Company Briefs: Ayondo

Ayondo

Catalist-listed fintech group Ayondo was yesterday served with a statutory demand from its former executive director and chief executive officer Robert Lempka, for payment of $165,800 in relation to his resignation.

The statutory demand alleged that Ayondo had refused and/or failed to respond to a letter of demand dated April 9 this year about the same outstanding sum that was due to Mr Lempka. The letter was appended to the statutory demand.

But Ayondo said that it had not received the letter prior to the statutory demand, and was not aware of it. Its board of directors is seeking professional advice on the matter, it said in an announcement.

Mr Lempka resigned in January, after the departure of chief financial officer Richard Fulton last July. Group chief marketing officer Sarah Brylewski also resigned last month.

Separately, Ayondo will have more time to release its yearly and quarterly results and to hold its annual general meeting (AGM). The Singapore Exchange Securities Trading (SGX-ST) has approved its applications for a two-month extension.

The company is to release by May 1 its unaudited financial statements for the fiscal year ended Dec 31, 2018, and hold the AGM by June 30. The annual report is to be dispatched at least two weeks before the AGM.

ST Engineering

Defence contractor Singapore Technologies Engineering yesterday completed its acquisition of a United States aeroplane engine parts maker for US$506 million (S$686 million) in cash. Its US subsidiary, Vision Technologies Aerospace, bought General Electric's (GE) MRA Systems (MRAS), making the latter an indirect wholly-owned subsidiary of ST Engineering.

ST Engineering had previously said that the acquisition would scale up its aerospace capabilities in the US by moving it into the original equipment manufacture of high-value nacelle parts, in a hunt for new growth areas to invest in.

Based in Baltimore, Maryland, MRAS is the sole supplier of certain nacelle equipment for GE engines powering the Airbus 330, Boeing 747-8, 767, Comac ARJ21 and Embraer 190.

An engine nacelle is the casing that houses an aircraft engine, providing efficient aerodynamics during flight and thrust reversal capabilities.

ST Engineering received clearance for the acquisition from the Committee on Foreign Investment in the United States.

A version of this article appeared in the print edition of The Straits Times on April 19, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe