Industry News

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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The GovWare Conference and Exhibition 2025 is set to take place from 21 to 23 October at the Sands Expo and Convention Centre in Singapore. This year, the event celebrates its 10th anniversary in partnership with the Singapore International Cyber Week (SICW), organised by the Cyber Security Agency of Singapore (CSA). With over 13,000 global cybersecurity stakeholders expected, the conference will address the evolving cybersecurity landscape shaped by artificial intelligence (AI) and rapid digitalisation.

Themed “Cyberspace: Of Starbursts, Black Holes, and Last Frontiers,” GovWare 2025 will delve into the acceleration of digital transformation through AI, the hidden vulnerabilities in complex systems, and the shifting boundaries of cyber risk and trust. Ian Monteiro, Executive Director of Image Engine, emphasised the event’s focus on trust, accountability, and strategic foresight, stating, “GovWare is where critical conversations on cybersecurity leadership, regulation, and AI governance are redefined.”

As AI continues to unlock new possibilities, it also expands the threat surface across enterprises and societies. The conference aims to shift the focus from reactive compliance to proactive resilience, highlighting the need for executive leadership and cross-sector collaboration. Yock Hau Dan, Assistant Chief Executive of CSA, noted the importance of international cooperation to address the challenges posed by AI and geopolitical tensions.

GovWare 2025 will feature keynotes, panels, and showcases, providing a platform for dialogue and innovation at the intersection of technology, governance, and leadership. Registration is now open for those interested in attending.
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Grand Prix Season Singapore (GPSS) is set to return from 26 September to 5 October 2025, offering a range of race-themed lifestyle experiences across the city. This year’s event, which complements the Formula 1 Singapore Airlines Singapore Grand Prix 2025, will feature 16 new programme partners, including local brands like New Bahru and Love Bonito, as well as international names such as Moët & Chandon, Adidas, and Glenfiddich.

The festivities will be spread across various locations, with highlights including Jam Off at Sentosa, featuring performances by Asian stars Rain, Ekin Cheng, and Hins Cheung. The Marina Central district will host the GrooveDriver Festival, showcasing international and local artists, whilst Clarke Quay will present Hit the Apex, a live music showcase with 40 artists from 17 countries.

Lilian Chee, Director of Sports at the Singapore Tourism Board, expressed pride in the diverse line-up of partners, stating, “We are proud to feature more Singapore establishments bringing refreshing additions to the programme, joining premier live entertainment performances and unique race-inspired dining and retail offerings.”

New partners like Moët & Chandon will host the Elevation Lounge at Bayfront, offering hot air balloon rides and exclusive events. Adidas will collaborate with the Mercedes-AMG PETRONAS Formula One Team, whilst Glenfiddich partners with Aston Martin Formula One for a unique pop-up at Changi Airport.

Returning partners include LEGO, showcasing a life-sized race car, and TAG Heuer, celebrating its motorsport heritage. The event promises to reinforce Singapore’s status as a leading lifestyle destination, offering memorable experiences for both visitors and locals.
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