Chip Eng Seng
Chip Eng Seng Corp has agreed to acquire two adjoining properties in South Perth in Australia through a joint venture, with plans to redevelop them into a mixed-use development.
Its newly incorporated wholly owned subsidiary CES South Perth (WA) entered into a share subscription agreement yesterday to subscribe for 7.355 million new shares in CES Sirona Lyall (WA), the joint venture, for A$7.4 million (S$7.6 million).
This represents a 70 per cent stake.
The properties, which have a total site area of 2,040 sq m, currently house three residential-style buildings that were leased for commercial office purposes until the recent expiration of the lease. The properties have been vacant since.
CES South Perth and Sirona Lyall Street intend to redevelop the site for a mixed-use development, comprising residential apartments and retail/office suites.
A new slate of leadership appointments was announced by Rowsley yesterday in a move to strengthen its core business in design and engineering.
With effect from Dec 1, Mr Seah Chee Kien and Mr Beh Swee Chiew will be appointed managing directors of RSP Architects Planners & Engineers, while Mr Teo Yann will be appointed managing director of Squire Mech.
Mr Seah and Mr Beh are currently executive directors at RSP.
Mary Chia Holdings
Mary Chia Holdings said its wholly owned subsidiary, Mary Chia Beauty & Slimming Specialist (MCBSS), will not be proceeding with a further appeal against the court's decision on its dismissal order.
The court had dismissed MCBSS' appeal to set aside the final award for a lawsuit filed by Slim Beauty House (SBH) against MCBSS over a joint venture that turned sour.
MCBSS will also pay $12,500 and reasonable disbursements under the court's dismissal order to SBH.
MCBSS has incurred about $100,000 in legal fees over the arbitration proceedings and the application to set aside the final award.
All these costs add up to $700,000, which is expected to have a material impact on the group's net tangible assets per share and earnings per share for the financial year ending March 31, 2018.