Company Briefs : Serial System

Serial System

Electronic components distributor Serial System said its executive chairman and group chief executive Derek Goh Bak Heng, who had been called upon by the Taiwanese authorities to assist in certain investigations under the Securities and Exchange Act of Taiwan on June 28, is under investigation.

In a filing yesterday, Serial System said: "Taiwan legal counsel has just advised the board that Dr Derek Goh appears to be a person under investigation. The investigations concern Bull Will Co, a company incorporated in Taiwan, in which the company owns a 19.02 per cent equity stake with a book value of US$0.8 million as at March 31, 2018."

Bull Will manufactures and sells electronic components in Taiwan.

Ezion Holdings

Offshore and marine company Ezion Holdings yesterday entered into an agreement with a subsidiary of TSC Group Holdings to jointly own and operate liftboats.

TSC and Ezion will own 51 per cent and 49 per cent, respectively, of the joint venture vehicle, Renergy Offshore.

Ezion said TSC will help Renergy to obtain the capital required for the acquisition of new liftboats and working capital. Meanwhile, Ezion will assist Renergy in the marketing and operations of the liftboats.

Ezion added that Renergy has an issued and paid-up capital of $100. Renergy intends to increase its issued and paid-up capital to about US$4 million (S$5.5 million).

TSC Group is about 52 per cent indirectly-owned by China Merchants & Great Wall Ocean Strategy & Technology Fund.

China Sun Bio-Chem

China Sun Bio-Chem Technology Group, which has been described by its director Cosimo Borrelli as being "hopelessly insolvent", has applied to be delisted from the Singapore Exchange.

The manufacturer of corn starch and related products has been incurring substantial losses since the discharge of its former provisional liquidators in August 2011. It said its financial and operational position has not improved since then.

Mr Borrelli said there is no prospect of a corporate rescue or restructuring or sale of the company's business, and that the company does not have any financial resources to propose any exit offer to its shareholders.

A version of this article appeared in the print edition of The Straits Times on July 06, 2018, with the headline 'Company Briefs'. Subscribe