SINGAPORE (Reuters) – A prominent Singapore businessman has said he will exit his investment in a tobacco firm linked to the Myanmar military, after the army deposed the country’s democratically elected government in a coup last week.
Lim Kaling, co-founder and director of Hong Kong-listed gaming group Razer, said in a statement on Tuesday he was a minority shareholder in Virginia Tobacco Company through RMH Singapore Pte Ltd, which owns 49% of the Myanmar firm.
The rest of Virginia Tobacco is owned by Myanmar Economic Holdings Limited (MEHL), one of two conglomerates run by the country’s military, according to a 2019 United Nations report.
“Recent events there (in Myanmar) cause me grave concern,” Lim said in the emailed statement, which followed an online petition calling on him to cut his exposure.
Lim said he was “exploring options for the responsible disposal” of his one-third stake in RMH, his only remaining Myanmar investment, but gave no timeframe.
Foreign firms with investments in Myanmar have come under increased scrutiny since the coup on Feb 1. Japanese drinks giant Kirin Holdings last week scrapped its beer alliance that tied it to MEHL.
MEHL’s scores of subsidiaries span a range of industries from ruby and jade mining to tourism and banking, and the conglomerate is owned and influenced by senior military leaders including commander-in-chief Min Aung Hlaing, according to the U.N. report.
Singapore has been the largest source of foreign investment into Myanmar in recent years, according to reports by both governments.
Lim’s announcement came after an online petition started by activist group Justice for Myanmar urged Razer to remove Lim from its board if he did not end his business ties with the Myanmar military.
Lim did not reference the petition in his statement, which gained 851 signatories, but the activist group claimed a victory.
“He heard our voices and acted. Thanks to all who signed. Keep up the fight,” the group said in a Twitter post.
Amnesty International had also called for RMH to cut its Myanmar ties, along with other companies including South Korea’s POSCO.
(Reporting by John Geddie; Editing by Tom Hogue and Lincoln Feast.)
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
