SG briefs: Keppel and M1, Far East Orchard, Ezion, Darco Water

M1 payment kiosksM1 payment kiosks. Photo taken pre-Covid

Singapore company briefs: Keppel Corp. and M1, Far East Orchard, Ezion Holdings and Darco Water Technologies

Keppel Corp. and M1

Keppel Corp. said Friday that M1, via its indirect wholly owned subsidiary AsiaPac Technology, has completed the initial tranche of the acquisition of Glocomp Systems (M). 

Read more: M1 to acquire up to 70 percent of Glocomp Systems for up to around S$36M

Far East Orchard

Far East Orchard guided Friday it expected to swing to a net profit for 2021, marking significant improvement from a net loss for 2020.

“The expected net profit is mainly attributed to the fair value gains on investment properties,” the company said in a filing to SGX Friday.

The results are expected to be released on or around 24 February, the company said.

Ezion Holdings 

Ezion Holdings said Friday it has filed an application to place the company into liquidation. 

“Despite the company’s past efforts to restructure the group and to search for an investor to recapitalise the company, the company faced difficulties in procuring investment proposals from the potential investors that are able to garner the support of its major creditors. As market conditions remain challenging and given the company’s current financial position, the key operating subsidiaries of the company are no longer able to remain operationally viable as a going concern without the receipt of working capital,” Ezion said in a filing to SGX.

Darco Water Technologies

Darco Water Technologies warned Friday it expected to report a loss for 2021, citing poorer performances in the China and Malaysia subsidiaries compared with 2020 due to Covid-related pressures. 

“Due to the long drawn-out Covid-19 pandemic and fluctuating infection numbers in Malaysia, the group’s subsidiaries in Malaysia had faced business pressures as the majority of tenders that were originally projected to be awarded for FY2021 had been postponed to a later date,” Darco Water said in a filing to SGX. 

“The group’s subsidiaries in China had faced mounting challenges in the face of stiff competition,” the company said, adding the mainland subsidiary had to bid for projects at lower margins.

In Singapore, Covid-19 measures slowed the implementation of pneumatic conveyance systems, while construction costs rose, the company said. 

Read Darco Water’s filing to SGX.