Update

Second potential offeror rescinds expression of interest to acquire Procurri less than 24 hours later
SINGAPORE (Feb 8): Procurri Corporation says the second potential offeror to express interest in acquiring the company after New State Capital Partners LLC has now decided to terminate further discussions on the matter. The update comes less than 24 hours after Procurri had received its second, unsolicited non-binding expression of interest (EoI) from an unnamed third party to acquire the ...
SingPost to hire more postmen, redeploy drivers and increase PO staff after being fined $100,000 for not meeting quality standards
SINGAPORE (Feb 8): Singapore Post (SingPost) says it will be hiring a hundred more postmen and redeploying 35 mail-drop drivers to become full-time postmen as well as increase the number of dedicated counters and staff at post offices, aside from upgrading the skill-set of its postal workers. It will also carry out a broader salary review with incentives for successful deliveries of trackable ...
Sino Grandness to service $28.7 mil debt using dividends from China
SINGAPORE (Feb 7): Sino Grandness Food Industry Group says it is currently preparing to repatriate funds back from China, by way of dividend, amid ongoing negotiations with Soleado Holdings to extend the repayment of $28.7 million owed. To recap, Soleado Holdings is demanding Sino Grandness pays an outstanding loan principal amount of US$21.2 million ($28.7 million) and $30,000 in interest and ...
Aspen signs management agreement, MoUs with Mariott International
SINGAPORE (Feb 4): Aspen Group’s joint venture (JV) with IKEA Southeast Asia, Aspen Vision City, on Saturday signed a management agreement with Mariott International to operate the Aloft Penang Batu Kawan hotel when it opens in Penang, Malaysia, in 2023. The two companies also signed a memorandum of understanding (MoU) to develop one of the residence towers of Vogue Lifestyle Residence under ...
Chaswood ordered by court to pay MCL Land $25,000 in damages
SINGAPORE (Jan 30): Beleaguered dining operator Chaswood Resources Holdings has issued an update saying its indirect subsidiary, Bistroamericana (WW) received a judgment from court to pay RM 76,550 (about $25,000) to MCL Land regarding an associated tenancy agreement. The amount is inclusive of interest and legal costs. Bistroamericana (WW) is among the various F&B subsidiaries of ...
Ascott Raffles Place divestment in line with market & legal practices, maintains REIT manager
SINGAPORE (Jan 22): The manager of Ascott Residence Trust (Ascott REIT) has filed a clarification letter to the Singapore Exchange (SGX) in response to a letter published in the forum of The Straits Times on Monday, which questioned the gap between the valuation and buyout amount of Ascott Raffles Place. To recap, Ascott Raffles Place is being sold to a private investor at a consideration of ...
Vallianz says vessel collision has no material impact on group
SINGAPORE (Jan 15): Vallianz has released a statement regarding Sunday’s collision between a tanker and Star Centurion, a pipelaying vessel managed by its subsidiary, Vallianz Offshore Marine (VOM), in Indonesian waters. The Hong Kong-flagged chemicals/product tanker, named the Antea, is owned by PT Pertamina Persero and operated by Bernhard Schulte Shipmanagement (Singapore). Star ...
Sunvic Chemical racks up $44 mil in corporate loan claims, says cash flow may be affected
SINGAPORE (Jan 11): Sunvic Chemical Holdings says two of its subsidiaries, Yixing Yinyan Import & Export Co and Jiangsu Jurong Chemical, have each received letters of demand regarding corporate loans amounting to about RMB 222.5 million ($44.3 million). The first claim was lodged by Yixing City Futao Rural Micro Credit against Sunvic’s Yixing Yinyan, which acted as the corporate ...
OKP Holdings announces delay of pre-trial conference over PIE viaduct collapse
SINGAPORE (Jan 9): OKP Holdings’ pre-trial conference over its case for the 2017 PIE viaduct collapse, which was originally scheduled to take place on Tuesday at 3pm, has been postponed to Jan 21. The last pre-trial conference on this matter was held on Nov 13, 2018. To recap, OKP’s wholly-owned subsidiary, Or Kim Peow Contractors, is facing charges for the July 2017 work site accident ...
Artivision seeks extension of long stop date for reverse takeover of e-payment solutions firm
SINGAPORE (Jan 2): Artivision Technologies has signalled a delay in its plans to acquire a 100% stake in e-payment solutions provider Mobile Credit Payment (MC Payment), as the group is now in discussions to extend the long stop date of its acquisition, which was originally due on Dec 31, 2018. To recap, Artivision first announced in Nov 2017 that the group intended to transform itself into an ...