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.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
US seeks 36 months’ jail for Binance founder Zhao
China’s Huawei launches new software brand for intelligent driving
Capital A chief Fernandes defers retirement, renews contract for five years
China’s SenseTime soars 36% after unveiling beefier AI model
PBOC steps up rhetoric against long-end government bond rally
Texas Instruments gives solid forecast in sign of comeback