ifs capital

RATING agency AM Best has downgraded the financial strength rating for ECICS (Singapore) to "B++" (good) from "A-" (excellent).

RATING agency AM Best has downgraded the financial strength rating for ECICS (Singapore) to "B++" (good) from "A-" (excellent).

TIONG Seng Holdings' subsidiary TSky (Jervois) has exercised its right to rescind the option to buy two freehold sites in Jervois Road - the necessary redevelopment approval for the sites was not granted to TSky Jervois "due to restriction of redevelopment plans for the remaining left-behind plots".

DYMON Asia Capital Ltd has become a substantial shareholder of IFS Capital Limited, while SMRT has ceased to be one.

IFS Capital expects to report a net loss for its third quarter ending Sept 30 due to allowances for loan losses and impairments, the finance firm announced on Tuesday after the market closed.

IFS Capital said on Monday that Lee Soon Kie has resigned as the group chief executive officer and executive director of the company. He is also stepping down from his other directorships and appointments in the IFS group of companies.

DIAMOND-MANUFACTURING equipment and technology supplier Sarine Technologies' Q4 FY14 net profit declined 12.8 per cent to US$3.89 million due to lower gross margin, higher operating expenses and increased income tax expense. For the three months ended Dec 31, 2014, its revenue rose 9.9 per cent to US$18.32 million from higher recurring income related to its product, Galaxy, as well as increased sales of traditional diamond manufacturing equipment.