars are focusing on decarbonizing business activities and assets and developing new renewable green energy businesses.
Meanwhile, the first of the three medium-term strategies carried out by Pertamina to support NZE realization involves developing its carbon accounting standards to meet national and international standards.
The second strategy involves stakeholder engagement to fully support the achievement of national NZE targets, which will be supported by the company's long-term investments.
The third strategy involves the company's environmentally friendly sustainability business initiatives that will focus on biofuels, renewable energy sources, carbon capture storage (CCS/CCUS), batteries and electric cars, hydrogen, as well as self-sustaining carbon businesses.
Moreover, Pertamina has also developed a strategy to support the energy transition by allocating its capital expenditure (capex) for low emission energy and developing new renewable energy (NRE).
"We have set a goal to increase the green business portion in Pertamina's revenue, which is from 5 percent in 2022 to 13 percent by 2030," Widyawati said while providing details on the company's share of capital costs for green energy.
The company has also predicted that its fossil fuel revenues will decline significantly from 86 percent in 2022 to 66 percent by 2040.
Furthermore, she highlighted that the goal of optimizing the capital allocation for green businesses has been coordinated by Pertamina with the government to ensure that the measures taken align with the national energy mix target for new renewable energy.
To balance financing, Pertamina has also made a long-term investment strategy, which has included the allocation of 14 percent of its capex for green energy business activities.
In addition, the company will continue to invest in fossil fuels and petrochemicals as the backbone of its current business in an effort to ensure that the energy transition process does not disrupt energy security.
Apart from the capital investment strategy, Pertamina is also collaborating with various parties to accelerate the achievement of green energy targets.
Contact: Heppy Wulansari, Pjs. Vice President Corporate Communication, PT Pertamina (Persero)
Mobile: +62 811-296-949, Email: heppy@pertamina.com, URL: https://www.pertamina.com
Written by: Yuni Arisandy Sinaga, Editor: Sri Haryati (c) ANTARA 2022
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
