Annual Reports

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Capture1 ANNUAL REPORT YEAR 2020

Dear Shareholders, 2020 started with an unprecedented outbreak of COVID-19 (Coronavirus Disease 2019) which has badly affected the economy of Singapore and the world. We have experienced series of events including Circuit Breaker imposed in 2nd quarter of 2020 and gradually move on to phase one and phase two in 3rd quarter and 4th quarter… read more »

Capture2 ANNUAL REPORT YEAR 2019

Dear Shareholders, 2019 started with a good momentum. However, as the year progressed, downside risks increased and disrupted early signs of stabilisation in the global economy. With China’s investment growth already expected to slow down following earlier financial reforms to curb shadow lending, the declaration of a phase one trade deal between the U.S. and… read more »

AR2018 ANNUAL REPORT YEAR 2018

Dear Shareholders, 2018 started on a positive note with signs of broad-based global economic recovery. But as the year progressed, downside risks increased with weakening growth momentum. The situation was further compounded by arising political trade tensions between U.S and China and other geopolitical issues, including Brexit and NAFTA. Delivering Performance Despite the challenging operating… read more »