Corporate digest

Darco Water Technologies

DARCO Water Technologies on Friday said its board of directors is still assessing whether to proceed with its proposed investment in the Gaoyi domestic wastewater treatment project.

In a filing to the Singapore Exchange, Darco said the company and its former non-executive deputy chairman Wang Zhi - who had in 2018 signed a non-binding letter of intent for the project - have until March 23, 2022 to determine if the company will proceed with its investment in either the Gaoyi project or any other alternative water treatment asset.

Darco said it is currently awaiting the provision of outstanding information from Mr Wang. Should this information be provided to the company and its board of directors by Sept 30, the company will be able to commence legal and further technical and economic due diligence to facilitate the acquisition of the Gaoyi project by March 2022.

Mirach Energy

MAINBOARD-LISTED Mirach Energy will be delisted on Sept 30, the company said in a bourse filing on Friday.

Earlier in May, the company said it will be placed under creditors' voluntary winding-up after the directors evaluated options for the group. As at end-March this year, Mirach Energy was left with limited cash and cash equivalents of some US$66,000 and continues to be loss-making despite efforts to streamline the group's operations. Mirach Energy shareholders had approved the creditors' voluntary liquidation at an extraordinary general meeting on June 24.

Spackman Entertainment Group

THE Singapore Exchange (SGX) issued a list of queries to Spackman Entertainment Group regarding the company's plan to sell its entire Zip Cinema business.

In an SGX filing from Spackman on Friday evening, SGX asked the company about its consideration and rationale for the proposed sale and how this was in the best interest of the company and its shareholders. The disposal will allow Spackman to obtain the necessary funds to diversify into the US Hollywood film sector, which is potentially more profitable than Korean films due to a wider international audience base, said the company.