Announcement • Dec 22
SP Corporation to Delist on December 23, 2022 SP Corporation Limited will delist on December 23, 2022 following its privatisation by Tuan Sing Holdings, SP said in a bourse filing on December 19, 2022. The scheme of arrangement that drove the acquisition by Tuan Sing had taken effect on Dec. 9, and payment would have been made to shareholders by December 21, 2022, according to a previous regulatory filing. Announcement • Dec 11
Tuan Sing Holdings Limited (SGX:T24) completed the acquisition of remaining 19.81% stake in SP Corporation Limited (SGX:AWE) from current shareholders. Tuan Sing Holdings Limited (SGX:T24) entered into an implementation agreement to acquire remaining 19.81% shares in SP Corporation Limited (SGX:AWE) from current shareholders for SGD 11 million on August 20, 2022. Tuan Sing Holdings Limited will acquire remaining shares for SGD 1.59 per share. The aggregate consideration for the acquisition will be funded from internal cash resources of the TSH Group. The transaction is subject to regulatory approvals, de-listing of company stock, court approval and approval of offer by SP Corporation Limited shareholders. As of November 25, 2022, the transaction is approved by SP Corporation Limited's shareholders. The transaction is expected to close on December 12, 2022. Ernst & Young Corporate Finance Pte Ltd. acted as independent financial advisor to SP Corporation Limited while United Overseas Bank Limited (SGX:U11) acted as financial advisor to Tuan Sing Holdings Limited. B.A.C.S. Private Limited acted as registrar, Drew & Napier, LLC acted as legal advisor to Tuan Sing Holdings Limited and Dentons Rodyk & Davidson LLP acted as legal advisor to SP Corporation Limited.
Tuan Sing Holdings Limited (SGX:T24) completed the acquisition of remaining 19.81% stake in SP Corporation Limited (SGX:AWE) from current shareholders on December 9, 2022. Expected date of delisting of SP Corporation is December 23, 2022. Announcement • Nov 05
SP Corporation Limited Provides Group Earnings Guidance for the Full Year Ending December 31, 2022 SP Corporation Limited provided group earnings guidance for the full year ending December 31, 2022. for the year, the Group is expected to report a loss for the full year ending 31 December 2022. Announcement • Aug 22
SP Corporation to Delist Its Shares Tuan Sing Holdings has proposed to acquire and privatise commodities trading group SP Corporation Limited via a scheme of arrangement. Given that SP has not carried out any fundraising exercise on the Singapore Exchange (SGX) in recent years and is unlikely to require access to the Singapore capital markets for funds, there is no need to maintain its listing status on the SGX, the parties said. The acquisition will also allow Tuan Sing to reduce the duplication of compliance and associated costs in maintaining the listing status of both companies. Delisting SP will help Tuan Sing save on costs associated with complying with listing and other regulatory requirements, as well as human resources needed for such compliance, they said. Reported Earnings • Aug 05
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down S$545.0k from profit in 1H 2021). Profit margin: (down from 1.7% in 1H 2021). The decrease in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Announcement • Jun 04
SP Corporation Limited Announces Executive Changes The Board of Directors of SP Corporation Limited announced the resignation of Lee Pih Peng as Company Secretary with effect from 25 May 2022 and the appointment of Ho Wui Mee Marian as Company Secretary with effect from 2 June 2022. Announcement • Apr 14
SP Corporation Limited Announces Resignation of Peter Sung, Non-Executive and Independent Director, Chairman of the Board, Chairman of the Remuneration Committee and Member of the Audit and Risk Committee The board of directors of SP Corporation Limited referred to the company's announcement dated 6 April 2022 in relation to the resignation of its Non-Executive and Independent Director, Mr. Tan Lye Huat, with effect from 8 April 2022, and the company's announcement dated 13 April 2022 in relation to the resignation of its Non-Executive and Independent Director, Mr. Peter Sung, with effect from 13 April 2022. Prior to their resignations, Mr. Sung was the Chairman of the Board, Chairman of the Remuneration Committee and member of the Audit and Risk Committee. In view of the resignation of Mr. Peter Sung, the Company will not be seeking shareholders' approval for Ordinary Resolution 4 in relation to the re-election of Mr. Peter Sung at the upcoming annual general meeting to be held on 21 April 2022. Reported Earnings • Apr 09
Full year 2021 earnings released: S$0.036 loss per share (vs S$0.04 profit in FY 2020) Full year 2021 results: S$0.036 loss per share (down from S$0.04 profit in FY 2020). Revenue: S$50.3m (up 71% from FY 2020). Net loss: S$1.26m (down 190% from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Apr 07
SP Corporation Limited Announces the Resignation of Tan Lye Huat as Non-Executive and Independent Director SP Corporation Limited announced the resignation of Mr. Tan Lye Huat as a Non-Executive and Independent Director of the company. Following Mr. Tan's resignation, he ceases to be the Chairman of the Audit and Risk Committee and member of the Nominating Committee and Remuneration Committee of the company. Announcement • Apr 06
SP Corporation Limited, Annual General Meeting, Apr 21, 2022 SP Corporation Limited, Annual General Meeting, Apr 21, 2022, at 11:30 Singapore Standard Time. Agenda: To receive and adopt the Director's Statement and the Audited Financial Statements for the financial year ended 31 December2021 and the Independent Auditor's Report thereon; to approve the payment of S$204,608 as Director's fees for FY2021; to re-elect the Directors; and to re-appoint Deloitte & Touche LLP as Auditors of the Company and to authorise the Directors of the Company to fix their remuneration. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: S$0.036 loss per share (down from S$0.04 profit in FY 2020). Revenue: S$50.3m (up 71% from FY 2020). Net loss: S$1.26m (down 190% from profit in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Feb 17
SP Corporation Limited Provides Earnings Guidance for the Second Half and Full Year Ended 31 December 2021 SP Corporation Limited provided earnings guidance for the six months and full year ended 31 December 2021. The Group is expected to report a loss for the six months ('second half of 2021') and full year ended 31 December 2021. Announcement • Feb 05
SP Corporation Limited to Report Fiscal Year 2022 Results on Feb 18, 2022 SP Corporation Limited announced that they will report fiscal year 2022 results After-Market on Feb 18, 2022 Executive Departure • Sep 14
Group Company Secretary Sock Kiang Tan has left the company On the 3rd of September, Sock Kiang Tan's tenure as Group Company Secretary ended after 1.6 years in the role. We don't have any record of a personal shareholding under Sock Kiang's name. Sock Kiang is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 9.58 years. Is New 90 Day High Low • Mar 04
New 90-day low: S$0.45 The company is down 3.0% from its price of S$0.47 on 03 December 2020. The Singaporean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 3.0% over the same period. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS S$0.04 (vs S$0.071 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: S$29.4m (down 68% from FY 2019). Net income: S$1.40m (down 44% from FY 2019). Profit margin: 4.7% (up from 2.7% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 20
New 90-day high: S$0.54 The company is up 8.0% from its price of S$0.50 on 18 November 2020. The Singaporean market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 5.0% over the same period. 