Corporate digest

Epicentre Holdings

EPICENTRE, which is currently under judicial management, has terminated an agreement in which it would transfer its Catalist listing to an entity linked to South Korean steelmaker Kossen.

Epicentre's judicial managers said Kossen and Tardis Capital - a mergers-and-acquisitions advisory firm that had introduced Kossen to Epicentre - have not provided any updates on obtaining pre-clearance for the transaction from the Singapore Exchange since last October. In addition, Kossen has not complied with its obligations under the implementation agreement.

The judicial managers added that they sent "multiple follow-up letters and e-mails" on the matter, including a letter to seek a waiver of the exclusivity clause in the implementation agreement so that Epicentre could explore other potential opportunities, to which no response was received.

MTQ Corporation Limited

THE group said it is likely to recognise a goodwill impairment charge and certain provisions primarily with respect to the Premier Group cash-generating unit. The impairment and provisions will result in an accounting loss for FY2021.

But excluding these non-cash charges, the group expects to be profitable for FY2021, and to remain in a net cash position as at March 31.

LifeBrandz

THE group has appointed Lam Siew Kee as executive chairman and chief executive. Mr Lam, 53, does not have prior experience as director of a listed company in Singapore, but LifeBrandz will arrange for him to receive training.

Mr Lam is currently also the founder of Tubo Capital. His previous experience includes being executive director at UBS Singapore's corporate advisory group from 2007 to 2012, followed by a stint as director at Straits Advisors Group from 2012 to 2014.

Koufu Group Limited

THE group is set to receive S$11.8 million from a proposed sale of properties at 18 and 20 Woodlands Terrace. The purchaser exercised the option to purchase on March 11. However, the sale is subject to and conditional upon the written in-principal approval from Jurong Town Corporation.