Singapore-based clean-room equipment and air-purifier maker Eindec Corporation has lodged preliminary prospectuses with the Singapore Exchange (SGX) ahead of a proposed initial public offering (IPO) on the Catalist board.
Eindec - newly incorporated in April this year - is a wholly-owned subsidiary of mainboard-listed Chinese property developer Weiye Holdings.
Its business can be traced back to Aug 1984, when Kyodo-Allied Industries was incorporated and, subsequently, listed on SGX-Sesdaq in 2002. Weiye Holdings acquired the company in a reverse takeover in 2011.
Eindec has factories in Malaysia and Singapore. It distributes and supplies its products to countries in the Asia-Pacific and Middle East regions.
The company, which made a profit of $1.63 million last year, plans to expand its market reach for its air purifiers in China, make further investments in the development of new products and set up new manufacturing facilities to make air purifiers in China.
The offshore services provider has received approval from shareholders for its proposed 50:50 subsea joint venture with Chiyoda Corporation.
The joint venture will be able to leverage on Chiyoda's technical expertise, global experience, capabilities and coverage to take part in larger and more complex tenders, it said yesterday. Chiyoda's network of global clients will allow it to gain access to a larger customer base as well, it added.
The proposed subsea joint venture with Chiyoda is expected to complete in the first half of the financial year 2016.
Global Yellow Pages
The company is seeking to recover about $6 million from a unit that was set up to operate the River Water Taxis Project.
Global Yellow Pages said it had owned a 50 per cent stake in Singapore River Explorer (SRE), which was awarded the River Water Taxis project back in 2012. SRE owes Global Yellow Pages an outstanding loan in the sum of $5.9 million, with about $400,000 in interest.
The company had also provided a corporate guarantee to secure SRE's repayment obligations to a third-party lender. SRE had borrowed about $850,000 from this third-party lender, said Global Yellow Pages.