Corporate digest

M1

M1 Limited has appointed a new chief financial officer after current CFO Raymond Yeo Eng Ann resigned to pursue other opportunities. Nicholas Tan Kok Peng has been appointed as CFO with effect from Sept 1. Mr Tan, 58, was the CFO at StarHub Limited from July 2014 to April last year. Prior to that, he was senior vice-president of corporate planning at Singapore Technologies Telemedia Pte Ltd.

Mr Yeo, 49, became CFO at M1 in March 2014. He will leave the firm with effect from Sept 14.

Midas Holdings

MIDAS Holdings' subsidiary Jilin Midas Aluminium Industries Co has landed two supply contracts worth 53.8 million yuan (S$10.9 million) from customers in China.

The first contract, from CRRC Tangshan Co, is worth 34.6 million yuan and involves the supply of aluminium alloy extrusion profiles and fabricated parts for the CRH380B high-speed trains. This contract is slated for delivery in 2016. The second contract, awarded by CRRC Changchun Railway Vehicles Co, is worth 19.2 million yuan and involves the supply of aluminium alloy extrusion profiles to the Haerbin Metro Line 1. This contract is slated for delivery between 2016 and 2017.

China Everbright Water

WATER treatment firm China Everbright Water has secured the first phase of a waste water treatment project in Nanjing, China, through a joint venture, which involves total investment of about 62 million yuan (S$12.6 million). The project will mainly treat waste water from the integrated circuit industry zone in Pukou Economic Development Zone in Nanjing with a daily capacity of 10,000 cubic metres and a concession period of 20 years, the firm said.

A joint venture company will be set up with Jiangsu Zhongbo Investment Development Co through subsidiaries, and Everbright Water and Jiangsu Zhongbo will hold equity stakes of 60 per cent and 40 per cent respectively. The first phase is expected to complete construction and commence operations in June 2017.

Tritech Group

ENGINEERING and marble production company Tritech Group is issuing 87.3 million new shares at 6.61 Singapore cents apiece, or S$5.8 million in total, to six parties to capitalise a loan and to settle an outstanding payment for a January acquisition.

The proceeds will be used to capitalise a S$4.97 million unsecured, interest-free loan to Tritech Group from Tritech International Holdings Pte Ltd, which is undergoing voluntary liquidation. The shareholder loan has been used for working capital purposes. Tritech Group also owes Tritech International S$800,000 for the former's January acquisition of a 54 per cent stake in Geosoft from the latter.

Mary Chia Holdings

BEAUTY services company Mary Chia Holdings has received a notice of arbitration and a claim for S$4.81 million, excluding interest and costs, from its previous partner in a soured joint venture (JV).

The dispute stems from an agreement announced in April 2015 for a Mary Chia subsidiary and Japan-incorporated Slim Beauty House Co to set up a beauty and slimming service centre and to provide and distribute wellness-related services and consultations in Singapore. Mary Chia said it will contest Slim Beauty House's claims, and has appointed a legal adviser for the arbitration proceedings.

UG Healthcare

EXAMINATION glove manufacturer UG Healthcare will have a change in its chief executive, as current CEO Ang Beng Teck retires. Non-executive director Lee Keck Keong, a co-founder of the group, will be re-designated as executive director, and be appointed as CEO on Oct 19. Mr Lee, 62, is the father of the firm's executive directors Lee Jun Yih and Lee Jun Linn.

Mr Ang, who was appointed to his current position in September 2014, holds 28.1 million shares in UG Healthcare. He will assume an advisory role in the group following his retirement to facilitate the transition.

Raffles Education

A FALL in revenue and share of results of joint ventures eroded earnings for Raffles Education Corporation in its 2016 financial year. Net profit fell 7 per cent to S$15.8 million from the year-ago period, the group said in a Singapore Exchange filing on Wednesday evening.

For the 12 months ended June 30, revenue sank 7 per cent to S$111.0 million from the year-ago period. The drop in revenue was due to a discontinuation of its Raffles Shanghai joint venture college and a reduction in foreign student intake in Sydney, it said.