Company Briefs: Midas Holdings

Midas Holdings

Beleaguered railway-parts maker Midas Holdings - which is under probe by the Singapore authorities - yesterday said the Commercial Affairs Department (CAD) had ordered the company to hand over financial documents and a list of certain staff.

The papers include financial documents for the relevant companies in the group, as well as a detailed list of all persons who acted as the legal representative, general manager or financial controller of the relevant subsidiaries, and specimen signatures of these individuals.

The CAD also wants all relevant IT equipment and corporate e-mails of these persons.

Midas in February said it uncovered several litigation, enforcement orders and court documents involving firms within the group.

These include an enforcement order filed against Jilin Midas Aluminium Industries, a wholly owned subsidiary in China, for a previously undisclosed liability of 30 million yuan (S$6.3 million).

Midas said this month that its board of directors will be travelling to China to meet the relevant subsidiaries this week to obtain relevant information.


Singtel

Telco Singtel and enterprise software provider VMware International are setting up in Singapore their first Digital Transformation Foundry - a "virtual sandbox" for customers to conduct proof-of-concept experiments to help bring their products to market more quickly.

The foundry will enable enterprises to test their products in a hybrid cloud environment - for example, allowing them to implement cloud-enabled workplaces more smoothly - in turn lowering costs, achieving better operational efficiencies and improving productivity, the companies said.

They signed a framework deal yesterday to provide solutions to speed up the digital transformation of enterprises in the region.


ComfortDelGro Corp

Transport giant ComfortDelGro Corporation will acquire the private bus chartering assets of AZ Bus for $10.25 million.

The acquisition is one of the largest in the local bus charter industry to date, it said.

The deal will include existing charter contracts, 94 buses and associated drivers.

When completed, it will increase ComfortDelGro Bus' fleet to 300 buses and further strengthen its position as Singapore's largest private bus charter operator.

Including sub-contractors' buses, the total fleet will be about 460 buses.

A version of this article appeared in the print edition of The Straits Times on April 11, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe