Company Briefs: UOL Group

UOL Group

UOL Group has, through its newly incorporated associated company, United Venture Investments (HI), agreed to acquire a mixed-use property in Holborn, London, for £229.6 million (S$406.5 million) from Holborn Management and 120 Holborn Propco.

UVIHI is an equal partner joint-venture company incorporated in Singapore by UOL Venture Investments and a subsidiary of United Industrial Corporation. The nine-storey 113,256 sq ft building, which is freehold, is within walking distance to Chancery Lane Tube Station and Farringdon Tube Station. It has 349,088 sq ft of net lettable area , of which offices account for 56.5 per cent, with retail space making up the remainder.

China Sky Chemical Fibre Co

China Sky Chemical Fibre Co said its lawyer in China has uncovered 14 lawsuits filed against its subsidiaries: Tianyu, Tianjian and Qingdao Zhongda Chemical Fibre Company.

Based on the lawyer's court searches, 13 of the suits between the company's subsidiaries and the claimant, China Construction Bank Quanzhou Branch, amounting to some 1 billion yuan (S$205 million) have been settled.

The lawyer has advised that these 13 lawsuits may be subject to further legal proceedings if the terms of the settlement are breached.

One lawsuit remains outstanding for a claim amount of 41.7 million yuan filed by Shanghai Pudong Development Bank Quanzhou Branch on Sept 7 against Tianyu and Mr Zheng Kaisu, a director of the firm and legal representative of Tianyu.

The independent directors of the board and China Sky chief executive Ling Yew Kong said they had no knowledge of the lawsuits or the transactions that brought these about. These transactions have not been accounted for in the financial statements of China Sky.

United Food Holdings

United Food Holdings said it will close one of its animal-feed production centres in Jiangquan, Shandong, from today as part of the group's continuing efforts to restructure its business and improve operational efficiency and cost effectiveness. The activities at this centre will be reallocated to the group's other production centre in Yishui, Shandong.

The closure of the animal-feed production centre in Jiangquan is not expected to have any material impact on the group financial results ending Dec 31.

A version of this article appeared in the print edition of The Straits Times on October 01, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe