Corporate digest

Published Thu, Apr 8, 2021 · 05:50 AM

Chip Eng Seng Corporation

A SUBSIDIARY of property developer Chip Eng Seng Corporation is set to sell its shophouses along Tanjong Pagar Road and Geylang Road, the company said in an exchange filing on Wednesday.

CES Capital Holdings entered into a sale and purchase agreement to sell its properties at 84/A/B and 86/A/B Tanjong Pagar Road occupying about 1,653 square feet (sq ft), the company said. The purchase price is nearly S$10.7 million.

It also granted an option to purchase for three adjoining units of 2.5-storey shophouses with a 4-storey rear extension at 115 Geylang Road occupying about 3,290 sq ft. The purchase price is S$13.5 million, of which a potential purchaser has paid a one per cent option fee.


Creative Technology

CREATIVE Technology is planning to reduce the share capital of the company to the extent of US$217.7 million, the company said in an exchange filing on Wednesday.

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The purpose of this is to write off the accumulated losses with a view to restructure the finances of the company and rationalise its balance sheet for it to be an accurate reflection of the value of its underlying assets, it said. It does not however entail any outflow of cash or change in the net assets of the company, it added.


HC Surgical Specialists

A WOMAN who sought the court's permission to sue HC Surgical Specialists (HCSS) chief executive Heah Sieu Min on behalf of HCSS has had her appeal dismissed by the Court of Appeal on Wednesday.

Serene Tiong, who was sued for defamation by Julian Ong, had pursued the case for an alleged breach of director's duties relating to the company buying an additional 19 per cent stake in Dr Ong's firm.

Last year, the High Court dismissed her application after it found that she had a vendetta and lacked good faith. On Wednesday, the Court of Appeal dismissed her appeal against last year's judgment, noting that Ms Tiong was driven by revenge and has a history of conflict with Dr Ong.

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