Company Briefs : New Silkroutes Group

New Silkroutes Group

New Silkroutes Group has entered into separate memoranda of understanding to acquire 60 per cent stakes in each of six medical practices for an expected total price of $11.7 million. The target companies are Lily Aw Medical Services, HL Family Clinic & Surgery (Bedok), HL Dermahealth Aesthetic Clinic, HL Clinic, HK Family Clinic & Surgery and Dr Chua's Family Clinic.

The general practitioner and aesthetic clinics are all registered with the Singapore Ministry of Health and the doctors employed are registered with the Singapore Medical Council.

New Silkroutes, a healthcare and energy company, said the acquisitions are in line with its strategy to expand its healthcare business. "The board is of the view that the proposed acquisitions will reinforce the company's earnings base, strengthen the group's operations and financial position, and enhance the long-term interests of shareholders." Holdings Holdings' online travel reservations unit is facing a lawsuit by a supplier of hotel rooms that is claiming $430,208.40 plus interest, costs and other orders, the company announced yesterday.

The supplier, YTC Hotels, filed a writ of summons and statement of claim on June 14 against subsidiary AT Reservation Network. It relates to rooms at Peninsula Excelsior Hotel provided by YTC Hotels to AT Reservation between Jan 14 and May 30. said AT Reservation is seeking legal advice.

China Sports International

The High Court of Singapore has confirmed Mr Andrew Grimmett and Mr Lim Loo Khoon of Deloitte & Touche as the joint and several judicial managers of China Sports International, the sportswear maker said yesterday.

The duo, who were previously China Sports' interim judicial managers, were appointed after a June 26 substantive hearing of the firm's judicial management (JM) application.

In its orders, the High Court said that the firm was to be placed under JM to keep the company afloat, conduct arrangements or compromises between the company and any persons, and seek a "more advantageous realisation" of the company's assets instead of a winding up.

China Sports shares have been suspended since Dec 4, after it requested a voluntary suspension until the commencement of an audit process.

A version of this article appeared in the print edition of The Straits Times on June 28, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe