Regional News

Access Communications Singapore has been appointed as the official PR and Communications agency for Wiggle Wiggle’s inaugural pop-up event in Southeast Asia, marking the brand’s debut in Singapore. The agency will manage media engagement, influencer outreach, and publicity to generate excitement around the event.

Wiggle Wiggle, founded in 2014 by Artshare, is a Korean brand celebrated for its vibrant and playful design ethos. The brand has established a significant presence in Korea, collaborating with major corporations and attracting a dedicated following among the MZ generation. Its flagship stores in Korea, China, and Japan are known for drawing large crowds, with the Korean store alone welcoming 500,000 visitors monthly. During key campaigns, Wiggle Wiggle’s online sales have reached $2 million within just four days.

The brand’s international acclaim continues to grow, with its Harajuku store recently featured on Japanese national television and its Shanghai flagship earning a spot in the “POP SHANGHAI TOP 100” ranking. The Singapore pop-up is expected to further enhance Wiggle Wiggle’s global footprint.

Access Communications Singapore’s role as the strategic communications partner is pivotal in amplifying the brand’s presence in the region. The agency’s efforts will focus on creating a buzz that resonates with both local and international audiences, leveraging the brand’s unique aesthetic appeal.

As Wiggle Wiggle makes its mark in Singapore, the collaboration with Access Communications is set to drive significant engagement and visibility for the brand’s Southeast Asian venture.
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InnoTek Limited has announced a proposed dividend of 2.0 Singapore cents per share following a robust financial performance. The company recorded a net profit of S$5.8m, with revenue increasing by 15.8% to S$238.0m. This financial upturn highlights InnoTek’s resilience and strategic growth in the current market.

The company’s revenue growth is attributed to its strategic initiatives and operational efficiencies. InnoTek’s management expressed confidence in maintaining this momentum, emphasising the importance of delivering value to shareholders. The proposed dividend reflects the company’s commitment to rewarding its investors amidst a challenging economic landscape.

The increase in revenue and profit underscores InnoTek’s ability to adapt and thrive, positioning the company for continued success. The proposed dividend is set to enhance shareholder value, reinforcing investor confidence in the company’s future prospects.
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Grandtag Financial Consultancy has announced the appointment of Louise Thean as its Chief Proposition Officer for Asia, effective January 2025. This newly created role highlights Grandtag’s dedication to enhancing wealth preservation and legacy planning solutions for high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients across the region.

Louise Thean, a seasoned professional with over 20 years of experience in financial services, will spearhead Grandtag’s proposition strategy and regional expansion. She has been instrumental in the company’s growth since joining in 2016, establishing impactful partnerships to deliver tailored solutions. Her new role will also involve deepening strategic alliances with financial institutions throughout Asia.

Before joining Grandtag, Thean held senior roles at International Planning Group, AXA Wealth, and Standard Chartered, where she honed her expertise in business development, operations, and client servicing. Her leadership is backed by professional advisory qualifications and advanced certifications.

Martin Wong, Regional CEO of Grandtag, expressed confidence in Thean’s appointment, stating: “Her extensive experience, deep industry knowledge, and strategic vision will be invaluable as we continue to build our digital platform and expand our position as the trusted legacy planning partner for HNW individuals and UHNW families.”

Thean herself remarked on the significance of her new role, saying: “With economic and geopolitical shifts reshaping the wealth landscape, now more than ever, our clients need tailored solutions to safeguard their assets and future-proof their legacies.”

Grandtag, a financial adviser in Singapore since 2007, continues to expand its presence in Asia, with offices in Singapore, Hong Kong, and Malaysia. The firm’s success is built on personalised services and strong relationships with private banks and asset managers.
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Singtel has announced the successful completion of a Proof of Concept (POC) for an AI-enabled Home WiFi Gateway, developed in collaboration with Qualcomm Technologies. The innovative gateway intelligently identifies and prioritises traffic based on application type, significantly enhancing user experience by reducing latency by up to 50% for applications such as gaming, streaming, and voice and video calls.

The trial, which tested various applications across multiple devices, demonstrated the effectiveness of the AI-powered Smart Traffic Classifier, part of the Qualcomm Networking AI Suite. This development marks a significant step in Singtel’s efforts to commercialise the technology across its markets, beginning with Singapore. The company plans to explore further AI capabilities using Qualcomm’s platforms to enhance customer satisfaction.

Jorge Fernandes, Group Chief Technology Officer at Singtel, highlighted the importance of effective traffic management in today’s connected world. “Through this collaboration with Qualcomm Technologies, we’re setting new benchmarks in home connectivity by harnessing the power of AI to deliver seamless bandwidth allocation and energy optimisation,” he stated.

The initiative is part of a broader collaboration between Singtel and Qualcomm, following a Memorandum of Understanding to develop transformative solutions. ST Liew, Vice President & President of QC Taiwan, SEA and ANZ, expressed enthusiasm for the partnership, noting its potential to revolutionise connectivity and enhance user experiences.

This AI-enabled Home WiFi Gateway will support Singtel’s ongoing efforts to enhance its broadband network, meeting the increasing demand for new technologies and improving digital customer experiences.
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The Singapore Department of Statistics has reported notable increases in the country’s price indices for January 2025. The Import Price Index rose by 1.7%, whilst the Export Price Index saw a 0.9% increase.

Additionally, the Singapore Manufactured Products and Domestic Supply Price Indices experienced significant growth, rising by 3.7% and 3.6% respectively compared to December 2024.

Excluding oil, the indices still showed positive movement. The Import Price Index increased by 0.6%, the Singapore Manufactured Products Price Index by 3.4%, and the Domestic Supply Price Index by 2.9%. However, the Export Price Index remained unchanged when oil was excluded.

These statistics are part of the monthly reports released by the Singapore Department of Statistics, which provide insights into the economic trends affecting the nation. The detailed figures are available in the Monthly Import and Export Price Indices and the Monthly Singapore Manufactured Products and Domestic Supply Price Indices, accessible through the SingStat Table Builder.

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Lendlease Global Commercial REIT (LREIT) has announced a 13% increase in the base rent for its Jem office, effective from 3 December 2024. This adjustment follows a rental review and applies for the next five years. The Jem office, located in Jurong Gateway, is fully leased to Singapore’s Ministry of National Development (MND) until 2044, with rental reviews scheduled every five years.

The MND is a key tenant for LREIT, contributing 11.2% to the REIT’s gross rental income (GRI) as of 30 June 2024. With the new rental terms, this contribution is expected to rise to approximately 12% by the end of 2024. Kelvin Chow, CEO of Lendlease Global Commercial Trust Management, highlighted the strong performance of their Singapore portfolio, stating, “Our Singapore retail and office assets continued to perform strongly as demonstrated by the positive rental increase.”

In addition to the office space, LREIT’s retail portfolio has shown robust growth, achieving a 99.9% committed occupancy rate and a positive rental reversion of 10.7% as of 31 December 2024. The tenant retention rate stands at a healthy 86.1%.

LREIT has also priced $87.5 million (S$120 million) in 4.75% fixed-rate perpetual securities, with proceeds earmarked for refinancing existing securities in April 2025. As of the end of 2024, LREIT has undrawn debt facilities amounting to $113.8 million (S$156.1 million), positioning it well for future growth and investment opportunities.
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Olam Group Limited has announced a 9.2% increase in earnings before interest and taxes (EBIT) for the financial year 2024, primarily attributed to robust performances from its ofi and Olam Agri divisions. The company reported a significant rise in sales, with revenue from goods and services reaching $56.2 billion, marking a 16.3% increase from the previous year.

The financial results, released for the six months and full year ending 31 December 2024, highlight a notable 24% increase in sales for the second half of the year compared to the same period in 2023. Despite this growth, the company faced challenges with a 63.4% decline in profit for the year, amounting to $128.3 million, down from $351 million in 2023.

The group’s operating expenses rose by 16.5% to $51.3 billion, reflecting increased costs associated with its expanding operations. However, Olam Group managed to achieve a 165.5% increase in net gains from changes in the fair value of biological assets, contributing positively to its financial performance.

The company’s finance costs also saw a substantial rise of 36.2%, reaching $1.76 billion, which impacted the overall profit before tax, resulting in a 51% decrease to $201.5 million. Despite these financial pressures, Olam Group remains optimistic about its strategic initiatives and future growth prospects.

Looking ahead, Olam Group is focused on leveraging its core strengths in the food and agri-business sectors to drive further growth and value creation. The company aims to continue its investment in sustainable practices and innovation to enhance its competitive edge in the global market.
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Fu Yu Corporation Limited has announced a significant turnaround in its manufacturing segment, achieving an operating profit of S$0.9 million for the financial year 2024. This marks a sharp reversal from the S$6.9 million loss recorded in the previous year. The improvement is attributed to a rise in revenue, which increased to S$114.9 million, alongside an enhanced gross profit margin (GPM) of 13.5%.

The company’s financial recovery is noteworthy, as it reflects a strategic shift in operations that has resulted in increased profitability. The rise in revenue and improved GPM indicate a more efficient cost structure and enhanced operational performance. This development is crucial for Fu Yu, as it demonstrates the company’s ability to adapt and thrive in a competitive market environment.

Fu Yu’s management has expressed optimism about the future, citing the positive financial results as evidence of the company’s resilience and strategic direction. The turnaround in the manufacturing segment is expected to bolster investor confidence and provide a solid foundation for future growth.

As Fu Yu continues to build on this momentum, the company is likely to focus on sustaining its profitability and exploring new opportunities to expand its market presence. The financial results for FY2024 serve as a testament to the company’s commitment to operational excellence and financial stability.
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IHH Healthcare has announced a robust financial performance for the fiscal year 2024, achieving double-digit growth in revenue, EBITDA, and profit after tax and minority interests (PATMI), excluding exceptional items. The healthcare giant’s success was attributed to increased patient volumes, operational efficiencies, and strategic acquisitions, including Island Hospital and Timberland Medical Centre.

The company’s revenue for the year reached MYR 24.4 billion, a 16% increase from the previous year, whilst Q4 2024 alone saw a 26% rise to MYR 6.7 billion. Despite a lower headline PATMI due to the high base effect from one-off gains in 2023, IHH maintained a PATMI margin of 9% with capital expenditure amounting to MYR 3.9 billion.

IHH declared a final cash dividend of 5.5 sen per share, bringing the total ordinary dividend for FY2024 to 10.0 sen per share, up from 9.0 sen in FY2023. This reflects a payout ratio of 40% of PATMI, surpassing the revised dividend policy requirement of 30%.

Group CEO Prem Kumar Nair highlighted the company’s commitment to growth and patient care, stating, “Our tireless efforts to grow our business, deliver optimal outcomes for our patients, and increase operational efficiencies across key markets have yielded results.” He also noted the addition of nearly 1,000 beds and ongoing renovations at Mount Elizabeth Hospital in Singapore, expected to complete by Q3 2025.

Looking ahead, IHH plans to continue enhancing clinical outcomes and patient experiences, leveraging favourable market trends to strengthen its position as a global healthcare leader.
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Geo Energy Resources Limited has announced a net profit of US$37.3 million for the financial year 2024, alongside a final dividend of 0.4 Singapore cents per share, culminating in total dividends of 1.0 Singapore cent per share for the year. The company achieved a total coal sales volume of 7.9 million tonnes, generating $401.9 million in revenue, despite facing adverse weather conditions.

The group’s average selling price for coal in FY2024 was $50.69 per tonne, a decrease from $57.88 per tonne in FY2023. Despite this, Geo Energy maintained a robust cash profit per tonne of $10.37, attributed to its resilient cost model that adjusts with fluctuating ICI4 prices. The company reported a cash profit of US$82.2 million, with a cash profit margin of 20.5%.

Looking ahead, Geo Energy aims to increase its coal sales to between 10.5 and 11.5 million tonnes in FY2025. As of now, the company has already delivered approximately 2.4 million tonnes of coal sales. Executive Chairman and CEO Charles Antonny Melati highlighted the company’s strategic investments, stating, “Advancing towards our vision of becoming a billion-dollar energy group, we have laid the foundation with the acquisition of PT Golden Eagle Energy Tbk.”

Geo Energy is also progressing with its US$150 million Integrated Infrastructure project, expected to be completed in the first half of 2026. This project is anticipated to deliver significant cost savings and increased production capacity. With coal demand projected to rise globally, the company remains optimistic about its future growth and profitability.
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