Company Briefs : Acromec


Catalist-listed Acromec yesterday said its wholly owned subsidiary Acromec Engineers has secured a $4.7 million contract at Alexandra Technopark for a laboratory and office fit-out project.

Fit-out works are a process of making interior spaces suitable for occupation.

Acromec expects the contract to contribute positively to its earnings per share and net tangible assets per share of the group for the current financial year ending Sept 30.

It also expects to substantially complete the project within fiscal 2019.

The group's order book now stands at about $32 million.

Mr Lim Say Chin, executive chairman and managing director of Acromec, said: "Acromec is still actively participating in tendering and negotiating for projects to cater to the demand for our specialist engineering services."

The company is a specialist engineering service provider serving mainly the health, biomedical, research and academia sectors.

HC Surgical Specialists

Catalist-listed HC Surgical Specialists and its listed associate, Medinex, have joined forces to invest - along with others - in a Singapore dental clinic chain.

Under a deal on Thursday, Zenmedic Capital, the investment vehicle, will lend $2.25 million to Nuffield Dental Holdings, at an annual interest rate of 5 per cent due twice a year.

HC Surgical Specialists and Medinex have a 27.8 per cent stake each in Zenmedic, which has a share capital of $2,250 altogether.

The other investors in the three-year redeemable convertible loan are Shinex Capital, a substantial shareholder in Medinex, and Horizon Venture - each with a 22.2 per cent stake in Zenmedic.

Nuffield, which is owned by husband-and-wife team Samintharaj Kumar Samy Raja and Harvind Kaur, runs nine dental clinics in Singapore and has a franchise deal with Portuguese dental implant company Malo Clinic, according to bourse filings.

HC Surgical Specialists and Medinex noted that the loan to Nuffield is secured by a personal guarantee from Dr Kumar, as well as all of the couple's shares in Nuffield and the right to seek a fixed and floating charge over Nuffield's fixed assets any time during the loan period.

The investment depends on conditions such as there being no default or adverse material developments at Nuffield, as well as the completion of a satisfactory due diligence process.

A version of this article appeared in the print edition of The Straits Times on May 04, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe