Company briefs: Eagle Hospitality Reit Management; Allied Technologies; ByteDance
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ByteDance
PHOTO: REUTERS
Eagle Hospitality Reit Management
The Singapore High Court has issued a winding-up order against Eagle Hospitality Reit Management (EHRM) - the previous manager of Eagle Hospitality Real Estate Investment Trust (EH-Reit) - on the grounds of insolvency, and ordered the appointment of liquidators for EHRM. The March 19 order follows an application filed by EHRM to the High Court to wind up on an undisclosed date.
Eagle Hospitality Trust, which is a stapled trust comprising EH-Reit and the currently dormant Eagle Hospitality Business Trust, is now being managed by DBS Trustee.
THE BUSINESS TIMES
Allied Technologies
The board of Allied Technologies announced on Monday night that it will be consulting its special auditor, PricewaterhouseCoopers Risk Services, and its auditors at the material time, Ernst & Young, among others, in response to allegations against its executive director Kenneth Low Si Ren and investor Lin Tah Hwa.
This came after JLC Advisors' former managing partner Jeffrey Ong Su Aun alleged that Mr Low and Mr Lin were the ones responsible for misappropriation of funds, round-tripping and sham transactions involving the engineering firm.
ByteDance
Shares of ByteDance, the Chinese parent of hit video app TikTok, are trading at a valuation of more than US$250 billion (S$336.8 billion) in the secondary market, according to sources.
The company's value has surged in recent weeks as investors gain confidence in the business and founder Zhang Yiming weighs options for an initial public offering, said sources. ByteDance was valued at US$140 billion during its last fund-raising, according to CB Insights.
BLOOMBERG
