First Sponsor CEO Joins NSI Supervisory Board

First Sponsor Group Ltd (SG:ADN) has released an update.

First Sponsor Group Limited has announced the appointment of their Group CEO, Mr. Neo Teck Pheng, to the NSI Supervisory Board, effective 30 September 2024. This significant appointment changes the accounting treatment of the Group’s 13.7% stake in NSI, now recognizing it as an associated company rather than an investment at fair value. The new accounting method is projected to contribute a profit share of approximately EUR 39.2 million to the Group’s profits for the quarter ending on 30 September 2024, with official financial effects to be disclosed in a forthcoming interim business update.

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