Corporate digest

Darco Water Technologies

THE company said it has been served with an originating summons issued by the High Court, filed by a group of 10 shareholders.

The group has applied for leave to commence a statutory derivative action on behalf of the company against non-executive deputy chairman Wang Zhi and Pek Thiam Keong for breaches of their director's duties and/or fiduciary duties owed to the company, and for conspiracy by lawful and/or unlawful means. They also applied for leave to commence a derivative action against Mr Wang for fraudulent and/or negligent as well as innocent misrepresentation.

Darco said it is seeking legal advice on the originating summons and the derivative action.

China Sky Chemical Fibre

SINGAPORE Exchange Securities Trading (SGX-ST) will delist the company after it missed a final deadline to submit its proposal for trading resumption.

In a letter dated April 22, SGX-ST said China Sky had one month from the date of the letter to provide its exit offer proposal.

SGX-ST in January granted China Sky an eight-month extension to submit its resumption proposal by Sept 30, as the company said it had entered into an implementation agreement to transfer its listing to iWave. But iWave did not meet any of the milestones the extension was subject to, citing difficulties from Covid-19 and Super Typhoon Rolly. SGX-ST noted that the Philippines experienced several lockdowns since March 2020, and businesses would have implemented continuity plans by now. The typhoon also happened before the extension was requested. Thus, they could not be considered extenuating circumstances outside iWave's control.

CEI

THE voluntary conditional offer for CEI Limited has turned unconditional and is now closed. Valid acceptances and the total shares owned, controlled or agreed to be acquired by the offeror AEM Holdings and its concert parties amounted to 92.12 per cent as at 5.30pm on Monday. AEM Holdings will proceed to exercise its right of compulsory acquisition of all the remaining shares and subsequently delist the company.