Corporate digest

Fragrance Group

THE mainboard-listed property developer will delist from the Singapore Exchange with effect from Oct 8, 9am, it said in a bourse filing on Wednesday. (see amendment note)

In early July, Fragrance Group's founder and chief executive Koh Wee Meng, through offeror JK Global Treasures, made a voluntary conditional cash offer for all the issued and paid-up ordinary shares of the group at 13.8 Singapore cents per share to take the company private.

The privatisation bid came as the offeror expects Fragrance not needing to access the Singapore equity capital markets to finance its operations in the foreseeable future.

Darco Water Technologies

Darco Water Technologies said on Wednesday that it has received a refund of the deposit of 6 million yuan (S$1.26 million) following its issuance of a notice of rejection in relation to the Gaoyi domestic wastewater treatment project.

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Last month, the company had said that it had issued a notice of rejection to its former non-executive deputy chairman Wang Zhi in respect of the Gaoyi project, and the company would not proceed with the proposed acquisition. Mr Wang has on Wednesday refunded the deposit to Darco Water that was previously placed by the company with him.

Darco Water shares closed unchanged at S$0.171 on Wednesday, before the announcement.

Aspen (Group) Holdings

Aspen (Group) Holdings said on Wednesday that its subsidiary Aspen Vision Land (AVL), and three other subsidiaries, have entered into composite agreements with the Director-General of the Inland Revenue Board of Malaysia (IRB)  for a sum of RM56.4 million as "full and final global settlement of all potential additional tax claim for the year of assessment 2014 to 2020".

Of this sum, RM19.6 million has been paid upon signing of the agreements. The balance of RM36.8 million will be settled via instalment payment over six years

Aspen said the settlement is not expected to have a material financial impact on the company’s current financial year ending December 2021, “as the IRB has agreed on a consolidated basis at a group level that RM40.7 million from the total tax liability attributable to AVL will be allowed to be treated and claimable as a tax credit in Aspen Vision City development for past, current and future projects together with unsold inventory on hand”. 

Amendment note: The article has been amended to reflect that Fragrance Group is listed on the SGX mainboard instead of the Catalist.