Corporate digest

Hyflux

TROUBLED water treatment company Hyflux and former white knight SM Investments (SMI) have settled a tussle over a S$38.9 million deposit.

The two parties agreed to settle and discontinue the lawsuit that Hyflux brought against SMI in 2019, without any admission of liability, judicial managers from Borrelli Walsh said in a bourse filing on Monday. The judicial managers have separately asked for their term of office to be extended by 60 days, until July 14.

Jumbo Group

CATALIST-LISTED seafood restaurant operator Jumbo Group has warned of an expected net loss for the first half-year to March 31. More details will be available in financial results that are slated for release by May 14, the board said in a profit guidance released on Monday.

Trendlines Group

TRENDLINES Agrifood, an investment vehicle of the Singapore-listed Trendlines Group, on Monday announced a partnership agreement with Mitsubishi Corporation to identify emerging technologies and startups of interest to their global integrated business enterprise.

AEM Holdings

NET profit at mainboard-listed electronics services provider AEM Holdings fell by 63.1 per cent to S$13.34 million for the three months to March 31, while revenue was down 45.4 per cent to S$80.23 million, according to a business update on Monday.

AEM expects revenue of between S$460 million and S$520 million for the full year, weighted towards the second half of the year and into 2022.

City Developments

LEAD independent director Jenny Lim has become the fourth director to resign from the board of City Developments Ltd (CDL), after quitting on Monday. Ms Lim also stepped down as chairman of the audit and risk committee (ARC); chairman of the remuneration committee; member of the nominating committee; and member of the board committee.

Philip Lee is now lead independent director and chairman of the ARC; Carol Fong is chairman of the remuneration committee and a member of the ARC; Chong Yoon Chou is a member of the nominating committee; and Daniel Desbaillets is a member of the remuneration committee.

The move follows the resignations of Kwek Leng Peck, Koh Thiam Hock and Tan Yee Peng, due to disagreements over CDL's investment in Sincere Property Group in China, as well as the retirement of Tan Poay Seng.

MC Payment

DIGITAL-payments services firm MC Payment has received two letters from controlling shareholder Ching Chiat Kwong, expressing his wish to nominate himself, along with his son Shawn Ching, and Harry Ng Weng Sui, as directors of the company.

The elder Mr Ching, who is also chairman and chief executive of property developer Oxley Holdings, plans to requisition an extraordinary general meeting to make this happen.

The board of MC Payment said it is seeking legal advice on the two letters.

First Ship Lease Trust

THE trustee-manager of First Ship Lease Trust on Monday said wholly-owned subsidiaries of the trust have entered into a US$15 million facility agreement with Chailease International Financial Services (Singapore) for the refinancing of six vessels. The loan has a maturity of five years from the drawdown date, will be repaid in 20 quarterly instalments of US$750,000 each, and bears an interest rate of 3.975 per cent per annum above the US dollar Libor.