Dapai International Holdings
Dapai International has released a 62-page audit procedure report relating to allegations which had previously come to the attention of its audit committee.
It had been alleged that various transactions between Dapai and certain sales distributors and renovation contractors engaged by the group in late 2009 to open 500 new retail outlets carrying Dapai products and which started operations between 2010 and 2011 in China were fictitious and/or misrepresented.
In an independent report, accounting firm BDO said it was not able to fully verify whether the transactions referred to in the allegations had been carried out and properly recorded.
Dapai's board and audit committee have thus engaged KordaMentha to further review and follow up on the outstanding matters arising from the report.
Ryobi Kiso Holdings
Specialist ground engineering firm Ryobi Kiso Holdings said it has secured new contracts worth $58 million.
This brings the total value of contracts secured from the start of the year to date to $227 million, it said. The group's net order book as at Sept 30 stood at $175.2 million.
One of the contracts secured is the Changi Water Reclamation C21B phase two expansion.
Roar Aviation III, a wholly-owned unit of Tiger Airways, has entered into an agreement to sell its 10 per cent stake in Tigerair Taiwan to China Airlines.
As part of the divestment, Tigerair Taiwan will cease to use the Tigerair website as its sales and distribution platform within 12 months of the divestment.
The divestment follows a recent announcement by Budget Aviation Holdings, which owns and manages Tigerair and Scoot, of its intention to operate Tigerair and Scoot under a common "Scoot" brand and a common operating licence by the second half of next year.
Tigerair has also renegotiated its brand franchise agreement with Tigerair Taiwan, and also separately renegotiated the brand franchise agreement with Tigerair Australia.
The divestment is expected to conclude by the first quarter of next year.
It is not expected to have any material impact on the group's consolidated net tangible assets or earnings per share for the financial year ending March 31.