COMPANIES & MARKETS The Business Times | Wednesday, April 1, 2020 | 5

❚❚ HOCK LOCK SIEW SIA’s massive fund raiser a call to the faithful

T HAS been said that if the holders given the potential earnings For investors though, that’s grounded and the International Air coronavirus crisis as an industry medicine tastes bad, it could and book value dilutions. easier said that done. Transport Association (IATA) ex- leader. Other governments across be good for you. On the table is a S$5.3 billion Whiplashed by the pandemic, SIA pects airlines to lose a gut-wrench- the Asia-Pacific region are taking For shareholders of Singa- rights issue plus a S$3.5 billion issue shares have plumbed to levels not ing US$252 billion this year. steps to support the airline industry I pore Airlines, belief in that of zero-coupon mandatory convert- seen for over two decades. It has lost SIA might also have been able to during the Covid-19 crisis, but in most cases the steps taken to date maxim may be the only thing that ible bonds (MCBs). There is an up- 12 per cent in the three trading days tap its valuable portfolio of S$13 bil- are timid and, so far, inadequate,” could make the bitter prospect of a size option of S$6.2 billion in MCBs since the deal was disclosed last lion to S$14 billion of unen- said the Centre for Asia Pacific Avi- massive earnings dilution easier to within 15 months of getting share- week. Investors will have to stomach cumbered aircraft to raise funds. ation. swallow. holders’ go ahead at a yet-to-be an- this loss if they sell now. Hong Kong-based Cathay Pacific SIA is a key pillar of Singapore’s To save the airline as it suffers nounced date. has just concluded sale and lease- Poor pickings position as a travel hub and, by ex- the carnage of the coronavirus, SIA By Anita Gabriel The rights issue will raise SIA’s back transactions on six Boeing air- tension, the city state’s economy. It last week proposed a mammoth [email protected] share capital by 2.5 times and cut its Could SIA have spared shareholders craft to raise US$700 million while is therefore defensible for the gov- cash call of up to S$15 billion with @AnitaGabrielBT book value per share by 30 per cent. this pain by opting for a less equity- Lufthansa and Qantas are mulling ernment to throw the airline a life- the full backing of majority owner Including the two tranches of MCBs, dilutive option? similar options for funds. line. Temasek Holdings. the airline’s implied share base will The pickings would have been Yet, none of these options would That matters less for investors, Just to drum home the scale of bloat 4.2 times and book value per slim in the current virus-hit climate, have been able to plump up SIA’s who will mostly be hard pressed to the exercise – SIA’s equity base stood as at end-March 2019, could end up share will decline by 46 per cent. even for an airline with a track re- kitty to the extent that the proposed see past the painful dilution. Those who opt to plough their extra capital at S$12.15 billion as at end-2019. with more than 80 per cent of SIA. Not mincing its words, Citi Re- cord as fine as SIA’s. Unlike many cash call does. The deal’s girth also into the cash call, and ride through a The fundraising exercise marks Tem- search described the deal as “unne- other airlines around the world, SIA reflects foresight that there will be Bumpy ride few gruelling quarters with the air- asek’s largest investment to date, the cessarily dilutive” to shareholders. has never needed a bailout. opportunities in crises – as bank- line, may even do so out of emo- second-largest being its 2014 buy- As far as rescue bids go, the deal is ruptcies loom, those lucky enough Furthermore, it said, the much larger Loans in this low interest rate re- tional rather than logical reasons. out of a quarter of retailer AS Watson easy to unpack. SIA has had to equity base will weigh on SIA’s re- gime could have been one option, to survive the Covid-19 onslaught While no one quite knows if there for US$5.7 billion. ground nearly all its fleet and needs turn on equity (ROE) when normalcy but it would be tough to land one for can fill up their carts for future will be winners in this story, SIA’s Should investors choose to pass additional cash to cover its operat- – whenever that unfolds – resumes. a business in a sector ravaged by growth. fine record should provide a worthy on their entitlements, Temasek, with ing costs, debts and capital expendit- With that, Citi has downgraded the travel curbs. Almost half of the “Singapore Airlines now looks compass to help investors make up a net portfolio value of S$313 billion ure. But it is not favourable for share- stock to a “sell”. world’s airline capacity has been well positioned to emerge from the their minds. LMIRT, First Reit announce mall, retail space closures as Jakarta considers lockdown NOTICES Tel 6289-8822 I Email [email protected] I www.sphclass.com.sg

By Ng Ren Jye lio of 23 malls and seven retail spaces LMIRT had previously closed 11 of It added that the full financial im- [email protected] in Indonesia for a minimum of two its malls from March 27 to April 9 as a pact of the Covid-19 outbreak is diffi- @NgRenJyeBT weeks – longer if the situation wor- precaution in light of the coronavirus cult to determine, but that the Reit re- Singapore sens. outbreak. mains in compliance of its debt finan- Essential services at the proper- cial covenants and has adequate re- LIPPO Malls Indonesia Retail Trust Meanwhile, the managers of First ties – such as supermarkets, pharma- serves to fulfil its obligations in the (LMIRT) and First Real Estate Invest- Reit announced that two of its retail cies and clinics – will remain open foreseeable future. ment Trust (First Reit) on Tuesday an- spaces – Lippo Plaza Kupang and with shorter operating hours from Indonesia has 1,414 confirmed nounced closures of their malls from 11am to 6pm. Tenants can also Lippo Plaza Buton – will be closed. Covid-19 cases and 122 deaths, with April 1 to 14. choose to continue operations that These are retail spaces that adjoin its 75 having recovered. serve online delivery orders. hospitals in Kupang and Buton. Their statements come after In- Units of LMIRT closed down 0.1 donesia President Joko Widodo said The trust’s manager said that Bowsprit Capital Corporation, while it is difficult to ascertain the full Singapore cent or 0.8 per cent at 11.7 on Monday that regulation is in the First Reit’s manager, said the closures financial impact of the crisis as the cents on Tuesday, after the announce- works for a lockdown across the coun- affect only its retail assets. These situation remains uncertain, it is in ment was released. try involving closures of non-essen- “comprise a small portion of assets compliance of its debt obligations Units of First Reit closed down 0.5 IN THE MATTER OF tial businesses and a movement con- and has adequate financial reserves within First Reit’s portfolio, which is Singapore cent or 0.7 per cent at 68 THE COMPANIES ACT (CAP. 50) IN THE MATTER OF THE COMPANIES ACT, CHAPTER 50 trol order. predominantly healthcare and/or cents, before the announcement was AND to “fulfil its obligations in the foresee- IN THE MATTER OF MORTICE LIMITED LMIRT will close its entire portfo- able future”. healthcare related”. released. STARGOOD CONSTRUCTION PTE. LTD. Company Registration No. 200800770W (PROVISIONAL LIQUIDATOR APPOINTED) (Incorporated in the Republic of Singapore) Company Registration No. 201105391W (the “Company”) NOTICE OF APPOINTMENT OF PROVISIONAL LIQUIDATOR MEMBERS’ VOLUNTARY LIQUIDATION PURSUANT TO SECTION 291(4) OF THE At an Extraordinary General Meeting of the Company ❚❚ CORPORATE STARTUPS COMPANIES ACT, CAP. 50 held on 31 March 2020, the following resolutions were Notice is hereby given that pursuant to Statutory Declarations made duly passed:- DIGEST by the directors of the abovenamed Company on 26 March 2020 that 1. SPECIAL RESOLUTION – WINDING UP the Company cannot by reason of its liabilities continue its business, That the Company be wound up voluntarily pursuant IHH Healthcare invests in Mr Farooq Ahmad Mann of M/s Mann & Associates PAC of 3 Shenton to Section 290(1)(b) of the CompaniesAct, Cap. 50. Way, #03-06C Shenton House Singapore 068805 has been appointed 2. ORDINARY RESOLUTION – as provisional liquidator of the abovenamed Company with effect APPOINTMENT OF LIQUIDATOR Don Agro from 26 March 2020. The following statutory declarations have been THE Russian agri and dairy telehealth startup Doctor Anywhere lodged with the Accounting and Corporate Regulatory Authority and That Yoo Loo Ping of Agile 8 Advisory Pte. Ltd., the Official Receiver. 3 Temasek Avenue #21-21 Centennial Tower, firm on Monday posted a 16.9 Singapore 039190, be and is hereby appointed Farooq Ahmad Mann Liquidator to conduct the said winding up. per cent drop in net profit to Provisional Liquidator By Olivia Poh 3. SPECIAL RESOLUTION – S$5.2 million for the year STATUTORY DECLARATION BY DIRECTORS OF DISTRIBUTION OF ASSETS IN SPECIE [email protected] COMPANY’S INABILITY TO CONTINUE BUSINESS BY ended Dec 31, 2019, from REASON OF ITS LIABILITIES That the Liquidator of the Company be authorised S$6.4 million a year ago. Singapore to exercise any of his powers given by Sections Name of Company : STARGOOD CONSTRUCTION PTE. LTD. 272(1) and (2) of the Companies Act, Cap. 50 and The decline was mainly IHH Healthcare has co-led a minority Company No. : 201105391W to distribute to members in specie any part of the due to higher cost of sales investment in Singapore-based tele- We, Lin Yongshun of 922 Hougang Street 91, #09-33, Singapore assets of the Company. 530922, NRIC XXXXXXXC, and Tan Sun Hua of 92 Henderson Road, health startup Doctor Anywhere, as Manjit Rajain and lower harvest prices #08-204, Singapore 150092, NRIC XXXXXXXJ, make oath and say Director compared with FY2018, said part of the startup’s US$27 million as follows: - Date: 1 April 2020 1. We are directors of the abovenamed company; the newly listed company, Series B fundraising to expand its plat- IN THE MATTER OF THE COMPANIES ACT, form and grow regionally. 2. The abovenamed company cannot by reason of its liabilities CHAPTER 50 which made its market debut continue its business; MORTICE LIMITED in February this year. Other lead investors are Aus- 3. The meetings of the abovenamed company and of its creditors Company Registration No. 200800770W tralia’s largest venture capital fund have been summoned for the 26th day of April 2020, being a (Incorporated in the Republic of Singapore) Golden Energy date within one month of the date of this Statutory Declaration; (the “Company”) Square Peg as well as the Singapore and we make this solemn declaration by virtue of the provisions of the MEMBERS’ VOLUNTARY LIQUIDATION A JOINT venture company Economic Development Board’s in- Oaths and Declarations Act (Cap. 211), and subject to the penalties NOTICE IS HEREBY GIVEN that the creditors of the established by vestment arm EDBI. provided by that Act for the making of false statements in statutory Company are required within thirty days thereof to declarations, conscientiously believing the statements contained in this send in their names and addresses and the particulars mainboard-listed mining Follow-on investors include Tem- declaration to be true in every particular. of their debts or claims and the names and addresses company Golden Energy and asek’s subsidiary Pavilion Capital and Declared in Singapore this 26th day of March 2020. of their solicitors (if any) to the Liquidator of the said Company c/o Agile 8 Advisory Pte. Ltd., 3 Temasek Lin Yongshun Resources and specialist existing shareholder Kamet Capital. Avenue #21-21 Centennial Tower, Singapore 039190, Director mining private equity The new funds raised bring Doctor and if so required by notice in writing from the said Before me - Liquidator, are by their solicitors or personally to come manager EMR Capital has Anywhere’s total funding to over Salehah Binte Johari in and prove the said debts or claims at such time and completed its acquisition of US$40 million. Commissioner for Oaths place as shall be specified in such notice or in default Tan Sun Hua thereof they will be excluded from the benefi t of any Ravenswood Gold Mine in The investment is in line with Director distribution made before such debts are proved. Queensland, Australia. IHH’s strategy to partner with innovat- Before me - Yoo Loo Ping ive companies that deploy cutting- Wu Yu Liang Liquidator Commissioner for Oaths Date: 1 April 2020 SATS edge healthcare technology. The aim MAINBOARD-listed SATS on is to enhance patient experience, In the Matter of The Companies Act, Cap. 50 Tuesday said it has issued treatment and clinical outcomes And In the Matter of S$200 million worth of OLIVE II PTE. LTD. across its network of 77 hospitals in (Co. Reg. No.: 201430522M) five-year notes. The notes, 10 countries, IHH said in a press state- (In Members’ Voluntary Liquidation) which mature in 2025, will ment on Tuesday. At an Extraordinary General Meeting of the above- named Company duly convened and held at have a fixed coupon rate of The partnership with Doctor Any- 1 Harbourfront Avenue, Level 2 Keppel Bay Tower, 2.88 per cent per annum, Singapore 098632 on Tuesday, the 31st day of where will enable IHH to expand its di- March 2020 at 2.00 p.m., the following resolutions payable semi-annually in gital ecosystem and better support were duly passed: arrears. The Series 001 Notes clients, IHH said. Special Resolution RESOLVED That the Company be wound up are expected to be listed on “IHH is transforming healthcare to voluntarily pursuant to Section 290(1)(b) of the the Singapore Exchange on Companies Act, Cap.50. make it as convenient as possible for In The Matter Of Ordinary Resolutions Wednesday. our patients,” said Kelvin Loh, man- The Companies Act, Cap. 50 RESOLVED: aging director and chief executive of And CEO and founder Lim Wai Mun says that as social distancing becomes 1. That Mr. Liew Khee Soon of 60 Paya Lebar Road, Hong Leong Asia In The Matter Of IHH Healthcare. “The partnership is more important and more common, Doctor Anywhere