Company Briefs: New Silkroutes Group

New Silkroutes Group

New Silkroutes Group (NSG) has formed a joint venture with three parties, including the Singapore subsidiary of China's Nanshan Group, to develop private equity funds that will focus on healthcare and infrastructure in the region, including Japan and Australia.

NSG's subsidiary New Silkroutes Capital, Nanshan Group Singapore and former United Overseas Bank executive Terence Ong Sea Eng each holds 30 per cent of New Silkroutes Asset Management, incorporated in Singapore. The remaining 10 per cent is held by Fuji Capital.

New Silkroutes Asset Management, which is applying for the Capital Markets Services licence from the Monetary Authority of Singapore, will initially focus on the healthcare sector in the region.

Mr Ong will head the entity. The veteran banker retired recently from UOB after a 34-year career, during which he ran several of the lender's key divisions. He was also chairman of UOB Asset Management and UOB Venture Management.

Acesian Partners

Acesian Partners' wholly owned subsidiary Acesian Star (S) is locked in dispute with Takenaka Corporation over subcontract work at Terminal 4 of Changi Airport.

Takenaka awarded a contract to Acesian Star to perform certain work worth $24.4 million in October 2014. However, the value of works done by Acesian Star and various deductions imposed by Takenaka are now in dispute.

This has had a knock-on effect on some of Acesian Star's subcontractors who are in dispute with the subsidiary on the value of works performed and various deductions.

If the outcome of the disputes is unfavourable to the subsidiary, it is expected to have an adverse impact on the group's earnings for the full year ending Dec 31.

MMP Resources

Construction firm MMP Resources says Mr Edward Lee Ewe Ming has filed an application with the Singapore High Court to wind up the company for non-payment of $5.22 million.

The court will hear the application on Oct 28.

MMP Resources is disputing the claims made by Mr Lee in the application and will be vigorously opposing the application.

It has also engaged a consultant to undertake a comprehensive forensic audit with a focus on events in 2014 and early 2015, and may use the results of the audit to oppose the application.

A version of this article appeared in the print edition of The Straits Times on October 08, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe