Singapore company briefs: Allied Technologies, Singapore Press Holdings (SPH), Cuscaden Peak, Kitchen Culture, Nera Telecommunications (NeraTel) and Darco Water Technologies.
Singapore Press Holdings (SPH)
Singapore Press Holdings (SPH) said Thursday that its shares would be suspended on Friday due to Cuscaden Peak’s planned acquisition of all of the shares.
Kitchen Culture said Thursday the Singapore court has granted the winding up application of its subsidiary KHL Marketing Asia-Pacific (KHLM), which has entered into compulsory liquidation.
As Kitchen Culture has effectively lost control of KHLM, it has ceased to be a subsidiary and will be deconsolidated from the financial statements, the company said in a filing to SGX.
“Since KHLM has been loss making for several years, the winding up of KHLM will likely result in lower operating losses and net cash outflows for operating activities for the group,” Kitchen Culture said.
The special audit at Allied Technologies focused on missing funds found the version told by Jeffrey Ong, a lawyer charged with cheating and other offences, may offer “plausible explanations” for missing information in the versions of events from others involved in the company, according to a Business Times article Wednesday.
PricewaterhouseCoopers Risk Services has acted as special auditor to look into the more than S$33 million which went missing while held in escrow by Ong’s legal firm and the disposal of Allied Tech’s two China subsidiaries, the article said.
Nera Telecommunications (NeraTel)
Nera Telecommunications (NeraTel) said Thursday it has granted De Tian Holdings an option to purchase the property at 10 Defu Lane 10 in Singapore for S$6.3 million, payable in cash in three tranches.
The independent valuation of the property by Colliers International Consultancy & Valuation (Singapore) put the market value of the property at S$6.3 million, NeraTel said in a filing to SGX.
“The company believes that the proposed disposal will be beneficial to the company to unlock the value of the property, as no book value is currently ascribed to the property,” NeraTel said, adding it plans to use the proceeds for working capital.
Darco Water Technologies
Darco Water Technologies said Thursday that it has decided not to appeal the decision of the High Court of Singapore to dismiss its case against Thye Kim Meng, a former executive officer and director. The High Court had declined to find Thye had made any breaches on his part over a water project and a solar project.