has seen new #08-29, Paya Lebar Square, Singapore 409051 HONG Leong Asia saw a 39.1 MARU PTE. LTD. be and is hereby appointed as Liquidator of the immediately synergistic in Singa- sign-ups from doctors and users for its platform. The number of users per cent hike in net profit to Reg. No. 201709862K Company for the purpose of such winding-up. pore, which is one of IHH’s home mar- has more than doubled since end-January. PHOTO: DOCTOR ANYWHERE 2. That the Liquidator be indemnified by the S$34.4 million for the year NOTICE OF CREDITORS’ MEETING kets.” PURSUANT TO SECTION 296 OF Company against all costs, charges, losses, ended Dec 31, 2019, on expenses and liabilities incurred or sustained Doctor Anywhere will use the teams. “This is the best time for us to more important and more common, THE COMPANIES ACT, CAP. 50 by him in the execution and discharge of his higher business volumes and duties in connection with the winding-up. funds for regional expansion to enhance our product,” Mr Lim told Mr Lim said Doctor Anywhere has NOTICE IS HEREBY GIVEN that pursuant to Section 296 of better contribution margins Malaysia and the Philippines, while the Companies Act, Cap. 50, a meeting of the creditors of GOO LI LING BT. seen new sign-ups from doctors and the abovenamed Company will be held at 60 Paya Lebar DIRECTOR by its Building Materials Unit deepening its exposure here in Singa- Founded in 2015, the Singapore- users for its platform. The number of Road #08-05 Paya Lebar Square Singapore 409051 on Dated: 1 April 2020 (BMU), the industrial pore, said chief executive and based startup allows users to consult users has more than doubled since 9 April 2020 at 3.00 p.m. for the purposes of:- conglomerate said on In the Matter of The Companies Act, Cap. 50 founder Lim Wai Mun in a phone inter- a licensed local doctor through a end-January. (a) receiving a statement of the Company’s affairs together And In the Matter of Tuesday. view with The Business Times (BT). with a list of creditors and the estimated amounts of their OLIVE II PTE. LTD. video call on an app. Medication can Doctor Anywhere has deployed its (Co. Reg. No: 201430522M) “Our mission is to make health- claims; Best World be delivered to their doorsteps telemedicine platform at ferry ter- (In Members’ Voluntary Liquidation) care affordable and accessible for (b) to confirm the appointment of Seah Chee Wei of Rock NOTICE IS HEREBY GIVEN that the Creditors of the MAINBOARD-listed skincare within hours. minal custom checkpoints. Those Stevenson Pte Ltd, 60 Paya Lebar Road #08-05 Paya everyone, and I feel grateful that our above-named Company which being voluntarily product company Best World Medical history, health reports passing the checkpoint with temper- Lebar Square Singapore 409051 as liquidator for the wound up, are required on or before 30 April 2020 partners share the same vision of and other documents are stored in- atures higher than 37.5 degrees purpose of winding up the Company at a remuneration to send in their names and address with particulars International on Tuesday (if any) to the undersigned Liquidator at 60 Paya transforming the traditionally conser- app for easy access. Celsius will be allowed to use the plat- based on his normal scale of fees in carrying out the reported a 4.1 per cent drop LebarRoad,#08-29,PayaLebarSquare,Singapore vative healthcare industry,” said Mr With a network of eight fully- form and consult a doctor on the assignment plus disbursements; 409051 and if so required by notice in writing from in net profit to S$26.9 million (c) appointing a committee of inspection of not more than the said Liquidator, are to come in and prove their Lim. owned offline clinics and 1,300 part- spot. for its fourth quarter ended 5 members, if thought fi t; and debts or claims at such time and place as shall Doctor Anywhere currently has op- ner clinics nationwide, Doctor Any- The startup is also providing med- be specified in the notice or in default will be Dec 31, 2019. Revenue rose (d) any other business. excluded from the benefit of any distribution erations in Singapore, Vietnam and where now serves over a million ical services to home-quarantined in- 23.9 per cent to S$158.2 Dated this 1st day of April 2020 made before such debts or claims are proved. Thailand. users through its online and offline dividuals, Mr Lim said. LIEW KHEE SOON million. By order of the Board The company also intends to ex- platforms. IHH shares closed up S$0.02 or LOW TIAM POH LIQUIDATOR Dated: 1 April 2020 pand both its tech and data science As social distancing becomes 1.17 per cent at S$1.73 on Tuesday. Director

Source: The Business Times © Singapore Press Holdings Limited. Reproduced with permission.