HONG KONG, May 13, 2024 – (ACN Newswire) – Nissin Foods Company Limited (“Nissin Foods” or the “Company”, together with its subsidiaries, the “Group”; Stock code: 1475) today announced its unaudited first quarter financial results for the three months ended 31 March 2024 (the “Reporting Period”).
The Group recorded revenue of HK$963.0 million for the Reporting Period. Gross profit reached HK$346.6 million and the gross profit margin increased by 0.8 percentage points to 36.0% from 35.2% (restated) for the corresponding period of 2023. The increase in gross profit margin was mainly attributable to the easing of raw material costs during the Reporting Period. Profit attributable to owners of the Company for the Reporting Period increased by 7.3% to HK$117.9 million, compared with HK$109.9 million (restated) for the corresponding period of 2023.
Revenue from the Hong Kong and other Asian operations (including Vietnam and Taiwan markets) totalled HK$348.4 million. As for the Mainland China operation, revenue of HK$614.6 million was recorded for the Reporting Period due to slower consumption growth momentum in Mainland China and the negative effects of foreign currency translation.
Mr Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, said, “We are pleased to report that our proven premiumisation and diversification strategies have enabled us to maintain profit growth in the first quarter of the new fiscal year, despite the challenging business landscape. We remain cautiously optimistic about the long-term business operating environment. On top of allowing us to expand our revenue sources, venturing into foreign markets gives us the opportunity to broaden our horizons. We are able to gain insights of different cultures and consumer behaviours in different regions. With those knowledge, we can strengthen interaction and mutual trust with local consumers, thereby keep tapping more opportunities in other promising overseas markets. Looking forward, we will continue to implement stringent cost control measures and improve operational efficiency to strengthen our competitiveness.”
About Nissin Foods Company Limited
Nissin Foods Company Limited (“Nissin Foods”, together with its subsidiaries, the “Group”; Stock code: 1475) is a renowned food company in Hong Kong and Mainland China with a diversified portfolio of well-known and highly popular brands, primarily focusing on the premium instant noodle segment. The Group officially established its presence in Hong Kong in 1984 and is the largest instant noodle company in Hong Kong. The Group primarily manufactures and sells instant noodles, high-quality frozen food products, including frozen dim sum and frozen noodles, and also sells and distributes other food and beverage products, including retort pouches, snacks, mineral water, sauce and vegetable products under its two core corporate brands, namely “NISSIN” and “DOLL” together with a diversified portfolio of iconic household premium brands. The Group’s five flagship product brands, namely “Cup Noodles”, “Demae Iccho”, “Doll Instant Noodle”, “Doll Dim Sum” and “Fuku” are also among the most popular choices in their respective food product categories in Hong Kong. In the Mainland China market, the Group has introduced technology innovation through the “ECO Cup” concept and primarily focuses its sales efforts in first-and second-tier cities.
Nissin Foods is a constituent of five Hang Seng Indexes, namely: Hang Seng Composite Index, Hang Seng Composite SmallCap Index, Hang Seng Composite Industry Index – Consumer Staples, Hang Seng SCHK Consumption Index and Hang Seng SCHK Consumer Staples Index. Nissin Foods is eligible for trading under Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect. For more information, please visit www.nissingroup.com.hk.
Samurai 2K Aerosol’s Tintatek technology was awarded the Silver Medal amidst stiff competition from over 1000 innovations
Fillable Aerosol Container for mixing, colour matching of paint colours without additional equipment revolutionises aerosol paint industry
Unique participation certificate in the form of a non-fungible token (NFT), enables exhibitors to verify their participation through blockchain technology
SINGAPORE, May 13, 2024 – (ACN Newswire) – Samurai 2K Aerosol Limited (the “Company” ) (SGX: Y8E), a Company listed on the Catalist board of the Singapore Exchange Securities Trading Limited (“SGX-ST”) and an innovator in the aerosol paint industry, proudly announces its latest accomplishment – securing a Silver Medal at the prestigious 49th International Exhibition of Inventions in Geneva, Switzerland (the “Geneva Exhibition”) which was held from 17 April to 21 April 2024.
Mr Ian Ong, Executive Director and Chief Executive Officer (CEO) of Samurai 2K Aerosol Limited with the Silver Medal at the International Exhibition of Inventions Geneva.
The Geneva Exhibition, supported by the Swiss Government and the World Intellectual Property Organization (WIPO), is renowned for showcasing new products ready for commercialisation. This year, the exhibition hosted over 825 exhibitors from 45 countries.
Mr Ian Ong showcasing the Company’s Tintatek
The Company’s award-winning innovation, Tintatek, is a fillable aerosol container that allows users to mix paint colours manually without additional equipment. This groundbreaking product promises to revolutionise the aerosol paint industry by significantly enhancing product usability and accessibility.
Ian Ong, CEO of the Company, remarked, “Whether it’s automobiles, marine pleasure crafts, household items, or industrial machinery, the issue of how to repair damaged parts so that the new colour matches the original without any visible discrepancy is a dilemma for many users. I am confident that Tintatek will revolutionise the aerosol paint industry by making colour repair not only more accurate but also more user-friendly and cost-effective.”
Mr Ian Ong added, “Tintatek is nearing the final stages of refinement and will soon be launched in the market. This innovation does not only reflect our dedication to research and development but also aligns with our vision to dramatically enhance the commercial potential of the aerosol industry.”
The Geneva Exhibition also introduced a novel feature this year – a unique participation certificate in the form of a non-fungible token (NFT), enabling exhibitors to verify their participation through blockchain technology, underscoring the event’s commitment to integrating modern technology with traditional inventiveness.
The Company’s participation in the Geneva Exhibition is a testament to its innovative spirit and commitment to pushing the boundaries of the aerosol paint industry.
This press release has been reviewed by UOB Kay Hian Private Limited (the “Sponsor”).
This press release has not been examined or approved by the Singapore Exchange Securities Trading Limited (“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 Mr Lance Tan, Senior Vice President, who can be contacted at 8 Anthony Road #01-01, Singapore 229957, telephone (65) 6590 6881
About Samurai 2K Aerosol Limited (SGX: Y8E)
Samurai 2K Aerosol Ltd (“SAMURAI®”) has been listed on the Catalist Board of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) since January 2017. SAMURAI® is a fully integrated aerosol specialist that focuses on the repainting business as well as aftermarket for the automotive refinishing and refurbishing industry.
SAMURAI® aims to be the world’s most respected innovative aerosol system provider and offer the most innovative aerosol systems with the best user enjoyment and to create more job opportunities for all the sprayers in the world.
SAMURAI® regional office is situated in Singapore while research, product development, branding and manufacturing are conducted in Malaysia. Samurai’s products are distributed worldwide to throughout Malaysia, Indonesia, Thailand, Philippines, Vietnam, Cambodia, UK, USA, Singapore, and India. Its range of products includes Truck Bed Liner, Epoxy Marine Surface Primer, Marine Coating, Boat Deck Granular Textured Epoxy Primer, Automobile Body Epoxy Primer etc.
HONG KONG, May 13, 2024 – (ACN Newswire) – Creation Business Consultants, a leading corporate services provider, tax, compliance advisory, and business consultancy firm, is thrilled to announce the opening of its new office in Hong Kong. This strategic expansion marks an exciting milestone for Creation and represents a significant opportunity for Hong Kong and Chinese clients seeking to establish their commercial presence in the Middle East.
With its rich history as a global financial hub, Hong Kong serves as an ideal gateway for businesses looking to expand into new markets. The launch of Creation’s Hong Kong office solidifies the company’s commitment to providing comprehensive support to clients in the region and beyond.
“Our decision to open an office in Hong Kong was driven by the increasing demand from our clients in the region and the growing importance of Hong Kong as a business destination,” said Scott Cairns, Managing Director of Creation Business Consultants. “This expansion allows us to better serve our clients by providing localized expertise and support, while also offering a seamless transition for businesses looking to enter the Middle Eastern market.”
The Hong Kong office will offer a wide range of services tailored to the needs of Hong Kong and Chinese companies seeking to expand into the Middle East. These services include company formation, tax advisory, and ongoing business, and compliance support. By establishing a physical presence in Hong Kong, Creation aims to streamline the process for clients and provide them with access to a dedicated team of experts with in-depth knowledge of the Middle Eastern market.
“We believe that our presence in Hong Kong will not only benefit our clients but also contribute to the growth and development of the local business community,” added Cairns. “We are excited about the opportunities that this new office will bring and look forward to helping our clients achieve their business objectives in the Middle East.”
Neil Wilson, Director of Strategy and Commercial at Creation Business Consultants, commented on the timing of the office launch, stating, “This is an excellent time for Hong Kong and Chinese companies to capitalize on the opportunities in the UAE and Saudi markets. By establishing a presence in Hong Kong, we aim to forge stronger partnerships with trade bodies and strategic allies, ultimately streamlining support and fostering stronger business ties for companies from Hong Kong and China in the MENA region”
Gary Hales, Head of International Business, emphasized the significance of the Hong Kong office launch, stating, “This is a part of our on-going expansion to our service offering and delivering exceptional superior service to our clients. The launch of the Hong Kong office will complement the Chinese-speaking team we have working in Dubai and Riyadh, providing a comprehensive suite of services to our clients.”
Creation Business Consultants is dedicated to empowering businesses to succeed in today’s booming global marketplace. The opening of the Hong Kong office underscores Creation’s commitment to providing unparalleled service and support to clients worldwide.
For more information about Creation Business Consultants and its services, please visit www.creationbc.com
ABOUT CREATION BUSINESS CONSULTANTS:
Creation Business Consultants is a leading MENA and APAC corporate services provider, tax, compliance advisory, and management consultancy firm, assisting multinational corporations, family offices, SMEs, and entrepreneurs worldwide. With a team of highly skilled professionals and a client-centric approach, the company offers comprehensive solutions in company structuring, company formation, tax planning, accounting, and other corporate services. Creation safeguards their clients’ corporate entities and maximizes their business returns through the United Arab Emirates, Saudi Arabia, and the wider GCC region. Creation Business Consultants is dedicated to delivering excellence, value, and tailored solutions to empower businesses worldwide.
This press release is issued through AsiaNewswire.Net™ (https://www.asianewswire.net) – a newswire service with press release distribution to media in Asia Pacific, East Asia, South and South East Asian countries.
KUALA LUMPUR & TAIPING, May 8, 2024 – (ACN Newswire) – Spritzer EcoPark enchants visitors by bringing home the northern lights through an Aurora light show that illuminates the night sky in Taiping over the last weekend, 27th April to 1st May 2024. This breathtaking show is a standout feature of Spritzer’s Foods, Art & Music (“F.A.M.”) Carnival, an event generously supported by Perak Tourism.
The F.A.M. Carnival delivers a whirlwind of activities from 27th April to 1st May 2024, running daily from 1:00pm to 12:00am. Attendees enjoy the vibrant atmosphere, which commenced with an opening ceremony on 27th April. At the heart of this extravaganza lies the breathtaking Aurora Light Show, illuminating the skies of Taiping each night with dazzling moving streams, ripples, to arcs of colours, leaving attendees mesmerized.
For food lovers, the F.A.M. Carnival offers enticing local food stalls for visitors to choose from. Foodies can also take part in the Big Eater Challenge, challenging the influencer, Amoi Saka, on day two of the carnival to eat the most satay within 8 minutes. Once again, Amoi Saka emerged victorious by consuming 80 pieces of satay within the time limit.
In addition to the Aurora Light Show, art enthusiasts immersed themselves in colourful installations and exhibitions showcasing the works of local and regional artists. These creative expressions will ignite the imagination.
As the sun sets, the F.A.M. Carnival will come alive with the rhythms of local music acts. Visitors will be entertained by the performances of Shidi Data, Azzaraband, Han Budak Cina, Amoi Saka, Ukays, and Bueh, among others, as they take the stage and command the audience with their infectious melodies and captivating stage presence. Throughout the carnival, visitors can add a splash of fun to their carnival day at the daily foam party experience.
On Tuesday, April 30th, YB Loh Sze Yee, State Tourism, Industry, Investment, and Corridor Development Committee chairman, paid a surprise visit to grace the event, highlighting the significance of this celebration. YB Mr Loh Sze Yee expressed, “It is truly heartwarming to see such a dynamic fusion of food, arts, and music bringing vibrant energy to Taiping. Events like the F.A.M. Carnival not only showcase the cultural richness and creative spirit of our community but also play a crucial role in boosting local tourism and economic development. This Aurora Light Show, mimicking the magical northern lights, is not just a feast for the eyes but a symbol of how innovation and tradition can blend to create something truly spectacular. As we celebrate 150 years of Taiping, it is our commitment to continue supporting such initiatives that enrich our community and enhance Taiping’s appeal as a must-visit destination in Malaysia.
Winnie Chin, Spritzer’s Head of Public Relations, shared, “Taiping, the Home of Spritzer, holds a special place in our hearts. As Taiping celebrates its 150 years, our company is dedicated to revitalizing this enchanting town by organizing a diverse range of events and enriching Taiping’s tourism. We aim to provide local residents with plentiful opportunities to savour and indulge in unforgettable experiences.”
The event offered a fusion of food, arts and music for an unforgettable experience for all. Nestled in the lush greenery of Taiping, Spritzer EcoPark invites visitors to explore its breathtaking natural surroundings, from leisurely walking trails to the ancient 214-million-year-old Cactus Rock and an 18-hole Mini-Golf course. Visitors can also purchase souvenirs and Spritzer products or unwind at the STG café, soaking in the serene ambience.
Established in 1989, Spritzer Group has been a pioneer in providing Malaysians with natural mineral water sourced from a 440-acre green rainforest. Committed to innovation, Spritzer Group leads the Malaysian bottled water industry through manufacturing, distribution, marketing, and sales of its diverse product line. From renowned natural mineral water to refreshing non-carbonated fruit-flavoured drinks, each product is carefully crafted to meet consumer needs.
Comprising eight business subsidiaries, Spritzer Group specializes in the production and distribution of silica-rich natural mineral water, sparkling natural mineral water, distilled drinking water, carbonated fruit-flavoured drinks, and non-carbonated fruit-flavoured drinks.
With over 30 years of experience, Spritzer Group is Malaysia’s largest and only listed bottled water producer. For more information, please visit www.spritzer.com.my.
KUALA LUMPUR, May 7, 2024 – (ACN Newswire) –Siab Holdings Berhad (“Siab” or the “Company”), an established player in Malaysia’s construction industry, is pleased to announce its plans to raise approximately RM103.98 million through private placement, of which RM12.00 million has been completed on 28 December 2023, and rights issue with warrants. These funds will be used to finance the acquisition of Taghill Projects Sdn. Bhd. (“Taghill”). The rights issue with warrants, valued at RM91.98 million, will be underwritten by M & A Securities Sdn. Bhd. (“M & A Securities”), the Principal Adviser, Managing Underwriter and Joint Underwriter to the Company, as well as NewParadigm Securities Sdn. Bhd. (“NewParadigm”), the Joint Underwriter to Siab.
