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Straits Times
a day ago
- Business
- Straits Times
ComfortDelGro to move its corporate headquarters to Labrador Tower in November
The move comes as the lease on ComfortDelGro's long-time base in Braddell Road (above) expires in August 2026. ST PHOTO: KUA CHEE SIONG ComfortDelGro to move its corporate headquarters to Labrador Tower in November SINGAPORE - Transport giant ComfortDelGro will move its corporate headquarters to Labrador Tower, a new office building in Pasir Panjang, The Straits Times has learnt. The move, which will take place in November, comes as the lease on the mainboard-listed company's long-time base in Braddell Road expires in August 2026. A ComfortDelGro spokesperson confirmed in a statement to ST on June 20 that the company will relocate its corporate functions to Labrador Tower. It will join the Ministry of Health and insurer Prudential Singapore as tenants at the 34-storey mixed-use project, which was developed by utilities company SP Group and completed around mid-2024. ComfortDelGro did not specify the number of employees or the departments that will move , but ST understands they include those in finance, IT, human resources, legal, business development, as well as branding and corporate communications. 'This move is part of our ongoing efforts to create a more modern and sustainable work environment for our corporate staff,' the company said, noting the new office's proximity to Labrador Park MRT station on the Circle Line. Asked how much office space it will be leasing at Labrador Tower and why it chose to move its corporate head office there, ComfortDelGro's spokesperson said it was unable to provide more details at this time. The ComfortDelGro G roup had more than 12,400 employees in Singapore in 2024, with its subsidiary, public transport operator SBS Transit, accounting for more than three quarters of the workforce here. Chinese-language daily Lianhe Zaobao broke the news on June 15 that ComfortDelGro and SBS Transit will vacate their premises at 205 Braddell Road progressively from October. While ComfortDelGro's corporate staff will move to Pasir Panjang, SBS Transit - which has been based in Braddell since 1980 - will relocate to its other existing bus and rail premises. By end-2025, SBS Transit will move its office staff to Sengkang Rail Depot and Sengkang West Bus Depot, and its bus operations in Braddell to Hougang Bus Depot in Defu. For cabbies, ComfortDelGro said its maintenance workshop on its Braddell Road premises will continue to serve taxi drivers in the central region until a new five-storey automotive hub in Ubi opens in the first quarter of 2026 to take its place. Neither ComfortDelGro nor SBS Transit have said why they did not renew or extend the lease on the Braddell site, which remains zoned for 'transport facilities' use, according to the Urban Redevelopment Authority's 2019 Master Plan. Industrial developer JTC Corporation owns the 66,441 sq m plot of land , which is located next to the CTE. At present, it houses a range of facilities, including office space, workshops, diesel pumps and electric vehicle charging stations. Join ST's WhatsApp Channel and get the latest news and must-reads.
Straits Times
2 days ago
- Health
- Straits Times
S'poreans can test for genetic condition causing high cholesterol levels under new programme
The new genetic testing programme for familial hypercholesterolaemia comes amid broader efforts to enhance preventive care in Singapore. ST PHOTO: KUA CHEE SIONG S'poreans can test for genetic condition causing high cholesterol levels under new programme SINGAPORE - Eligible Singapore residents will be able to screen for a genetic condition which causes high cholesterol levels at a subsidised rate as part of a nationwide programme launching on June 30. In a statement on June 19, the Ministry of Health (MOH) said that the new genetic testing programme for familial hypercholesterolaemia (FH) comes amid broader efforts to enhance preventive care in Singapore. The initiative aims to identify individuals with FH early and reduce the risk of premature heart disease with timely interventions. FH is a hereditary condition that impacts the body's ability to process cholesterol, affecting roughly 20,000 people in Singapore. People with the condition are up to 20 times more likely to experience heart attacks at a younger age compared with the general population. In a Facebook post on June 19, Health Minister Ong Ye Kung said that the Government is looking to expand preventive care based on genetic testing to more diseases beyond FH. 