Company Briefs: Tiong Seng Holdings

Tiong Seng Holdings

Construction group and property developer Tiong Seng Holdings said its unit Tiong Seng Contractors has won a contract from the Land Transport Authority.

This is for the proposed construction of a bus depot in Ulu Pandan and is worth about $69.9 million. The contract is not expected to have any material impact on the group's net tangible assets and earnings per share for the current financial year ending Dec 31.

Samudera Shipping Line

Shipping firm Samudera Shipping Line has sold two vessels - Sinar Tokyo and Sinar Bukom - to PT Samudera Energi Tangguh.

Sinar Tokyo was sold for US$4.5 million (S$6.4 million), after operating at a loss. Selling it would allow the firm to "rationalise its financial and capital resources", and focus on other profitable operations.

The 25-year-old Sinar Bukom was sold for US$360,000.

TSH Corp

Investment holding company TSH Corp announced yesterday that it has entered a sales and purchase agreement with Mr Ang Han Wee.

It will sell its entire stake in its unit Explomo Consulting for $650,000 to Mr Ang, an employee of the unit who is not related to any substantial shareholders or directors of TSH Corp. Explomo Consulting offers events management services, and for the six months to June 30, it posted a net profit of $130,000, with net asset value and net tangible assets of about $150,000.

Follow ST on LinkedIn and stay updated on the latest career news, insights and more.

A version of this article appeared in the print edition of The Straits Times on December 30, 2015, with the headline Company Briefs: Tiong Seng Holdings. Subscribe