Vincent YH Chu, Deputy Managing Director of Taghill Group; Mr. Yap Kek Siung, Executive Director of Taghill Group; Mr. Ng Wai Hoe, Group Managing Director of Siab Holdings Berhad; Datuk Bill Tan, Managing Director of Corporate Finance from M & A Securities; Mr. Charanjeev Singh, Executive Director/ Group CEO from NewParadigm Securities; Mr. Wong Yih Ming, Founder and Managing Director of Taghill Group[L-R]
These efforts support the acquisition of Taghill, a move designed to bolster the Company’s growth trajectory, where the purchase price for Taghill is set at RM122.00 million, to be settled with RM96.00 million in cash and the issuance of 200.00 million new Siab shares at RM0.12 per share as detailed in the circular issued by the Company dated 16 November 2023.
Taghill is a construction project and contract management consultancy company, which has completed 12 major construction projects worth RM1.58 billion, including notable developments like Expressionz Suites and Ceylonz Suites in Kuala Lumpur. Currently, Taghill boasts a robust order book valued at RM1.31 billion and has committed to a profit guarantee of at least RM24.00 million for the financial years 2024 and 2025. Nonetheless, Taghill has a strong orderbook of RM1.31 billion.
Mr. Ng Wai Hoe, Group Managing Director of Siab Holdings Berhad, expressed his excitement by saying, “The integration of Taghill into our operations allows us to leverage on each other’s specialty which will significantly enhances our Company’s overall value and create synergy for us to work together closely over a longer horizon. We appreciate the continuous support and expertise provided by M & A Securities, NewParadigm Securities and our Financial Advisor, Eco Asia Advisory Sdn. Bhd. (“Eco Asia”), in facilitating these transformative initiatives.”
Datuk Bill Tan, Managing Director of Corporate Finance from M & A Securities added, “We are thrilled to assist Siab in these pivotal financial manoeuvres. With the funds raised, Siab is well-positioned to enhance its market presence and seize more opportunities in the dynamic Malaysian construction and property market.”
Mr. Charanjeev Singh, Executive Director/ Group CEO from NewParadigm commented, “The fund-raising exercise and acquisition of Taghill would allow Siab continues its path on becoming the market leading in construction sector in Malaysia. We are truly delighted to be a part of this significant tipping point of Siab.”
The construction industry in Malaysia is expected to expand by 6.8% to RM60.49 billion as supported by broad-based growth across all subsectors. In Budget 2024, the allocation for Development Expenditure (“DE”) stands at RM99.0 billion – which is the largest DE ever to support the significant growth in the local construction industry. One of the most notably initiative includes the Malaysian Government’s focus on home ownership with an allocation of RM2.47 billion, allocated to implement housing projects for the rakyat in 2024. Siab, together with the acquisition of Taghill, is more than ready to support the Malaysian Government ambitious DE in 2024.
The inaugural trades are part of the Income Insurance Share Liquidity Program launched in January 2024 by Alta and PhillipCapital for Income Insurance shareholders
The listing of shares for Income Insurance on AltaX, whose Net Asset Value is S$3.2 billion[1](US$2.35 billion), marks the largest listing of a non-listed company on a private market digital securities exchange
SINGAPORE, May 3, 2024 – (ACN Newswire) – Alta, a leading private markets digital securities exchange in Asia and Phillip Securities Pte. Ltd (PSPL), the largest retail broker in Singapore, today announced the inaugural trade for the first tranche of shares from Income Insurance Limited (Income Insurance) shareholders.
The trade was part of the Income Insurance Share Liquidity Program launched by Alta, through Alta’s exchange arm AltaX, and PSPL in January this year. The program provides a liquidity solution to almost 16,000 shareholders holding shares valued as much as S$840 million (US$619 million).
Additional windows for Income Insurance shareholders to sell their shares to PSPL will follow this first window, later this year.
This liquidity program enables all shareholders of Income Insurance to reach out to PSPL to sell their shares. PSPL would then sell these shares on AltaX where they then become available to investors for trading.
Investors will be able to trade these shares seamlessly on AltaX, taking advantage of the digital exchange’s market participants, which includes an active global community of traders and market makers.
Kelvin Lee, Chief Executive Officer, Alta said, “Today’s inaugural trade for Income Insurance, marks a significant milestone in the evolution of private market liquidity. Shareholders, who have predominantly held Income Insurance shares for decades, now have a means to monetize their investments—a possibility that simply did not exist prior to the launch of this liquidity program.”
“Platforms such as Alta are reshaping the trajectory of private companies, providing them with the means to prolong their private status while accessing a diverse array of capital sources. Since the program’s inception in January, we’ve witnessed an overwhelming influx of inquiries from major unlisted entities worldwide. This surge underscores the profound impact of our technology-driven exchange, not only in fostering value creation but also in promoting financial inclusivity across the global economy,” added Kelvin.
Luke Lim, Managing Director, Phillip Securities added, “We are proud to pioneer the Income Insurance Share Liquidity Program in partnership with Alta. This collaboration not only underscores our dedication to delivering value to our clients but also reinforces our position as a leader in driving positive change in the industry. Through this partnership, Phillip Securities has enabled Income Insurance shareholders to seamlessly monetise their investments while AltaX provides institutional and accredited investors with unprecedented access to Income Insurance shares, along with a host of other alternative assets. Together with Alta, we’re shaping the future of trading alternative investments.”
Since inception, Alta has aimed to solve the issue of private market illiquidity by providing a secure exchange for buyers and sellers to trade in private shares. Besides Income Insurance, shares or funds of companies like SpaceX, Open AI, Epic Games, Discord, Bytedance, Hamilton Lane etc. have listed and traded on AltaX.
To date, Alta completed transactions worth US$700 million and enabled investments into over 100 unique companies. Trading volumes on Alta have shown a significant year on year growth, with an increase of over 300 per cent in order volume, from US$32 billion in 2022 to US$141 billion in 2023.
[1] Net Asset Value as of 2022
About Alta
As the leading licensed digital securities exchange for alternative investments in Asia, we are building critical capital market infrastructure backed by the most active securities brokerages and bookrunners on the Singapore Exchange – Phillip Securities, PrimePartners and Nomura Holdings (Japan).
Empowering Private Markets: Through our Digital Exchange, we enable the tokenization and digital custody of alternative assets. This end-to-end solution simplifies and expedites the trading of smaller asset blocks, ultimately facilitating access and liquidity in private markets. We believe that access to capital markets are pivotal in all economies, we recognize that our role in building this critical infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for emerging markets and economies.
Innovative Financial Ecosystem: Our journey has seen us transition from securities trading and distribution of comprehensive products, including equities, private credit, funds, and asset-backed securities representing real world assets like whiskies, wines, to include fund management and digital custody.
Since inception in 1975, PhillipCapital has grown into an integrated Asian financial house with a global presence, offering a full range of quality and innovative services to retail and high net worth individuals, family offices, as well as corporate and institutional customers.
Today, PhillipCapital headquartered in Singapore, operates in the financial hubs of 15 countries, including offices in Australia, Cambodia, China (and Hong Kong SAR), India, Indonesia, Japan, Malaysia, Singapore, Spain, Thailand, Turkey, UK, UAE, USA and Vietnam, serving over 1 Million clients with Assets Under Management of total more than USD 35 Billion.
NOTE TO EDITORS For media inquiries, please contact: PRecious Communications for Alta alta@preciouscomms.com
S$4.0 million of interest-free loan secured when new directors took over in June 2023
Foo Kon Tan LLP appointed as the statutory auditor in November 2023
A second interest-free loan of S$4.0 million was obtained in March 2024
Completed audit for 18-month financial period from 1 July 2021 to 31 December 2022
Annual General Meeting for FP2022 scheduled to be held on 10 May 2024
Preparation for quarterly and full year results announcements as well as audit for financial year ended 31 December 2023 initiated
Significant progress made to rectify, restore and rejuvenate the Company
Company is well placed to work towards resumption of trading of the Company’s shares
SINGAPORE, May 2, 2024 – (ACN Newswire) – The board of directors (the “Board”) of SDAI Limited (the “Company” or “SDAI”, and together with its subsidiaries, the “Group”) today announced that its statutory auditor, Foo Kon Tan LLP (“FKT”), had in April 2024 completed the Group’s audit for the 18-month financial period from 1 July 2021 to 31 December 2022 (“FP2022”). The notice of annual general meeting of the Company (“AGM”) and the Company’s annual report for FP2022 were despatched to shareholders of the Company (“Shareholders”) on 25 April 2024 and the AGM for FP2022 will be held on 10 May 2024 at the Grand Copthorne Waterfront Hotel. The preparation for quarterly and full- year results announcements as well as the audit work for the 12-month financial year ended 31 December 2023 (“FY2023”) is currently underway, and the Board will announce the Group’s quarterly and full-year results for FY2023 and hold the next AGM for FY2023 as soon as possible. This is a significant step in working towards the Company’s compliance with reporting requirements for 2024 onwards.
(Seated L-R) Mdm Hao Dongting (Executive Chairperson), Mr James Beeland Rogers, Jr. (Non-Independent, Non-Executive Director), Mr Yip Kean Mun (Executive Director)(Standing L-R) Mr Lam Kwong Fai (Lead Independent Director), Mr Cheung Wai Man (Independent Director), Mr Tan Meng Shern (Independent Director)
Madam Hao Dongting, Executive Chairperson of the Board, said, “Through the effective stewardship of the new Board, we have now completed the FP2022 audit, a significant step in fulfilling our statutory and reporting responsibilities. While non-compliance issues still need to be rectified, we will continue to work on addressing these to the best of our ability to fulfil all statutory and reporting requirements.”
“I have recently extended an interest-free loan of S$4.0 million to the Company for 18 months starting March 2024 and obtained an extension on the repayment of the first interest-free loan of S$4.0 million, which had originally been due this year, to September 2025. This will address ongoing concerns and ensure adequate working capital for the Group.
We want to reassure Shareholders that the new management and Board are making significant headway in rectifying the missteps and lapses of the past, restoring processes and structures that either did not exist or were broken down and working on rejuvenating the Company by exploring new strategies and businesses to create long-term value. We thank Shareholders for their unwavering and continued trust in our efforts thus far, and the Board is firmly committed to the rebuilding process to right the ship and work towards the resumption of trading and a brighter future for the Company.” added Madam Hao.
Progress since June 2023
Since taking over the reins of the Company on 26 June 2023, the new Board, consisting of qualified and motivated individuals, has left no stone unturned in addressing the multitude of issues that the Company has been beset with over recent years that resulted in numerous non-compliance issues and systemic shortcomings, which finally led to its share suspension in July 2021.
The commitment to rectify and restore in this initial stage repays the trust and confidence of Shareholders placed in the new Board and the firm belief that a new dawn is coming for the Company following severe challenges and shortcomings.
Appointment of Statutory Auditor and FP2022 Audit
SDAI was without a statutory auditor as the last auditor did not seek re-appointment at the AGM held in March 2022 for the financial year ended on 30 June 2021. The Company was thus unable to complete its annual statutory audit for the subsequent periods. The new Board engaged FKT when it assumed office in June 2023 to fulfil the role of a statutory auditor. Due to a multitude of issues arising, amongst others, lapses in financial record keeping, outstanding legal and regulatory issues, non-compliance, risks of economic mismanagement, internal control failure and concerns on the special audits by Deloitte & Touche Financial Advisory Services Pte. Ltd. (“Deloitte”), FKT agreed in late July 2023 to commence the onboarding process.
This onboarding process took 4 months, much longer than anticipated, because of the issues that needed addressing. The Board eventually convened an extraordinary general meeting on 17 November 2023 to obtain Shareholders’ approval to appoint FKT as the statutory auditors of the Company to kick-start the audit for FP2022.
During the recently completed FP2022 audit, FKT uncovered numerous issues at risk and material differences between audited and unaudited financial statements, including, amongst other things, incomplete and inconsistent financial records and other lapses. While the Board and management have sought to address a significant portion of these issues, some of these legacy issues remain substantive. As a result, the auditor has raised various disclaimers on financial statements disclosed in the Independent Auditor’s Report for FP2022, which was announced by the Company on 25 April 2024 under the title, “Disclaimer of Opinion by Independent Auditor on the Audited Financial Statements for the Financial Period Ended 31 December 2022”.
With the issuance of the FP2022 audited financial statements, a line has now been drawn underneath the past, and the Board looks to rejuvenate the Company in the days ahead.
Special Audit Phase 2 by Deloitte
The Company had announced in July 2023 the receipt of the executive summary of the Special Audit Report (Phase 1) detailing issues with certain payroll matters and unauthorised transactions. The closure of Phase 1 is a significant step towards finalising the special audit since the appointment of Deloitte as special auditor in September 2021. The Board is now focused on finalising Phase 2 of the independent special audit with Deloitte, which relates primarily to the deviation of usage of around S$19.3 million previously raised by the Company that were fully disbursed for purposes other than the intended usage for new businesses to turn the Company around.
Loans of S$8.0 million Secured
On 27 March 2024, SDAI announced that it had obtained a second interest-free loan of S$4.0 million from Madam Hao, its Executive Chairperson, for 18 months. For the first S$4.0 million interest-free loan secured in June 2023 from Asian Accounts Receivable Exchange Pte. Ltd., SDAI has obtained an 18-month extension to 26 September 2025. The new loan of S$4.0 million and the extension of the previous S$4.0 million loan will preserve the Company’s going concern status and pave the way for the Company towards a turnaround.
The Future
The Company has also been working assiduously to accelerate the process of completing Phase 2 of the independent special audit conducted by Deloitte in compliance with statutory requirements, which will be another key factor in the resumption of trading of the Company’s shares.
In addition, the Board is working on securing new businesses and collaborations to give the Company a new lease of life. With the above positive developments, the Company is well-placed to work towards trade resumption of the Company’s shares.
SDAI Limited (formerly known as Kitchen Culture Holdings Ltd.) was listed on the Catalist board of the SGX-ST on 22 July 2011. The Company has been suspended from trading since July 2021 after responding to the SGX- ST’s queries.
On 26 June 2023, SDAI announced changes to the Board composition, resulting in the constitution of a new Board. The immediate tasks for the Board are to resolve all the outstanding legacy issues, including settling long overdue liabilities, completing the special audit, and strengthening the internal controls so as to elevate the Company to the position of pursuing new businesses.
The Group’s principal business of distributing high-end kitchen systems, kitchen appliances, wardrobe systems, bathroom furniture, household furniture and kitchen accessories from Europe reduced significantly after its principal wholly-owned subsidiary, KHL Marketing Asia-Pacific Pte. Ltd., entered into a compulsory liquidation on 5 April 2022 from the winding up application filed by Kim Hup Lee & Co. (Private) Limited.
ISSUED BY SDAI LIMITED:
This media release has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, ZICO Capital Pte. Ltd. (the “Sponsor”), in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) Listing Manual Section B: Rules of Catalist.
This media release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this media release, including the correctness of any of the statements or opinions made or reports contained in this media release.
The contact person for the Sponsor is Ms Goh Mei Xian, Director, ZICO Capital Pte. Ltd. at 77 Robinson Road, #06-03 Robinson 77, Singapore 068896, telephone (65) 6636 4201.
HANOI, Vietnam, Apr 30, 2024 – (ACN Newswire) – The 16th Annual Global CSR & ESG Summit and Awards™ 2024 came to a triumphal close, marking another milestone in the realm of achievable corporate social responsibility (CSR) and environmental, social, and governance (ESG) initiatives.
Mr Matthias Gelber, known as the ‘Green Man,’ recognizable for his strong commitment to sustainability as well as his iconic green batak shirt, officially opened the Summit.
Hosted by The Pinnacle Group International in collaboration with co-organizer the Sustainable Technology Centre, this year’s summit brought together industry leaders, experts and policymakers to explore innovative strategies and solutions towards a sustainable future.
Ms Aparna Rajesh, Consultant to Sustainability & Academic Interface at Tata Consultancy Services, shares insights on leveraging employee talent, business models and assets for impactful transformation.
The event witnessed insightful discussions, engaging panels, and thought-provoking keynotes, delving into pressing issues such as climate action, diversity and inclusion, ethical governance, and community engagement. Attendees gained invaluable perspectives and actionable insights, fostering collaborations to drive positive change across sectors.
Mr Aru David, Director of Assist in the Mekong Region, moderates a panel on Efficient ESG Governance, Transforming Commitments into Measurable Actions. The panel features Mr Pham Hai Au, PwC Vietnam, Mr David Jackson, Avison Young, and Ms Mai Thi Thanh Huong, Sanofi. (L to R)Dr Stefan Phang, Global Director of Sustainability & Creating Shared Value at Solenis, moderates a panel on “Elevating Governance from Good to Exceptional, Advocating for Diverse Talent through Actions, Not Just Words”. The panel features Dr Ir William L Nolten from ReXil Asia, Ms Nusheen Nalwala from Tata Consultancy Services, Mr Florian Johannes Beranek from the Central & Eastern European Chamber of Commerce in Viet Nam, and Mr Victor Dulait from the Belgian-Luxembourg Chamber of Commerce in Viet Nam. (Left to Right)Prof Dr Geoffrey Williams, Founder of Williams Business Consultancy, moderates a panel on “Opportunity and Risk: Linking ESG to Strategy for the Creation and Preservation of Sustainable Long-Term Value”. The panel features Mr Andika Dwi Saputra from Evermos, Mr Ts. Mahmood Long from Sarawak Energy, Ms Vu Tra My from Home Credit Vietnam, and Mr Rahul Gupta from McKinsey & Company. (Left to Right)
Highlights of the Summit:
Keynote Address: Ms Aparna Rajesh, Consultant, Sustainability & Academic Interface, APAC, Tata Consultancy Services, delivered an inspiring keynote on “How Corporates Can Leverage Their Employee Talent, Business Models, And Assets to Create Deep Impact That Drives Transformational Change.”
Topic: “Enhancing Healthcare Accessibility and Sustainability” featured Ms Le Thuy Anh, CEO of Vinmec Healthcare System, who shared insights into Vinmec’s dedication to CSR & ESG principles.
Panel Discussion: “Opportunity and Risk: Linking ESG To Strategy for the Creation and Preservation of Sustainable Long-Term Value,” moderated by Prof. Dr Geoffrey Williams, Founder and Director of Williams Business Consultancy Sdn Bhd, featured panelists including Mr Ts. Mahmood Long from Sarawak Energy, Mr Andika Dwi Saputra from Evermos, Ms Vu Tra My from Home Credit Vietnam, and Mr Rahul Gupta from McKinsey & Company.
Topic: Ms Rohini Samtani, Sustainability Solutions Manager at S&P Global Sustainable1, led a discussion on “ESG Ratings and Transparency: Advancing Sustainable Finance.”
Panel Discussion: “Elevating Governance from Good to Exceptional: Advocating for Diverse Talent through Actions, Not Just Words,” moderated by Dr Stefan Phang, Global Director of Sustainability & Creating Shared Value at Solenis, with panelists including Dr Ir. William L Nolten from ReXil Asia, Ms Nusheen Masters from Tata Consultancy Services, Mr Florian Johannes Beranek from the Central and Eastern European Chamber of Commerce in Vietnam, and Mr Victor Dulait from the Belgian-Luxembourg Chamber of Commerce in Vietnam (BeluxCham).
Topic: Mr Lokender Singh and Mr Desmond Soh, Co-founders of Nutri-Buddy Pte Ltd, shared their expertise on “Sustainable Food Practices: Essential ESG Factors for the Food & Beverages Industry.”
Final Thoughts: The event ended with a final thought by Guest Speaker and Advisor Prof. Dr. Richard David Hames, Founder & Executive Director of the Centre for The Future and Fellow of the World Academy of Art & Science, Advisor to Sustainable Technology Centre. He encouraged attendees to continue their good efforts in CSR and ESG initiatives, emphasizing that continuous efforts will contribute to making the world a better place.
We extend our gratitude to our co-organizer, the Sustainable Technology Centre, for their unwavering support and dedication in making this summit a resounding success. Their commitment to sustainability and technological innovation has been instrumental in advancing our shared mission.
S&P Global’s Sustainability Solutions Manager, Ms Rohini Samtani, leads a discussion on “ESG Ratings and Transparency: Advancing Sustainable Finance.”Co-founders of Nutri-Buddy Pte Ltd, Mr Lokender Singh and Mr Desmond Soh, share expertise on “Sustainable Food Practices: Essential ESG Factors for the Food & Beverages Industry.”
We are also indebted to our sponsors, S&P Global Market Intelligence and Nutri-Buddy Private Limited, whose generous support has played a pivotal role in bringing this event to fruition. Their commitment to promoting sustainable practices and corporate responsibility exemplifies the spirit of the summit.
Mr Pham The Dung, Deputy Director General, the State Agency for Technology Innovation (SATI) at the Ministry of Science and Technology of Vietnam (MOST), honoured the 16th Annual Global CSR & ESG Summit and Awards with his presence, inaugurating the awards with an address.
The summit ended with the awards segment The Global CSR & ESG Awards™, graced by Guest of Honour, Mr Pham The Dung, Deputy Director General, State Agency for Technology Innovation (SATI), Ministry Of Science And Technology Of Vietnam (MOST), and Ms Dang Ngoc Han, crowned Miss Vietnam 2010, a renowned beauty queen, Ao Dai designer and businesswoman in Vietnam. She serves as Deputy Director of Ninh Van Bay JSC and is the Founder and CEO of Ao Dai Ngoc Han.
