Corporate digest

Acromec

CATALIST-LISTED specialist engineering firm Acromec has entered into a non-binding letter of intent (LOI) for a proposed collaboration on a Singapore-based private fertility medical centre, it said on Thursday. Acromec entered into the LOI with two fertility medicine specialists who will lead the core management team, and with a US-based fertility clinic as strategic investor and adviser. Acromec intends to acquire the assets required for the operation of the centre from a former customer, before leasing the assets to the special purpose vehicle to be incorporated to manage and lead the centre.

China Everbright Water

MAINBOARD-LISTED China Everbright Water said on Thursday that it has secured two waste water treatment projects in China's Jiangsu province, worth a total investment of 503.6 million yuan (S$99.6 million).

The first, worth 478 million yuan, is the Jiangyin City Xili Centre waste water treatment plant and ancillary pipeline network and pumping stations project. The group will fund, construct and operate the project on a build-operate-transfer model exclusively for a concession period of 30 years, with a return on investment via waste water treatment service fees.

The other project is the Chengxi reusable water project with an investment of 25.6 million yuan, designed to have a daily reusable water supply capacity of 33,000 cubic metres.

Pine Capital Group

THE former interim CEO and executive chairman of Pine Capital Group's subsidiary, Advance Capital Partners Asset Management (ACPAM), has failed in its appeal against the High Court's decision to allow for a separate and further extraordinary general meeting (EGM) of ACPAM to be convened to ratify the resolutions passed at an earlier EGM on April 5, 2019.

The plaintiff, Tan Choon Wee, and Lin Kuan Liang Nicolas were removed as directors of ACPAM at this April 5 EGM, while new directors were appointed to ACPAM's board. Mr Tan was seeking to, among other things, invalidate those resolutions that were passed to remove him and Mr Lin as directors, and/or for ACPAM to be wound up.

Pine Capital on Thursday said Mr Tan was seeking a stay of the orders so that the separate EGM would only be convened after the appeal has been decided by the Court of Appeal. However, subsequently, Mr Tan sought leave to withdraw the stay application. At a hearing on May 31, 2019, the Court granted permission for Mr Tan to withdraw the stay application, and he was ordered to pay costs to the company.

The High Court also did not grant him leave to appeal against the High Court's decision to dismiss an earlier injunction application for him and Mr Lin to be reinstated as directors of ACPAM, and to restrain the appointment of new directors pending the final determination of the legal proceedings.