The son of Trek 2000 executive chairman and chief executive has been appointed group president and executive director of the beleaguered technology firm.
Mr Wayne Tan Joon Yang, 30, assumed office yesterday. He is the founder and director of private-owned Cloud Stringers, a subsidiary of Trek 2000. He holds over 2.37 million shares in Trek 2000.
Trek 2000 chairman and CEO Henn Tan has been implicated in a forensic review of the company's dealings. On April 26, the Singapore Exchange slapped a notice of compliance on Trek 2000, demanding that the company hold an extraordinary general meeting as soon as possible to vote on the continued appointment of key executives, including its current CEO and president of operations, sales and customised solutions division Foo Kok Wah.
Bukit Sembawang Estates
Property developer Bukit Sembawang Estates reported a substantial increase in quarterly net income, as it recognised higher profits from its development projects.
Net profit rose to $21.5 million in the fourth quarter ended March 31 from $2.3 million in the same period last year. Its revenue more than doubled to $32.8 million from $15.2 million.
The company declared a final dividend of four cents a share and a special dividend of 14 cents a share.
A unit of beleaguered water treatment firm Hyflux is a tenant at ESR Real Estate Investment Trust's (ESR-Reit's) property at 8 Tuas South Lane. But the Reit manager said that it will likely continue to make rent throughout the reorganisation process.
Hyflux Membrane Manufacturing (S) represented 6.8 per cent of the rental income of ESR-Reit as at March 31. It is one of the five subsidiaries of Hyflux that applied on Wednesday to the High Court to commence a court-supervised process to reorganise their liabilities and businesses.
"8 Tuas South Lane is currently leased to Hyflux Membrane on two different lease terms, which lends itself well to be multi-tenanted," said ESR-Reit's manager, which has on average three months security deposits for the two leases.
All rental payments by Hyflux Membrane have been prompt since the property was acquired in December last year and there are no arrears due from Hyflux Membrane.