'It is part of our longer term effort to develop predictive preventive care under Healthier SG,' he said. As part of this effort, the ministry aims to open three genomic assessment centres (GACs) to ensure effective, efficient and sustainable delivery of genetic testing services within each healthcare cluster. Genetics testing for FH at these centres will be subsidised for eligible Singapore citizens and permanent residents (PRs). They can also tap on MediSave to offset the cost. Those referred to GACs will undergo: Pre-test genetic counselling to understand potential outcomes and benefits before consenting to the test Blood drawing and the genetic test Post-test genetic counselling, to understand the implications of the results The first GAC will be operated by SingHealth and located at the National Heart Centre. It will start accepting referrals from June 30. This centre will serve all Singapore residents until additional centres open. GACs operated by National Healthcare Group and National University Health System will subsequently open to cater to residents' needs. Immediate family members of those found with the condition are at risk and encouraged to undergo genetic testing, MOH said. Known as cascade screening, this process enables early detection of FH within families. It also allows for timelier intervention and treatment, such as advising them to adopt healthier lifestyles or starting on cholesterol-lowering therapies. Referral criteria and charges Under the programme, Singapore citizens and PRs with abnormally high cholesterol levels may be referred by their doctors for genetic testing. Eligible Singaporeans and PRs can receive subsidies of up to 70 per cent for the costs, which include the genetic tests, pre-test and post-test counselling, and phlebotomy services . Seniors from the Pioneer Generation and Merdeka Generation are also eligible for additional subsidies. After subsidies, referred patients can expect to pay between $117 and $575 . Those eligible for cascade screening can expect to pay between $53 and $253 after subsidies. The MediSave500 and MediSave700 scheme can be used to further offset the cost of the genetic test after subsidies. Patients who are 60 years old and above may also use Flexi-MediSave to further defray out of pocket costs. Protection of genetic information Under a moratorium on genetic testing and insurance introduced by MOH and the Life Insurance Association Singapore (LIA) in 2021, life insurers here are banned from using predictive genetic test results in assessing the outcome of insurance applications, unless certain criteria are satisfied. Insurers are also not allowed to use genetic test results from biomedical research or direct-to-consumer genetic test results. MOH said it has worked with the LIA to amend the moratorium t o disallow life insurers in Singapore to use the results of all genetic tests conducted under the national FH genetic testing programme. They may, however, continue to request for individuals to disclose existing diagnosed conditions and family history. The amended moratorium will take effect from June 30. Join ST's WhatsApp Channel and get the latest news and must-reads.
Straits Times
2 days ago
- Business
- Straits Times
$10 million Toto results to be announced on June 19; no winners in past 3 draws
Those placing their bets for a chance to win can do so before 9pm. ST PHOTO: KUA CHEE SIONG $10 million Toto results to be announced on June 19; no winners in past 3 draws SINGAPORE - An estimated $10 million Toto cascade jackpot draw awaits lucky punters on June 19, after the past three draws saw no winners. The results are expected to be announced at 9.30pm on June 19. Those placing their bets for a chance to win can do so before 9pm. The Singapore Pools' website showed that the prize money for the Group 1 category snowballed from almost $1.3 million on June 9 to $2.9 million on June 12. The last draw on June 16, which had a prize money of $5.6 million, had again yielded no winner. The Group 1 prize amount will snowball only up to the fourth draw. Thereafter, the amount will be shared among the winners in Group 2. The last Toto draw that had a prize sum of over $10 million was on April 28, with two winning tickets sharing $12.9 million. Join ST's WhatsApp Channel and get the latest news and must-reads.
Straits Times
3 days ago
- Business
- Straits Times
CosmoSteel CEO questions potential takeover of the firm, says offer is undervalued
The opposition from CosmoSteel CEO Ong Tong Hai comes amid more active shareholder efforts to secure better deals in such situations. ST PHOTO: KUA CHEE SIONG SINGAPORE – The chief executive of CosmoSteel Holdings has spoken out against an offer to acquire all the shares of the company, amid more active efforts by shareholders to ensure they secure a fair deal in such situations. Mr Ong Tong Hai, together with his brother Ong Tong Yang and their father Ong Chin Sum, told The Straits Times on May 30 that they are 'deeply concerned' over the 20 cents per share voluntary conditional cash offer by 3HA Capital on May 15. The three are long-term shareholders of CosmoSteel Holdings with a combined 26 per cent stake. The offer is conditional on 3HA Capital holding over 50 per cent of CosmoSteel's issued shares by the closing date of the offer, which will be announced in an offer document to be dispatched no later than June 5. An independent financial adviser (IFA) will be appointed in due course. 'We believe the offer does not represent fair value for shareholders and is made under potentially misleading premises,' the Ongs said in a statement to ST. 