Corporate digest

Chip Eng Seng Corporation

CES Engineering & Construction, a wholly-owned subsidiary of Mainboard-listed property developer Chip Eng Seng, has been appointed as the replacement main contractor for the remaining building works to be undertaken for the Build-To-Order (BTO) housing project at Marsiling Grove in Woodlands.

The company is one of four contractors, including Teambuild Engineering & Construction, Newcon Builders and Welltech Construction, to be roped in by HDB to complete the construction works at all five BTO sites after former main contractors Greatearth Construction and Greatearth Corporation went bust.

In a bourse filing on Wednesday, Chip Eng Seng said the contract with HDB is not expected to have any material impact on its net tangible assets and earnings per share for the financial year ending Dec 31.

Keppel Corporation

KEPPEL Offshore & Marine (Keppel O&M) announced on Wednesday that it has completed the construction of two offshore substations for Danish power company Ørsted, which will contribute to the supply of green power to some one million households in Taiwan.

The two unmanned offshore wind farm 600MW substations will be deployed in Taiwan's Greater Changhua 1 & 2a Offshore Wind Farms. When operational, Greater Changhua 1 & 2a will be Taiwan's first far shore and large-scale offshore wind farms.

Kitchen Culture

EMBATTLED household furniture and accessories distributor Kitchen Culture Holdings on Wednesday announced that it is unwinding the transfer of US$480,010 by subsidiary KC Technologies to participate in a scheme to provide support to e-commerce merchants.

Kitchen Culture is also unwinding two transactions: an agreement between KC Technologies and Sino Allied (HK) Limited dated June 1, and an undated agreement between the subsidiary and Wisechain Fintech (HK) Limited.

Kitchen Culture had transferred the amount to Sino Allied on June 25. However, the company disclosed in a bourse filing on Wednesday that "formal board approval was not obtained before execution of the transactions and the transfer".

Further, the board of Kitchen Culture revealed that a report had been lodged with the Commercial Affairs Department (CAD) on Aug 6 against interim chief executive officer Lincoln Teo Choong Han by former CEO Lim Wee Li. The company said the CAD report contained allegations that Mr Teo had carried out the transfer of funds without the requisite approval of the board.