The award categories for this year are:
– Best Environmental Excellence Award – Best Community Programme Award – Excellence In Provision Of Literacy & Education Award – Empowerment Of Women Award – Best Workplace Practises – CSR & ESG Leadership Award – Product Excellence Award – Best CEO – Best Corporate Communications & Investors Relations Team
This year, we also have award categories recognizing the companies at the forefront of their respective industries and countries. The award categories are:
– Best In Thailand – Best In Indonesia – Best In Cambodia – Best In Viet Nam – Best In Philippines
Winners of the 16th Annual Global CSR & ESG Awards – 2014, are:
Best Environmental Excellence Award
o Market Cap: USD 1 Billion and Above – Platinum: Kuala Lumpur Kepong Berhad, MY – Gold: PT Pertamina Hulu Energi Offshore North West Java, ID – Silver: PT Chandra Asri Pacific Tbk, ID – Bronze: PT Astra International Tbk, ID
o Market Cap: USD 500 Million to USD 1 Billion – Platinum: PT Pertamina Patra Niaga Fuel Terminal Sanggaran, ID – Gold: PT TEP Indonesia, ID
o Market Cap: Less than USD 500 Million – Platinum: PT Kilang Pertamina Internasional Refinery Unit II Sei Pakning, ID – Gold: PT Kilang Pertamina Internasional Refinery Unit IV Cilacap, ID – Silver: PT Pertamina Patra Niaga Integrated Terminal Wayame, ID – Bronze: Hope Foundation, MY
Best Community Programme Award
o USD 1 Billion And Above in Market Capitalization – Platinum: Vinmec Healthcare System – Gold: PT Pertamina Patra Niaga Regional Sumbagsel, PT Adaro Minerals Indonesia, Sanofi, PT Chandra Asri Pacific Tbk, PT Pertamina Patra Niaga AFT Supadio – Silver: San Miguel Corporation, PT Pertamina DPPU Juanda, PT Pertamina Hulu Energi Offshore North West Java, Sarawak Energy Berhad – Bronze: Pertamina EP Sukowati Field Corp, PT Pertamina Patra Niaga Integrated Terminal Pontianak, PT Pertamina Patra Niaga Integrated Terminal Surabaya
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: PT Pertamina Patra Niaga Integrated Terminal Balikpapan– Gold: PT Kalimantan Prima Persada– Silver: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)– Bronze: Samsung Electronics Vietnam Co., Ltd
o Less Than USD 500 Million Market Capitalization – Platinum: PT Badak NGL – Gold: PT Kilang Pertamina Internasional Refinery Unit II Sei Pakning, Smilegate Foundation, Diversey Viet Nam, PT Kilang Pertamina Internasional Refinery Unit VI Balongan, PT Pertamina Patra Niaga Fuel Terminal Maos – Silver: PT Pertamina Patra Niaga Integrated Terminal Cilacap, PT Pertamina Patra Niaga Fuel Terminal Ternate, PT Pertamina Patra Niaga Fuel Terminal Rewulu, PT Pertamina Patra Niaga Integrated Terminal Semarang, PT PLN Nusantara Power Up Gresik – Bronze: Indonesia Infrastructure Guarantee Fund, Central Retail Thailand, PT Pertamina Patra Niaga Regional Jawa Bagian Tengah DPPU Ahmad Yani
Excellence In Provisional Of Literacy & Education Award
o USD 1 Billion And Above in Market Capitalization – Platinum: Samsung Electronics Indonesia – Gold: Bridgestone Asia Pacific – Silver: PT Pertamina Hulu Mahakam – Bronze: Kuala Lumpur Kepong Berhad
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: Samsung Electronics Vietnam Co., Ltd – Gold: PT Kalimantan Prima Persada
o Less Than USD 500 Million Market Capitalization – Platinum: PT Kilang Pertamina Internasional Refinery Unit IV Cilacap – Gold: PT Kilang Pertamina Internasional Refinery Unit III Plaju
Best Workplace Practises
o USD 1 Billion And Above in Market Capitalization – Platinum: Vinmec Healthcare System – Gold: Danone Indonesia
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)
o Less Than USD 500 Million Market Capitalization – Platinum: PT Kilang Pertamina Internasional Refinery Unit II Sei Pakning
Best CEO
o Less than USD 500 Million in Market Capitalization – Platinum: Indonesia Infrastructure Guarantee Fund – Gold: BHG Retail Trust Management Pte Ltd
Empowerment Of Women Award
o USD 1 Billion And Above in Market Capitalization – Platinum: Vinmec Healthcare System – Gold: Sarawak Energy Berhad – Silver: San Miguel Corporation – Bronze: Pt Agincourt Resources
o USD 500 Million to USD 1 Billion in Market Capitalization – Platinum: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)
o Less Than USD 500 Million Market Capitalization – Platinum: Bridgestone Asia Pacific – Gold: EVERMOS – Silver: Mahkota Medical Centre
Product Excellence Award
o USD 1 Billion and above in Market Capitalization – Platinum: Danone Indonesia
o USD 500 Million to USD 1 Billion in Market Capitalization – Platinum: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)
o Less than USD 500 Million in Market Capitalization – Platinum: PT Kilang Pertamina Internasional Refinery Unit IV Cilacap – Gold: PT Kilang Pertamina Internasional Refinery Unit II Sei Pakning – Silver: PT Kilang Pertamina Internasional Refinery Unit III Plaju – Bronze: PT Kilang Pertamina Internasional Refinery Unit V Balikpapan
CSR & ESG Leadership Award
o USD 1 Billion And Above in Market Capitalization – Platinum: PT. Chandra Asri Pacific Tbk – Gold: TBS Energi Utama – Silver: PT Bank BTPN Tbk – Bronze: Tata Consultancy Services
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: Thanh Thanh Cong Bien Hoa Joint Stock Company – Gold: Samsung Electronics Vietnam Co., Ltd – Silver: BHG Retail Trust Management Pte Ltd
o Less Than USD 500 Million Market Capitalization – Platinum: Bank Rakyat – Gold: Diageo Vietnam – Silver: Home Credit Viet Nam
Best Corporate Communications & Investor Relations Team Award
o USD 1 Billion and above in Market Capitalization – Platinum: Danone Indonesia
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS)
o Less Than USD 500 Million Market Capitalization – Platinum: BHG Retail Trust Management Pte Ltd
Best Country Excellence – Best in Cambodia
o USD 1 Billion And Above in Market Capitalization – Platinum: NagaWorld Limited
o Less Than USD 500 Million Market Capitalization – Platinum: Prince Holding Group
Best Country Excellence – Best in Thailand
o Less Than USD 500 Million Market Capitalization – Platinum: Tata Consultancy Services
Best Country Excellence – Best In Philippines
o USD 1 Billion And Above in Market Capitalization – Platinum: Tata Consultancy Services
Best Country Award – Best In Indonesia
o Less Than USD 500 Million Market Capitalization – Platinum: PT Kilang Pertamina Internasional Refinery Unit II Sei Pakning – Gold: PT Kilang Pertamina Internasional Refinery Unit IV Cilacap – Silver: PT Langgeng Kreasi Jayaprima (Diageo Indonesia) – Bronze: PT Kilang Pertamina Internasional Refinery Unit V Balikpapan
o USD 1 Billion And Above in Market Capitalization – Platinum: PT Astra International TBK – Gold: PT Pertamina Hulu Energi Offshore North West Java – Silver: PT Pertamina Patra Niaga SHAFTHI
Best Country Excellence – Best in Vietnam
o USD 1 Billion And Above in Market Capitalization – Platinum: Vinmec Healthcare System
o USD 500 Million To USD 1 Billion Market Capitalization – Platinum: Thanh Thanh Cong – Bien Hoa Joint Stock Company (TTC AgriS) – Gold: Samsung Electronics Vietnam Co., Ltd
o Less Than USD 500 Million Market Capitalization – Gold: Hope Foundation Platinum: FPT Digital
As we reflect on the success of the 16th Annual Global CSR & ESG Summit and Awards, we are inspired and energized to continue our collective efforts towards building a more sustainable and inclusive world. Together, we can create positive change that benefits present and future generations.
About Pinnacle Group
The Pinnacle Group International is a leader in the conference industry in Asia, designing and launching ground-breaking conferences and events. We pride ourselves in our ability to anticipate and read underlying socio-economic and investment trends in emerging and developed markets, creating brands and events to capture these opportunities and launching them with our clients and partners in regional and international markets. Our relentless pursuit of excellence in the business of connecting people and businesses across nations is derived from our core beliefs in improving lives, welfare and the status of societies. We are committed to supporting charitable ministries and projects for the betterment of humanity, while our staff and management commit time and resources to annual global missions and charities. To learn more, visit https://globalcsr.pinnaclegroup.global.
For media inquiries or further information: Ms Cyan Lee, Conference Manager, The Pinnacle Group International Email: cyan@pinnaclegroup.global Tel: +65 8222 2344
DUBAI, Apr 29, 2024 – (ACN Newswire) – With just few days remaining until the TAXCOM Middle East Summit 2024, anticipation is mounting for this premier event set to take place on April 30th, 2024, at Crowne Plaza Dubai Marina, Dubai, UAE.
As the tax and compliance landscape continues to evolve, tax professionals face unprecedented challenges and opportunities. In the words of Raj Bal, Global Head of Tax, Treasury & Customs at Aramex, “The tax environment we operate in today is challenging in many different ways. As tax professionals we need to respond to such challenges with agility and also ensure we empower ourselves with the right level of knowledge to appropriately advise and provide the right level of support to the business. Platforms such as TAXCOM, greatly contribute to this. Through networking with fellow professionals and also helping understand the macro environment we operate in today, we are better placed as professionals to increase our skill set and contribute towards our profession.
TAXCOM Middle East Summit 2024 serves as a critical platform for tax professionals to gather, exchange insights, and enhance their skills. Parvez Shariff, Director at BConnect Global, emphasized the importance of the event, stating, “We are thrilled to host TAXCOM Middle East Summit 2024 and provide a platform for industry leaders to come together and exchange ideas. As the regulatory landscape continues to evolve, it’s crucial for professionals to stay informed and explore innovative solutions to meet the challenges ahead.”
The summit will feature engaging panel discussions and keynote presentations led by renowned industry experts along with dynamic networking sessions. Attendees will have the opportunity to engage with peers, gain valuable insights, and explore cutting-edge technologies and solutions.
In addition, TAXCOM Middle East Summit 2024 is proud to showcase solutions from leading providers in the industry, including CYGNET.ONE, Thomson Reuters, ClearTax, and PwC. These solution providers will demonstrate their innovative tools and services designed to streamline processes, enhance compliance, and drive business success.
“We look forward to welcoming attendees and facilitating meaningful discussions that will shape the future of tax and compliance in the region,” added Parvez Shariff.
Don’t miss out on this opportunity to join industry leaders, thought leaders, and professionals from across the region at TAXCOM Middle East Summit 2024.
Date: April 30, 2024 Location: Marina Ballroom – Crowne Plaza Dubai Marina, Dubai, UAE Register now: www.taxcom.me
HONG KONG, Apr 26, 2024 – (ACN Newswire) – TIME Interconnect Technology Limited (“TIME Interconnect”, Stock Code: 1729.HK, with its subsidiaries collectively referred to as the “Group”) is pleased to announce its final results for the nine months ended 31 December 2023 (the “Review Period”).
During the Review Period, the global economy has recovered from the COVID-19 epidemic and the Russia-Ukraine war, but the pace has been slower than expected. The divergences between countries have continued to increase. Meanwhile, China’s economic recovery was also slower than expected, partly due to high borrowing problems in the real estate industry. Despite these challenges and difficulties posed by the macroeconomic environment, the Group strives to improve its business operations and financial position by proactively seeking potential investment opportunities that would diversify the Group’s existing business portfolio, broaden its source of income and enhance value to the shareholders of the Company. For example, last year, the Group expanded its business to server business with go-to-market strategy and JDM/ODM business model. In addition to contributing a substantial increase in revenue, the server business also contributed a significant increase in profits this year by adjusting its customer/product portfolio and selling price structure to improve profitability.
For the Review Period, the Group recorded revenue amounting to HK$4,826.3 million, represented a decrease of HK$938.5 million or 16.3% as compared with HK$5,764.8 million for the Previous Year. Operating profit for the Review Period was HK$433.4 million, represented an increase of HK$118.1 million or 37.5%, as compared with HK$315.3 million for the Previous Year, with the operating profit margin raised from 5.5% to 9.0% for the Review Period. The increase of operating profit was mainly attributable to the profitability improvement of server business. Net profit of the Review Period was HK$277.6 million, represented an increase of HK$61.7 million or 28.6%, as compared with HK$215.9 million for the Previous Year, with the net profit margin raised from 3.7% to 5.8% for the Review Period*.
Basic earnings per share for the Review Period was HK14.2 cents as compared to the basic earnings per share of HK11.1 cents in the Previous Year.
Business Review
The Group’s turnover by market sector is as follows:
Market Sector
Turnover (HK$ million)
Share of Turnover
Nine months ended 31 December 2023
Year ended 31 March 2023
Changes
Nine months ended 31 December 2023
Year ended 31 March 2023
Cable assembly
Data centre
791.0
790.9
0.0%
16.4%
13.7%
Telecommunication
555.4
644.0
-13.8%
11.5%
11.2%
Medical equipment
258.0
245.6
5.0%
5.3%
4.3%
Industrial equipment
24.4
47.4
-48.5%
0.5%
0.8%
Automotive
100.4
162.0
-38.0%
2.1%
2.8%
Digital cable
Networking cable
788.7
1,254.7
-37.1%
16.4%
21.8%
Specialty cable
77.0
92.4
-16.7%
1.6%
1.6%
Server
2,231.4
2,527.8
-11.7%
46.2%
43.8%
Total
4,826.3
5,764.8
-16.3%
100%
100%
Data centre sector
The revenue of data centre sector increased by HK$0.1 million to HK$791.0 million for the Review Period as compared to HK$790.9 million for the Previous Year. Orders from this sector maintained at a high shipment level during the Review Period, and remained the highest revenue sector in the cable assembly business.
Telecommunication sector
It recorded a decrease of revenue from HK$644.0 million for the Previous Year to HK$555.4 million for the Review Period, represented a decrease of HK$88.6 million or 13.8%. The order volume was stable, new models are constantly being introduced and the profit margin was improved as these new products carry a better margin.
Medical equipment sector
The revenue of medical equipment sector for the Review Period was HK$258.0 million, represented an increase of HK$12.4 million or 5.0% as compared with HK$245.6 million for the Previous Year. Although the COVID-19 epidemic has gradually alleviated, there is still a risk of the virus mutating, and may be a rebound phenomenon. Meanwhile, people have paid more attention to health, the Group believe that the demand for medical equipment will continue to increase and high demand in medical equipment cables orders will been maintained.
