Company Briefs: China Sky Chemical Fibre

China Sky Chemical Fibre

Nylon fibre-maker China Sky Chemical Fibre has received unverified information about winding-up proceedings against its wholly owned subsidiary Quanzhou Tianyu Chemical Fiber & Weaving Industry.

This information has not been verified because court searches have not been conducted with the relevant Chinese authorities, the company said in an exchange filing yesterday.

China Sky also said it was not able to obtain further information as Tianyu's legal representative "is unwilling to cooperate in obtaining and providing further details or to confirm the winding-up proceedings".

The company is in the process of engaging counsel in China to obtain further details.

Chip Eng Seng Corporation

Chip Eng Seng Corporation's wholly owned subsidiary CES-Precast has been awarded a $75.9 million contract to supply precast concrete items for the Thomson-East Coast Line tunnels, and a rail and bus depot.

It is not expected to have any material impact on the group's earnings and net tangible assets for the financial year ending Dec 31.

ST Engineering

ST Engineering's marine arm in the United States has entered into a joint venture in Saudi Arabia.

The US subsidiary, VT Halter Marine, has formed ZHR Marine, a joint venture with Raytheon Company and Zamil Group.

The issued and paid-up capital of ZHR Marine is 3 million Saudi riyals (S$1.1 million), with each holding one-third of the shareholding.

The joint venture has been set up to bid for projects under the Royal Saudi Naval Forces Eastern Fleet Modernisation Programme, which requires local content.

The partnership will leverage the experience of VT Halter Marine in building naval vessels, the shipbuilding capability of the Zamil Group and Raytheon's broad portfolio of naval systems, weapons and ship systems integration expertise.

A version of this article appeared in the print edition of The Straits Times on August 31, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe