Nico Steel Holdings
Mainboard-listed Nico Steel Holdings yesterday announced new orders of about 22 tonnes per month of aluminium alloy materials for two customers.
Of the new orders, 20 tonnes per month are from an existing customer - a major global brand of tablets. The material to be supplied is specifically for the fabrication of the LED back panel of the tablets.
The other order of 1.8 tonnes monthly is for a new customer - a major printer solutions manufacturer. The customer intends to enhance the aesthetic aspects of its printers by incorporating metal into its plastic design.
Nico Steel said it does not expect the contribution from these new orders to have a material impact on its financial year ending Feb 28, 2019. It also cautioned that the increase in production volumes for metal alloy materials is dependent on the demand for the end products of the brand owners.
The aluminium alloy materials to be supplied to these two customers require customised solutions for their specific applications, said the company.
Catalist-listed KLW Holdings was expecting to get back an initial amount of $1 million yesterday, in ongoing legal proceedings to recover commitment fees from unauthorised term sheets that were entered into by KLW's former managing director in 2014.
The investment holding and door manufacturing company is claiming a total of about $7.8 million from Mr Michael Chan Ewe Teik and his company Straitsworld Advisory, for legal costs and the commitment fees paid under the term sheet for a property development project in Zhangye Gansu, China.
In a Singapore Exchange filing yesterday, KLW said Mr Chan had appealed against a bankruptcy order filed against him by KLW in February to recover the payments. The Singapore High Court on Sept 3 granted a stay until a further hearing in March next year, on the condition that Mr Chan pay KLW $2.5 million by Dec 3 and the balance of $5.3 million by March 4 next year.
On Nov 29, Mr Chan proposed to split the payments into $1 million to be paid by Dec 3, $1.5 million by Jan 3, and the balance of $5.3 million by April 7.
KLW said it has accepted Mr Chan's proposal and was awaiting the first payment yesterday.