Company Briefs: Asia Fashion Holdings

Asia Fashion Holdings

Shanghai Daiyoulong, a unit of Asia Fashion International, has entered into an exclusive distribution agreement with Shenzhen Ximei, a manufacturer of nano-based health foods.

The company will distribute a product named Jiajinyo. Shanghai Daiyoulong will be the exclusive distributor of the product in China for an initial three years, after which the agreement will automatically be renewed for successive three-year periods if neither party terminates it.

The distribution agreement is expected to contribute positively to the net tangible assets per share and earnings per share of the group for the current financial year, Asia Fashion Holdings said in an exchange filing.

Jason Holdings

Jason Holdings non-executive director Jason Sim's court hearing in relation to a summons issued by the Ministry of Manpower has been adjourned.

The charges relate to alleged failures on the part of Jason Parquet, of which Mr Sim was the managing director, to pay salaries and overtime payments to employees.

The charges were heard in the State Courts yesterday. Mr Sim, through his lawyers, requested an adjournment to file further representations. The State Courts adjourned the mention to July 4.

A report by EY released last year that found issues with Jason Holdings' operations has led to multiple claims being made against the company. Mr Sim is the former chief executive of the beleaguered flooring firm.

Lorenzo International

Furniture maker Lorenzo International's wholly-owned subsidiary, Supreme Furnishing Centre, has issued Kunshan Gao Er Garment an option to purchase Supreme Furniture (Kunshan) for 19 million yuan (S$3.87 million).

Supreme Furniture (Kunshan) owns the land and factory situated at 61 Shengxi Road, Kunshan Economic Development Zone, in Jiangsu province.

The buyer exercised the option to purchase by paying a deposit of five million yuan , representing about 26 per cent of the total sum.

Supreme Furnishing and the purchaser intend to enter into a definitive sale and purchase agreement.

A version of this article appeared in the print edition of The Straits Times on June 14, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe