Hiap Seng Engineering and unit to go under judicial management

MAINBOARD-listed Hiap Seng Engineering and its subsidiary, HS Compression & Process (HSCP), will be placed under judicial management.

Both of their applications, filed in July, were granted by the High Court on Tuesday.

Hiap Seng last month posted a net profit of S$1.25 million for its first quarter ended June 30, reversing from a S$2.11 million net loss a year ago.

For its full year ended March 31, Hiap Seng also narrowed losses to S$19.92 million, from S$39.49 million previously.

Trading in Hiap Seng's shares has been suspended since last November.