Corporate digest

Chip Eng Seng

CHIP Eng Seng has entered into a 70-30 joint venture with partner Tropical Developments to acquire a lagoon in the Maldives. Chip Eng Seng will make an initial capital contribution of US$7 million to the joint venture, and intends to develop the lagoon into a five-star resort.

Jackspeed

JACKSPEED Corp, the leather trim manufacturer for car seats, has posted a first-half net profit of S$3.2 million, down 4.6 per cent from the same period a year earlier. Revenue in the six months to Aug 31 was S$24.1 million, down 7.4 per cent from the same period a year earlier…