'We urge shareholders to carefully consider and evaluate the offer and stand with us in protecting the long-term interests of all shareholders.' The Ongs noted that 3HA Capital had highlighted the risk of CosmoSteel being suspended from trading or delisted for being on the SGX watch list since June 2018 as one of the reasons shareholders may prefer a cash exit. However, the offer price does not account for the proposed abolishing of the watch list by Singapore Exchange Regulation and its confirmation that no listed company would be forced to delist or suspend trading pending the review, they said. The bourse regulator on May 15 said it is consulting the public on scrapping the watch list for loss-making mainboard companies as part of efforts to reduce regulatory friction and encourage price discovery. The Ongs added that 'the offer price grossly undervalues CosmoSteel's recovery trajectory, assets, and growth potential'. While 3HA Capital's offer price of 20 cents is 48.1 per cent higher than CosmoSteel's share price of 13.5 cents on May 14 before the offer was announced, it is still a discount to the company's net asset value per share of 29.3 cents as at March 31. It also does not account for the company turning a profit for the first half of the 2025 financial year, compared with losses in the previous year, the Ongs said. In fact, Mr Ong Tong Hai has been purchasing shares of the steel company in the open market since May 23 at between 21 cents and 22 cents per share, which is higher than 3HA Capital's offer price. The Ongs also noted that the four-party consortium behind 3HA Capital are direct competitors of CosmoSteel. They include Hanwa Singapore, which is a subsidiary of Hanwa Co, a Japan global steel trader which currently holds a 31.6 per cent stake in CosmoSteel. 'Their acquisition of a controlling stake raises serious questions about future strategic direction, potential conflicts of interest, and the independence of the company's operations,' the Ongs said. They warned that accepting 3HA Capital's offer could mean giving up long-term value for short-term liquidity, in a deal structured under incomplete disclosures and involving parties who may not prioritise the interests of minority shareholders. They said in their statement: 'We call upon the board of CosmoSteel to fully evaluate and address these concerns in their formal response to the offer, and to act in the best interests of all shareholders. 'It is important that we do not let short-term fear or misleading representations deny us of long-term value.' The family is speaking out amid a rise in low-priced offers for SGX-listed firms in recent years, some of which cite low liquidity as a justification and put pressure on minority shareholders to accept early under the threat of trading suspension. One example is Boustead Singapore's offer for its subsidiary, Boustead Projects, for 90 cents per share in 2023. After the Securities Investors Association (Singapore), or Sias, called the offer a 'low-ball' one that undervalued the company, it was raised to 95 cents. An IFA nevertheless deemed the offer unfair but reasonable, as the price was below its $1.17 to $1.38 valuation range, but reflected the stock's illiquidity. When Boustead Projects' public float subsequently fell to just 4.5 per cent, which is below the 10 per cent requirement, trading in its shares was suspended. The SGX then directed Boustead Singapore to make a fair and reasonable exit offer for Boustead Projects. A final offer of $1.18 was accepted by over 90 per cent of independent shareholders, and the company was delisted in February 2024. In a November 2023 commentary, Sias president David Gerald had urged minority shareholders not to feel pressured into accepting unfair offers for shares they have likely held for years, adding that the risk of indefinite trading suspension should not be used to justify accepting unreasonable prices. 'The 4.5 per cent who held out have shown that individually they may not be able to make much of a difference, but collectively they can exercise considerable clout,' he said then. Meanwhile, some minority shareholders of Great Eastern (GE) have urged the Securities Industry Council (SIC) to consider amendments to Singapore's takeover and mergers code to promote fair treatment of all shareholders involved in privatisation offers. They include addressing the prolonged suspension of trading in the shares of target companies in a privatisation deal, and imposing stronger obligations on the company's directors to seek better alternatives for minority shareholders when offers are unattractive. GE is expected to announce a final proposal to meet SGX's free float requirements no later than June 8. The company's shares have been suspended from trading since July 2024, after falling below the 10 per cent threshold following a takeover bid by OCBC Bank, its majority shareholder. OCBC has managed to secure 93.52 per cent of GE's shares, short of the 95 per cent needed for a compulsory acquisition and delisting, after some minority shareholders resisted the offer, arguing that OCBC's bid of $25.60 per share undervalues the insurer. Said Mr Ong Chin Woo, who is among those who have resisted: 'Investors, especially retail investors, lack the resources and means to fight for their interests. Hence, they are particularly dependent on the protection of the code to get a fair and reasonable outcome from their investment.' Amid an ongoing consultation by the SIC to amend and strengthen the code, Ms Stefanie Yuen Thio, joint managing partner at TSMP Law, noted that it would be useful to have more avenues for minority shareholders to band together to discuss any offer and, if they think fit, to reject the offer. 'Right now, it's almost impossible for shareholders to do that – they have no means to contact other shareholders and it's for bodies like Sias to convene a meeting,' she said, adding that she has been calling for the law to be changed to facilitate shareholder activism and self-help. Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
6 days ago
- Automotive
- Straits Times
Ground sensors on roadside parking spaces could make payments automatic under new URA pilot project
Currently, motorists pay for roadside parking either with paper parking coupons, or through the app. ST PHOTO: KUA CHEE SIONG Ground sensors on roadside parking spaces could make payments automatic under new URA pilot project SINGAPORE – Paying for roadside parking might become automatic in the future, if a planned trial to install sensors on the ground goes well. These sensors embedded in the ground would be able to detect when a car drives into or leaves a roadside parking space, and communicate with the vehicle's on-board unit (OBU) via Bluetooth technology. The Urban Redevelopment Authority (URA) called a tender on May 6 for proposals to study the effectiveness of such a system. The agency told The Straits Times on May 29 that the study aims to test the viability of using Bluetooth communications to facilitate automated payment for roadside parking to make it more convenient for motorists. These sensors would be flat and easily driven over by vehicles. Currently, motorists pay for roadside parking either with paper parking coupons, or through the app. This URA study is separate from other plans by the Land Transport Authority (LTA) to also use the OBU for payments for roadside parking. This feature, which the LTA intends to roll out when most vehicles have OBUs fitted, will require motorists to use the OBU's touchscreen display to start the parking session. The parking session ends automatically when the vehicle is driven out of the parking space. LTA said that it will 'work with URA to review the outcome of this study in assessing any future deployment plans'. Across the island, URA manages approximately 13,000 roadside parking spaces. For this trial, URA intends to select a contractor and conduct a reliability test at Changi Beach Car Park 5 from October 2025 to July 2026. It also intends to carry out an operational pilot at carparks in Chinatown, Keong Saik and Bukit Timah from August 2026 to July 2027 . According to tender documents published on government procurement portal GeBiz, the 10-month reliability test will need to be conducted on four vehicle types: passenger sedans, light goods vehicles such as lorries, heavy vehicles such as prime movers, as well as buses with 23 or more seats. URA did not comment on why it excluded motorcycles from the trial. For the 12-month operational pilot, the authority noted that the three carpark locations were chosen because it is possible to put in the sensors at these places for the trial while having them remain accessible to motorists. 'We do not expect any disruptions to parking operations,' said the URA spokesperson. ST understands that there will be no automated payments triggered in the study. The tender closes at 4pm on Aug 21 , and the contract will be awarded by October 2025 . Asked about when it hopes to roll out these parking sensors on a wider scale, URA said it will review the outcome of the study and other parallel initiatives in assessing future deployment plans. Motorists and operators whom ST spoke to mostly welcomed this new initiative, although some raised concerns. Mr Davidson Chua , 25 , said that such a system could 'remove the hassle' of manually starting a carpark session when he is in a rush. The business co-founde r also hopes that the system would be able to inform motorists of the availability of parking spaces in the area. But Mr Chua noted that some motorists may be unhappy with this new initiative, as they can no longer 'game the system' by avoiding payments whenever they can. Mr Lim Kian Chin , the managing director of Allied Container Group, a firm with a fleet of more than 80 lorries and prime movers, said that data collected from these sensors may improve land resource planning as the agency will know how well used parking spaces are and decide how best to use the available space. But Mr Lim, who is also chairman of the Singapore Transport Association , said that it may be troublesome for truck and lorry drivers who often temporarily park their vehicles at roadside parking spaces to run quick errands, such as delivering goods to the service counter of a building. As at June , over 500,000 vehicles have been fitted with new OBU, which is part of the new satellite-based Electronic Road Pricing (ERP) system known as ERP 2.0. These OBUs are capable of determining a vehicle's location and processing ERP charges. They can provide motorists with more information like real-time traffic alerts of road closures and accidents. The installation of the new OBUs in Singapore-registered vehicles is targeted to be completed by 2026. Esther Loi is a journalist at The Straits Times, where she covers transport issues. Lee Nian Tjoe is senior transport correspondent at The Straits Times, where he also oversees the Motoring section. Join ST's WhatsApp Channel and get the latest news and must-reads.
