Regional News

The Singapore Police Force has reported a 21.5% decrease in scam and cybercrime cases in the first half of 2025, with numbers dropping to 22,476 from 28,625 in the same period last year. Despite this decline, scams still accounted for a significant 87.5% of these cases, totalling 19,665 incidents.

The financial impact of scams also saw a reduction, with losses decreasing by 12.6% to approximately $456.4m , down from $522.4m in the first half of 2024. The Anti-Scam Command (ASCom) played a crucial role, recovering over $56.7m, including $39.7m in non-cryptocurrency and $17 million in cryptocurrency. Additionally, proactive measures helped avert potential losses of at least $179m.

However, the median loss per scam case rose by 36.4% to $1,500, and cases with losses exceeding $100,000 increased to 5.1% of total scam cases. The prevalence of scams involving self-effected transfers remains high, though public education efforts have contributed to a decrease in such incidents.

Phishing scams topped the list with 3,779 cases, whilst investment scams led in financial losses, amounting to $145.4m. Government officials impersonation scams saw a dramatic rise, with cases nearly tripling to 1,762, resulting in losses of $126.5m.

Social media and messaging platforms, particularly those from Meta, were frequently used by scammers, accounting for 37.3% of cases. The report highlights the need for continued vigilance and public awareness to combat these evolving threats.
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The Energy Market Authority (EMA) has appointed Mott MacDonald Singapore Pte Limited to conduct a study on the safety and technical feasibility of advanced nuclear energy technologies, including small modular reactors (SMR). Announced in December 2024, this initiative aims to evaluate the safety features, technology maturity, and commercial readiness of these advanced technologies.

Mott MacDonald, with over 60 years of experience in the nuclear energy sector, will lead the study. The firm has a strong track record in providing technical, regulatory, and policy advisory services to both technology developers and government agencies. This expertise will be crucial in assessing the potential of advanced nuclear energy technologies for Singapore.

Whilst Singapore has not yet decided to deploy nuclear energy, the study underscores the nation’s commitment to building capabilities and enhancing understanding of nuclear technologies. The EMA emphasises that any future decision to adopt nuclear energy will be carefully weighed against factors such as safety, reliability, affordability, and environmental sustainability.

The EMA, a statutory board under the Ministry of Trade and Industry, is dedicated to fostering a resilient, sustainable, and competitive energy future for Singapore. Through initiatives like this study, the EMA aims to ensure a reliable and secure energy supply whilst promoting effective competition and developing a dynamic energy sector.
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The Minister for Finance has announced the reappointment of four members and the appointment of five new members to the Board of the Inland Revenue Authority of Singapore (IRAS), effective from 1 September 2025. This reshuffle aims to bring fresh perspectives and maintain continuity in the board’s leadership.

The reappointed members include Chia Tai Tee, a Board Director at UOB; Fazli Mansor, Co-founder and Director of ISGN Ventures Pte Ltd; Lee Yan Hong, Managing Director and Head of Group Human Resources at DBS Bank Ltd; and Woo Li Fern, former National Head of Governance, Risk and Compliance Services at KPMG China.

Joining them are five new appointees: Vincent Chong Sy Feng, Group President and CEO of ST Engineering Ltd; Goh Chear Wah Lawrence, Head of Group Technology and Operations at UOB; Hing Shan Shan, Blossom, Senior Counsel and Director of Dispute Resolution at Drew & Napier LLC; Lee Chee Koon, Group CEO of CapitaLand Investment Limited; and Puah Kok Keong, Chief Executive of the Energy Market Authority.

The Ministry of Finance and the IRAS Board have expressed their gratitude to the outgoing members—Darren Tan Siew Peng, Seah Chin Siong, Sarjit Singh Gill, Wong Kim Yin, and Ngiam Shih Chun—for their valuable contributions, as their terms conclude on 31 August 2025. The new appointments are expected to enhance the board’s strategic direction and governance.
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Samudera Shipping Line Ltd. has announced the acquisition of a second-hand container vessel with a capacity of 2,684 twenty-foot equivalent units (TEUs) from an unrelated third party. The purchase, valued at approximately $50.36m, will be financed through a mix of internal resources and bank borrowings. The vessel is slated for delivery in the fourth quarter of 2025.

