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.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Blackstone reports 1% rise in Q1 earnings
India’s Infosys misses fourth-quarter revenue estimates
UBS shuts some China private funds, will lay off staff: sources
China’s top lenders face 1.6 trillion yuan loss-absorbing capital shortfall by 2025, Fitch estimates
US dollar rally stalls after rare FX warning from finance chiefs
ROE target of 14% is ‘decent’ for UOB: CEO Wee Ee Cheong