Corporate digest

Midas Holdings

TROUBLED aluminium train components supplier Midas Holdings on Friday said that after receiving the statutory demand, executive director Xu Wei Dong filed an application to wind up the company. According to the application, FTI Consulting (Singapore) will be appointed joint and several liquidators.

KSH Holdings

REAL estate firm KSH Holdings said on Friday that its wholly owned subsidiary, Kim Seng Heng Engineering Construction, has been awarded a construction contract worth more than S$55.4 million. Work is expected to start this May, with completion expected in December 2020. The new contract brings the group's construction order book in Singapore to more than S$486 million.

Luxking Group Holdings

CHINESE adhesive tape product manufacturer Luxking Group Holdings said on Friday that after much effort and various actions taken, the group is still not successful in recovering outstanding receivables from a customer which has become uncontactable after closing its factory at Guangzhou without giving any advance notice.

Based on a preliminary review, Luxking is expecting an impairment of trade receivables at about 17.4 million yuan (S$3.5 million). This is expected to have a significant impact on the group's financial results for its unaudited financial results for FY2019. "Notwithstanding that, from the cash flow perspective, the group is able to continue its operations as usual," it said.

GL Limited

FLAT revenue and higher expenses led hospitality group GL Limited, formerly known as GuocoLeisure, to post net losses of US$3.3 million for its third quarter ended March 31, 2019, a reversal from a net profit of US$24 million a year ago. Revenue of the company dipped one per cent to US$73.4 million.

For the nine-month reporting period, net profit fell 45 per cent to US$29.1 million, while revenue rose 2 per cent to US$264.4 million.