Company briefs: GP Batteries

GP Batteries

The parent firm of GP Batteries International has exercised its right of compulsory acquisition to buy out the remaining shares in the subsidiary that it does not own at $1.30 per share.

GP Industries has arranged to pay GP Batteries a sum representing the total offer consideration for the shares to be acquired from dissenting shareholders.

This sum of money will be credited into a separate bank account and held by GP Batteries on trust for the dissenting shareholders.

GP Industries had earlier indicated the intent to delist and privatise GP Batteries after buying out shares in its subsidiary.

China Sports International

China Sports International said it had received a statutory demand from its legal advisers - RHT Corporate Advisory - in relation to the outstanding professional fees owed to it by the sportswear maker.

If China Sports fails to fulfil the $50,839.25 payment owing within three weeks from last Friday, the legal advisers would be entitled to commence winding-up proceedings against the company.

In a separate release, China Sports announced that company secretary Shirley Tan Sey Liy resigned with effect from yesterday.

China Sports shares have been suspended since Dec 4 after the mainboard-listed firm requested for a voluntary suspension until the commencement of an audit process, and when directors and auditors are "clear on the company's state of affairs".

Citic Envirotech

Wastewater treatment firm Citic Envirotech Ltd (CEL) said it had secured an engineering, procurement and construction contract worth 130 million yuan (S$26.5 million) for the upgrading and expansion of a waste-water treatment plant in China's Xiangban City.

The project, awarded to CEL by Fujian Haixia Environmental Protection Group, will see the latter's existing 80,000 cubic metre/day conventional waste-water treatment plant expand to a 90,000 cubic metre/day plant using CEL's membrane bioreactor technology.

The project will commence immediately and is expected to be completed by June 30 next year.

A version of this article appeared in the print edition of The Straits Times on December 19, 2017, with the headline 'Company briefs: GP Batteries'. Print Edition | Subscribe