Corporate digest

Published Mon, Jun 7, 2021 · 05:50 AM

KrisEnergy

TROUBLED oil and gas group KrisEnergy announced in a regulatory update late on Friday that it has submitted a winding-up petition to the Grand Court of the Cayman Islands. The firm said that based on actual and contingent liabilities, it is unable to pay its debts and will proceed with liquidation.

The decision comes as the company's liabilities have exceeded the value of assets. There is also a lack of acceptable alternative restructuring options and little possibility of near-term infusion of fresh funds.


Fabchem China

WATCH-LISTED Fabchem China said in a regulatory update on Friday evening that the valuer it has appointed for a proposed disposal of subsidiary Shandong Yinguang Technology is of good standing. It will, nevertheless, comply with the Singapore Exchange Regulation's (SGX RegCo) notice of compliance.

SGX RegCo had issued a notice requiring Fabchem China to appoint a new valuer due to "significant variances" in valuations. The company will comply with the notice by appointing another valuer of "international standing and repute", it said.

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The firm, however, noted that the board is of the view that its appointed valuer, AVA Associates, is suitably qualified and was suitably appointed by the company.

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