The acquisition is part of Samudera’s ordinary business operations and does not qualify as a “transaction” under Chapter 10 of the Singapore Exchange (SGX) Listing Manual. Consequently, it is not expected to significantly impact the company’s net tangible assets or earnings per share for the current financial year.

Bani Maulana Mulia, Executive Director and Group CEO, confirmed that none of the company’s directors or controlling shareholders have any direct or indirect interest in the acquisition. The move aligns with Samudera’s strategic objectives to enhance its fleet capabilities.
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Karin Technology Holdings Limited, listed on the Singapore Exchange, has reported a net attributable profit of HK$19.2m for the financial year ending 30 June 2025, despite a 12.4% decline in revenue to HK$1,929.5m. The company faced reduced sales across its IT Infrastructure, Components Distribution, and Consumer Electronics Products segments, attributed to weaker demand and economic sentiment in key markets.

The IT Infrastructure segment, Karin’s largest revenue contributor, saw an 11.9% drop in sales, whilst the Components Distribution segment fell 11.1% due to geopolitical tensions affecting the Chinese market. The Consumer Electronics Products segment experienced a 19.4% decline, reflecting weak consumer sentiment in Hong Kong.

Despite these challenges, Karin’s gross profit margin improved from 8.5% to 9.2%, thanks to higher-margin sales and cost control measures. CEO Michael Ng noted, “Although revenue from our IT segment declined in FY2025, its profitability had improved due to higher margins on some deals.”

Karin’s financial position remains robust, with cash reserves of HK$144.0m and a reduced gearing ratio of 0.14 times. The company has proposed a final dividend of 3.88 Hong Kong cents per share, bringing the total dividend for FY2025 to 8.78 Hong Kong cents per share.

Looking ahead, Karin plans to focus on AI solutions within its IT segment to drive growth, whilst maintaining financial prudence amidst ongoing economic challenges.
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GuocoLand Limited has announced a revenue of S$1.92b for the financial year ending 30 June 2025, marking a 5% increase from the previous year. This growth was primarily driven by the company’s robust performance in property development and investment, with Singapore being a key contributor. The group’s property development revenue rose by 3% to S$1.56b , whilst property investment revenue saw a significant 22% increase, reaching S$281m.

The company’s operating profit, however, declined by 7% to S$299m, attributed to allowances for foreseeable losses in China due to ongoing challenges in the real estate sector. Despite these headwinds, GuocoLand’s Singapore operations reported a 15% increase in operating profit, highlighting the resilience of its local market.

GuocoLand’s CEO, Cheng Hsing Yao, emphasised the strength of their dual focus on property development and investment in Singapore, stating, “Both our twin engines of Property Development and Property Investment in Singapore have contributed to our strong performance for FY2025, despite pervasive macroeconomic uncertainties.”

The group maintains a healthy balance sheet with total assets of S$12.38 billion and a debt-to-assets ratio of 0.44. In a move to return value to shareholders, the board has proposed a final dividend of 7 Singapore cents per share, pending approval at the upcoming annual general meeting.

Looking ahead, GuocoLand plans to continue its strategic focus on property development and investment, with several new projects in the pipeline, including a high-end waterfront development at River Valley Green and a mixed-use project at Tengah Garden Avenue.
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Olam Group Limited has announced the closure of Jiva Ag, its digital farmer services platform, as part of its Updated 2025 Re-organisation Plan. The decision, revealed on 28 August 2025, will affect 606 employees across Singapore, Indonesia, India, and Australia. The move is intended to conserve cash and reduce debt within the Remaining Olam Group.

The closure aligns with Olam Group’s strategy to make its balance sheet debt-free and self-sustaining by responsibly divesting assets over time. The company cited challenging market conditions and the ongoing investment required to sustain Jiva Ag as key reasons for the closure. Affected employees will be offered redeployment opportunities within the Group or severance packages in accordance with local regulations, along with outplacement services and access to the Group’s employee assistance programme.

Financially, Olam Group reported a loss of S$13.2m in H1 2025 due to the impairment of intangible assets, primarily linked to Jiva Ag. The Group anticipates one-off costs of up to $9m related to the closure, which will be reflected in its H2 2025 financial results. These costs are not expected to significantly impact the Group’s overall financial performance for the year.

The intellectual property associated with Jiva Ag will remain with Olam Group or one of its subsidiaries. The Group remains committed to its re-organisation plan, aiming to strengthen its financial position and unlock shareholder value.
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Ever Glory United Holdings Limited, a Singapore-based mechanical and electrical engineering service provider, has successfully completed a placement of 31 million new ordinary shares, raising approximately $17.05m. The shares were issued at $0.55 each, representing a 7.72% discount to the volume weighted average price of $0.596 on the Singapore Exchange on 22 August 2025.

The placement attracted significant interest from institutional and accredited investors, including ICHAM Master Fund, Amova Asset Management, Lion Global Investors Limited, Ginko-AGT Global Growth Fund, Asdew Acquisitions Pte Ltd, and Azure Capital Pte Ltd. This strong participation reflects investor confidence in Ever Glory’s strategic direction and growth potential.

The funds raised will be used for general working capital and to partially pay for the acquisition of Guthrie Engineering (S) Pte. Ltd. Vincent Toe, co-founder of ICH Group, highlighted Ever Glory’s strong fundamentals and growth trajectory, particularly in relation to Singapore’s infrastructure projects. “Ever Glory fits this profile perfectly; it’s a fundamentally sound business with a clear growth trajectory,” he stated.

Xu Ruibing, Executive Director and CEO of Ever Glory, expressed gratitude for the investor support, noting the placement’s success as a testament to the company’s robust business model. “We see significant opportunities ahead, especially with our acquisition of Guthrie Engineering,” he said, emphasising the company’s strengthened position in the M&E engineering sector.

CGS International Securities Singapore Pte. Ltd. acted as the sole placement agent for the transaction.
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Moody’s Ratings has assigned a definitive Aaa long-term rating to Standard Chartered Bank (Singapore) Limited’s Series 3 mortgage covered bonds. The bonds, valued at €500m , are part of the bank’s $5b Global Covered Bond Programme and are due in 2029. This top-tier rating reflects the bank’s strong credit profile and the robust legal framework supporting the bonds.

The Series 3 mortgage covered bonds are backed by Singaporean residential mortgage loans, with a collateral score of 4. The bonds benefit from the issuer’s commitment to pay interest and principal, and in the event of a counterparty risk assessment (CB anchor) event, the economic benefit of a collateral pool. Moody’s noted that the stressed level of losses on the cover pool assets is 1.67%, with market risk accounting for 1.40% and collateral risk for 0.27%.

The legal framework includes a 12-month maturity extension to mitigate refinancing risk, and the overcollateralisation (OC) in the cover pool stands at 7.75%, with the issuer providing 1.62% on a committed basis. The timely payment indicator (TPI) for this transaction is rated as “Probable,” ensuring the likelihood of timely payments to bondholders.

Moody’s uses a two-step process for rating covered bonds, involving expected loss analysis and a TPI framework. The current TPI allows for a three-notch downgrade of the CB anchor before affecting the bond’s rating. Factors such as a downgrade of the CB anchor or a reduction in the cover pool’s value could lead to a downgrade of the bonds.
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Reclaims Global Limited has announced that its board of directors is contemplating a potential transaction involving the company’s shares. However, the company cautions that there is no certainty that any definitive transaction will occur. Currently, Reclaims Global is in a restricted dealing period, known as the “Black-out Period,” as it prepares to finalise its unaudited financial results for the half year ending 31 July 2025, which are expected to be announced around 9 September 2025.

The company has stated that any potential transaction will only be fully considered after the Black-out Period concludes. Reclaims Global has assured that it will adhere to the rules of the Singapore Exchange Securities Trading Limited (SGX-ST) Listing Manual Section B: Rules of Catalist and will make an announcement at the appropriate time.

Shareholders are advised to exercise caution when dealing with the company’s shares until a definitive announcement is made. In case of uncertainty, shareholders are encouraged to consult their stockbrokers, bank managers, solicitors, accountants, or other professional advisers.

The board of directors, including those overseeing the announcement’s preparation, have taken all reasonable care to ensure the accuracy of the facts and opinions expressed. They accept responsibility for the announcement’s content, ensuring no material facts have been omitted. The announcement has been reviewed by the company’s sponsor, SAC Capital Private Limited, but not examined or approved by SGX-ST.
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