Company Briefs: Emerging Towns & Cities Singapore

Emerging Towns & Cities Singapore

A majority shareholder of Catalist-listed Emerging Towns & Cities Singapore (ETC) is requesting the company to take action against its non-executive group chairman.

Mr Luo Shandong is seeking to bring an action against ETC's Mr Christopher Chong Meng Tak for alleged breach of directors' duties. ETC said in a Singapore Exchange (SGX) filing yesterday that it received a letter on Thursday from Shook Lin & Bok, Mr Luo's solicitors, to request the SGX to direct ETC in appointing special auditors from one of the "Big Four" accounting firms to address legal action in respect of unauthorised withdrawals of funds from its 60 per cent-owned subsidiary, Huizhou Daya Bay Mei Tai Cheng Property Development, among other things.

Last month, ETC started a lawsuit against Mr Luo and two companies - Dong Gang Industrial and Hunan Toener Investment Group - in relation to the unauthorised withdrawals of funds that it had earlier reported. The group revealed in mid-November that between July and October, about 118 million yuan (S$24 million) had been transferred, without authorisation, from Huizhou Daya Bay Mei Tai Cheng to the two firms controlled by Mr Luo.


LHN

Property management and logistics services company LHN could raise up to HK$99.1 million (S$17.1 million) through an offering of shares in Hong Kong, the company said yesterday.

Singapore-listed LHN said that it will offer 42 million new shares at between HK$1.90 and HK$2.36 per share in its dual-listing offering in Hong Kong. Trading in Hong Kong is expected to begin on Dec 29.


Sapphire Corp

Sapphire Corp's group chief executive officer and managing director Teh Wing Kwan has been redesignated as non-independent, non-executive director, as part of changes to its board of directors.

The mainboard-listed company said that Ms Wang Heng, a co-founder of Ranken Railway Construction Group, Sapphire's China-based rail engineering subsidiary, has been redesignated as executive director and CEO.

Sapphire added that the changes to the board are part of a planned leadership transition, ahead of completion of the proposed acquisition of a 27.97 per cent stake in Sapphire by the Hong Kong International Construction Investment Management Group.

A version of this article appeared in the print edition of The Straits Times on December 16, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe