Judicial management for Hiap Seng and unit extended

THE period of judicial management for both Hiap Seng Engineering and its subsidiary has been extended another six months to Sept 14.

Both their applications to extend the judicial management order were granted by the High Court on Monday.

Last October, Hiap Seng Engineering's subsidiary, Hiap Seng Engineering (Thailand) Co, entered into a conditional sale and purchase for the disposal of its office building and factory, as well as various furniture, office equipment and machinery, for 300 million Thai baht (about S$13.3 million).

Hiap Seng Engineering's executive director for finance also resigned to "pursue his other personal interests".

Trading in Hiap Seng's shares has been suspended since November 2019.