Corporate digest

Kim Heng

INTEGRATED offshore and marine value chain services provider Kim Heng Offshore & Marine Holdings has procured its wholly-owned subsidiary, Kim Heng Marine & Oilfield Pte Ltd, to dispose three of its vessels for a consideration of S$3 million to Bridgewater Marine (Taiwan) Limited (BMWT).

Assuming that the proposed disposal was completed on Dec 31, 2019, the firm noted that the gain on the disposal would be S$1.67 million.

Kim Heng said the rationale for the disposal is to allow BWMT to utilise the vessels to capture other offshore and marine business in Taiwan.

Intraco

INTRACO Limited is expecting to report a "material net loss" for its fiscal year ended Dec 31, 2020, based on a preliminary review of the group's unaudited financial results.

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The firm attributed this to impairment losses arising from its principal subsidiary KA Group Holdings and its joint venture in Myanmar Tat Hong Intraco Pte Ltd, as well as a loss on disposal from the divestment of its 41.27 per cent stake in Dynamic Colours Limited in July last year.

Intraco is expected to release its FY 2020 results by March 1.

City Developments

A SUBSIDIARY of mainboard-listed City Developments Limited (CDL), Millennium & Copthorne Hotels New Zealand (MCK), announced that all of its owned and operated hotels have received "multiple cancellations" for bookings over this week and the following weeks in February.

Its announcement comes after Covid alert level changes made by the New Zealand government on Sunday evening.

The company said the current number of cancellations and deferrals varies from hotel to hotel, and these disruptions are impacting MCK's revenue for February. MCK said it is unable to forecast the exact impact on its financial performance for the first half of the fiscal year 2021 from these cancellations as the situation remains fluid and individual travellers and businesses are still adjusting.

MCK will be releasing its FY2020 results on Feb 17.