Industrial equipment sector
Under the influence of macroeconomic factors like the slower-than-expected economy recovery and the divergences between countries have continued to increase, global economic activities have been suppressed to a certain extent. The revenue of industrial equipment sector decreased by HK$23.0 million or 48.5% from HK$47.4 million for the Previous Year to HK$24.4 million for the Review Period.
Automotive sector
Affected by geopolitics and trading war, the sales orders of automotive wire harness products decreased during the Review Period. The revenue of automotive sector was HK$100.4 million for the Review Period, which compared with the revenue for the Previous Year of HK$162.0 million, represented a decrease of HK$61.6 million or 38.0%. But the Group still believes that the automotive wiring products can help the Group to provide its customers with a broader product portfolio, and to step into a new business sector by enriching the Group’s business portfolio and broadening its unique customer base, which can capture opportunities brought by the booming electric vehicle market.
Networking cable sector
During the Review Period, the global macroeconomic environment is still under pressure, causing severe damage to overseas orders for networking cable business. The revenue of networking cable for the Review Period was HK$788.7 million, represented a decrease of HK$466.0 million or 37.1% as compared with HK$1,254.7 million for the Previous Year.
Specialty cable sector
Specialty cable sector includes Industrial Communication Cables, Rail Transit Cables, HDBT Hi-Res Data Communication Cables and etc. For the Review Period, the revenue of specialty cable was HK$77.0 million, represented a decrease of HK$15.4 million or 16.7% as compared with HK$92.4 million for the Previous Year.
Server sector
For the Review Period, the revenue of server was HK$2,231.4 million, represented a decrease of HK$296.4 million or 11.7% as compared with HK$2,527.8 million for the Previous Year. Since the development of server business in last year, a large number of orders were accepted in the initial stage, and as the factory’s production capacity climbed, it created a sales peak. With the emergence of ChatGPT in 2023, the server industry also set off a craze for artificial intelligence servers. During the Review Period, the focus was on the development and delivery of new products with AIGC (Artificial Intelligence Generated Content), and the profitability was relatively improved
Prospect
Looking ahead, the macroeconomic environment is full of challenges. The global recovery from the COVID-19 pandemic and Russia’s invasion of Ukraine remains slow and uneven. Economic activity still falls short of its prepandemic path, especially in emerging market and developing economies, and there are widening divergences among regions. Several forces are holding back the recovery. However, even the Group is facing such challenges and difficulties in the macro-economic environment, the management remains confident in its future business. With the support of Luxshare Group, the Group enjoys advantages in both product manufacturing capabilities and financial strength. The Group will continue to develop strategic businesses and markets, strengthen its business foundation and achieve impressive results during the economic downturn.
The Group believes that the PRC’s continued acceleration of 5G technology research and development, as well as the new social normals caused by the epidemic, including work-from-home and online meetings, are expected to drive the demand of cable assembly products and telecommunication sector and benefit the Group’s business growth.In light of this, the management remains confident in 5G-related business. During the Review Period, the Group has set up a new wholly-owned subsidiary, Linkz Cables Mexico, S. de R.L. de C.V., in Mexico to increase its market share in markets outside China and Asia. A new plant is under construction by Luxshare Group which is expected to be put into production in 2024. By then, the Group will set up the new factory and produce digital cables and automotive wire harness products, which can protect supply chains and export markets against geopolitical tensions and unforeseen disruptions and enable the Group to capture market opportunities upon the arrival of this generation 5G network.
Moreover, the utilisation rate of cloud technology in the companies around the world is continuously increasing. In cloud computing, the computing storage network must be placed in the data centre, therefore, the growing cloud technology is expected to drive the development of data centre. Meanwhile, the development of 5G will boost the application of big data, IoT, internet gaming and video streaming through cloud platform. The Group remains very positive on the continuous growth of the business of data centre sector. Currently, the products offered by the Group under this business are mainly applied in data centres, which includes rack-mounted computing servers, edge servers, AI smart servers, storage servers, smart network cards, GPU cards, complete cabinet products, etc. Having considered that (i) China is actively conducting investment activities to build digital infrastructure; (ii) the PRC manufacturers continue to increase the share of local supply chain due to geopolitics relationship; and (iii) Luxshare Precision has extensive technological knowhow and good customers’ relationships, the Group is optimistic on the future potential growth of server business. The Group believes the development of server business is a good opportunity for the Group to further develop its business and will help diversify the Group’s business as well as the Group’s income stream.
As for the medical equipment sector, the Group expects the demand for medical equipment cables will continue to bring positive impact to the Group’s medical equipment cables orders this year. To catch up with the trend, the Group has established two wholly-owned subsidiaries, Time Interconnect Technology (Kunshan) Limited and Time Interconnect Technology (Jiangxi) Limited during the Review Period, to expand production capacity and R&D capabilities for medical equipment cables products, and production has been started in September 2023. Moving ahead, the Group will pay more attention and efforts in this sector and continue to enhance its medical equipment customers base, as well as to strengthen its R&D capabilities to seize the opportunity arise from increasing demand in market.
Besides, considering the vigorous development of the automotive and electric vehicle markets, China has remained the world’s largest automotive market and automotive producer in the past few years. The Group believes that the automotive wire harness products can help the Group to provide its customers with a broader product portfolio, and to step in new business sector by enriching the Group’s business portfolio and broadening its unique customer base, helping the Group to capture opportunities brought by the booming electric vehicle market.
At the same time, after the acquisition by Luxshare Precision, the Group entered into a diversified business integration with Luxshare Group. Luxshare Precision is conducting a strategic review of the operations and financial position of the Company, and actively exploring business opportunities for the growth and development, in both organic and inorganic manners, for the Group. Luxshare Precision will deploy the platform advantages and market position of the Luxshare Group and introduce strategic resources to the Group with intention to further strengthen the Group’s potential for continuous growth and core competitiveness in its market and to enable the Group to develop strategically to become an all-rounded network solutions and infrastructure provider, so as to create greater value for the shareholders. In the future, with the support of Luxshare Precision, the Group will create more and more possibilities.
About TIME Interconnect Technology Limited
TIME Interconnect Technology Limited is a well-established supplier of customised interconnect solutions with over 30 years’ experience in the industry. The Group is headquartered in Hong Kong, and has manufacturing facilities in Shanghai, Suzhou, Huizhou, Jiangxi, the People’s Republic of China (“PRC”) and Mexico. The Group currently manufactures and supplies a wide variety of copper & optical fiber cable assemblies, digital cable products and servers which are produced to the specifications and designs of its individual customer partners. Its products are used by a number of established PRC and international customers in a variety of market sectors, including telecommunication, data centre, industrial equipment, medical equipment, automotive wire harness and digital cables.
This press release is disseminated by Bright Communications International Limited on behalf of TIME Interconnect Technology Limited.
For further enquiries, please contact Bright Communications International Limited:
![Vincent YH Chu, Deputy Managing Director of Taghill Group; Mr. Yap Kek Siung, Executive Director of Taghill Group; Mr. Ng Wai Hoe, Group Managing Director of Siab Holdings Berhad; Datuk Bill Tan, Managing Director of Corporate Finance from M & A Securities; Mr. Charanjeev Singh, Executive Director/ Group CEO from NewParadigm Securities; Mr. Wong Yih Ming, Founder and Managing Director of Taghill Group[L-R]](https://photos.acnnewswire.com/20240507.Siab.jpg)
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