Corporate digest

ST Engineering

ST ENGINEERING on Monday said that its aerospace unit has signed a US$600 million contract to provide aircraft heavy maintenance services to a major North American operator.

ST Engineering will support the operator, an existing customer, on a fleet of over 160 wide-body and narrow-body aircraft starting in 2020 for a period of 10 years.

Sheng Siong

SUPERMARKET chain operator Sheng Siong Group posted on Monday a 4.2 per cent increase in its fourth-quarter net profit on stronger gross profit. Net profit for the three months ended Dec 31, 2018 stood at S$17.53 million, compared with a net profit of S$16.82 million posted in the same period a year ago.

Ryobi Kiso

GROUND engineering solutions firm Ryobi Kiso on Monday said that it failed to reach an agreement with creditors over the commercial terms of the proposed schemes of arrangement for the reorganisation of the group's liabilities and business. This comes as two creditors had in July 2018 filed winding up petitions in the High Court against its unit Ryobi Kiso (S) Pte Ltd, over a sum of S$2.73 million. These winding-up petitions are now set to be heard on March 1, 2019.

TEE international

TEE International has entered into a term sheet with Top Capital Securities Pte Ltd (Top Capital) for the proposed sale of a 28 per cent stake in its subsidiary, TEE Land, at an indicative price of between S$0.179 and S$0.201 per share, for up to 125.1 million shares, the group said in a regulatory filing. The indicative price is based on an attributed net asset value of between S$80 million and S$90 million for TEE Land, representing respectively a 39.2 per cent and 46 per cent discount to its unaudited net asset value as at Nov 30, 2018.

Jawala Inc

MALAYSIA timber firm Jawala Inc said that the investigation by the Malaysian Anti-Corruption Commission (MACC) regarding the suspension of its subsidiary Jawala Plantation Industries' (JPI) bank accounts with CIMB and Public Bank Berhad, is still ongoing. The Catalist-listed company said, in an update to the Singapore Exchange, that it has yet to receive any formal notification or otherwise from the MACC or any other regulatory authority, and that it would continue to give full cooperation and assist in the investigation.

The company also said that JPI's business is "operating as usual" since the suspension of the bank accounts, and Jawala's directors are also not aware of any investigation or proceedings pending or threatened against JPI, its directors and Jawala's directors.