Company Briefs: Keppel Corp

 Keppel Corp
Keppel Corp LIANHE ZAOBAO FILE PHOTO

 Keppel Corp 

The carrying value of Keppel Corporation's investment in offshore vessel firm Floatel International will rise to about $284 million - from some $96 million as at Dec 31 last year - due to equity accounting.

The mainboard-listed conglomerate also said last Friday that based on Floatel's financial results for the past two quarters, the net financial impact on Keppel Corporation will be around $187 million.

Floatel recently completed its corporate restructuring and reported a US$551 million (S$733.6 million) net profit for the first quarter of this year.

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City Developments 

A fourth director has resigned from the board of City Developments (CDL).

The property developer said that Ms Jenny Lim Yin Nee resigned as an independent non-executive director yesterday, and that the board has accepted her resignation. Ms Lim has also stepped down as lead independent director, chairman of the audit and risk committee, chairman of the remuneration committee, member of the nominating committee and member of the board committee. Previously, three other directors had resigned due to disagreements over CDL's investment in Sincere Property Group in China.

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Hyflux

Hyflux and its former white knight have settled a tussle over funds that were in escrow, judicial managers from Borrelli Walsh told the bourse in a filing yesterday.

This comes as the judicial managers asked for their term of office to be extended by 60 days, until July 14, in a court application filed on April 30.

Hyflux, which went under judicial management in November last year, had sued former suitor SM Investments - a tie-up between Indonesia's Salim Group and Medco Group - over a deposit of $38.9 million.

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A version of this article appeared in the print edition of The Straits Times on May 04, 2021, with the headline 'Company Briefs: Keppel Corp'. Subscribe