Corporate digest

TT International

BIG Box Singapore (BBS), an indirect wholly-owned subsidiary of TT International, has initiated creditors' voluntary liquidation proceedings on Tuesday. Prior to the start of its liquidation, BBS's principal activities were general retail trade under the warehouse retail scheme (WRS), which included the selling of goods on the ground floor of the Big Box building and operating the supermarkets in the building.

The Big Box building is owned by Big Box, a 51 per cent subsidiary of struggling mainboard-listed consumer electronics retailer TT International. It was put up for sale in May by receivers and managers of Big Box.

In a filing with the Singapore Exchange on Tuesday, TT International said: "The significant winding down of the WRS retail activities at the Big Box building as a result of the termination of the WRS have severely affected the operations of BBS." These have "led to the resultant cash flow constraints of BBS and currently, BBS cannot by reason of its liabilities continue its business. Accordingly, the directors of BBS have decided to liquidate BBS".

China Aviation Oil (S'pore)

THE jet fuel trading company has appointed executive director Wang Yanjun as chief executive officer to replace Meng Fanqiu, who is stepping down after 10 years to take on another role within parent company China National Aviation Fuel Group. The changeover takes effect on Wednesday.

Straits Trading

PROPERTY firm Straits Trading Company on Tuesday said that it plans to subscribe for A$40 million (about S$39.3 million) worth in trust units that would allow it to acquire a portfolio of logistics properties across Australia.