Corporate digest

Sinarmas Land Limited

THE counter surged on Friday, prompting a query from the Singapore Exchange in the afternoon on its trading activity. Shares of Sinarmas closed up 17.5 per cent at S$0.235 on Friday.

The company, however, responded it is not aware of any information not previously disclosed concerning the company, its subsidiaries or associated companies which might explain the unusual price movements in its shares in the past few days.

Tee International Limited

THE group's subsidiary, Tee Infrastructure, will not be proceeding with a proposed disposal of certain assets to Sustainable Waste Management Holdings.

Tee International, Tee Infrastructure and AWM, as well as the buyer and its holding company on Friday came to a settlement on issues that had risen from the conditional sale and purchase agreement.

Tiong Woon Corporation Holding

LIM Soh Hoon, the group's chief financial officer, will resign on March 6 next year to pursue "personal interests".

Tiong Woon said it is in the midst of identifying a suitable and qualified replacement.

CPH Ltd

CPH has obtained a waiver of the need to obtain shareholders' approval in granting an option to purchase a factory to Asiapac Trading. CPH, via its wholly-owned subsidiary Circuits Plus, is selling its Singapore factory at 8 First Lok Yang Roady for S$6.5 million to Asiapac Trading.

However, CPH will still be required to seek its shareholders' approval for the proposed disposal itself in due course, as the disposal is considered a major transaction. (See amendment note.)

Sunpower Group

THE group's wholly-owned subsidiary, Jiangsu Sunpower Clean Energy, together with Fujian Jiaoneng Holding, has set up a joint venture company in China for the business of producing and supplying heat and electricity.

The joint venture was set up with 50 million yuan (S$10.15 million), with Sunpower Clean Energy holding a 70 per cent stake and Fujian Jiaoneng the remainder.

Sunpower Group said the investment will be funded by internal resources and is not expected to have any material impact on the consolidated net tangible assets per share or earnings per share of the company for the current financial year ending Dec 31.

Amendment note: An earlier version of the article had said that CPH had obtained a waiver of the requirement to seek approval from shareholders for the transaction. We are sorry for the error.