Company Briefs : Midas Holdings

Midas Holdings

Beleaguered railway parts maker Midas Holdings has received a lawyer's letter from former chief executive Patrick Chew Hwa Kwang, claiming it owes him $3.3 million in unpaid salaries, allowances and loans.

Mr Chew also alleged that the company's conduct forced him to tender his resignation.

Singapore-listed Midas Holdings has been struggling with lawsuits filed in China over unauthorised loans and guarantees.

Mr Chew, who was chief executive from Jan 1, 2012 to March 22 this year, claims he was not paid any salary from December 2017 until his resignation. He had been entitled to a monthly salary of $34,500, said the lawyer's letter, which Midas released in an exchange filing.

He also extended interest-free loans to the company - most recently, he lent the firm $2.9 million in November last year. However, it has not repaid the loans nor provided any indication that it will do so, Mr Chew claimed.

Tuan Sing Holdings

Peak Court, a freehold residential site in Thomson Road, has been sold by way of a collective sale for $118.88 million to Rich Capital Holdings and Tuan Sing Holdings.

Rich Capital will hold a 30 per cent stake and Tuan Sing, the remaining 70 per cent.

Peak Court, a 35-year-old development comprising a four-storey block with a total of 20 maisonette units, occupies 57,378 sq ft of land. Based on the gross plot ratio of 1.4, the purchase price of the site works out to about $1,558 per sq ft per plot ratio.

The buyers said the site can be redeveloped into 106 units of one-, two-and three-bedroom apartments overlooking a two-storey landed homes enclave.

Fullerton Health

Fullerton Healthcare Corp, the medical service provider that shelved plans for a Singapore initial public offering (IPO) in 2016, is now aiming to sell shares in the United States, people with knowledge of the matter said.

The Singapore-based firm is preparing for a US listing that could take place as soon as this year, they said, asking not to be identified as the process is private. Since deferring its Singapore IPO, it agreed to buy a managed care provider in the Philippines, a stake in a Chinese primary care provider as well as Healthscope's standalone medical centre business in Australia.

Fullerton Healthcare owns over 227 medical centres in seven countries, with a network of over 8,000 medical providers.


A version of this article appeared in the print edition of The Straits Times on May 12, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe