Company Briefs: China Environment

China Environment

China Environment is mulling over a proposed listing of Xiamen Gongyuan Environmental Protection Technology, a 80 per cent-owned subsidiary of the company, on one of the stock exchanges in China.

Xiamen is a provider of environmental protection products and services, and is yet to have any significant operations. A listing would raise funds for the group's expansion in China's growing environmental protection sector, the group said. The listing is subject to approvals from the Singapore Exchange and relevant authorities in China. The group is in the midst of appointing a bank in China to explore the possibility of the listing.

Pacific Andes Resources Development

Mr Ng Joo Siang, 56, has resigned as executive chairman and director, but will continue to act as adviser as his sister, Ms Jessie Ng Puay Yee, 43, takes the helm as part of the group's long-term succession plan.

Ms Ng, who resides primarily in Hong Kong, has been appointed director, executive chairman and member of the nominating committee. The siblings' mother Teh Hong Eng, 80, has also stepped down as executive director to pursue other personal commitments after 20 years in the role.

Ms Ng has been with Pacific Andes International Holdings since 1995, and was responsible for global sales and marketing of the group's raw fish and seafood products. She also oversees its raw material sourcing globally.

The firm is facing a probe by the Monetary Authority of Singapore and white-collar crime investigation agency Commercial Affairs Department for a possible breach of the securities law.

PACC Offshore Services Holdings

The offshore support vessel provider announced a profit guidance for the fourth quarter and full year ending Dec 31, due to the effects of the "depressed state" of crude oil prices and uncertainty about when the offshore marine industry will recover.

PACC said that an impairment for part of the goodwill arising from the acquisition of PSA Marine's offshore business in 2007 has to be made. That value has not been determined, but is likely to result in a loss for the year and the quarter. PACC also advised investors to exercise caution when dealing in the shares of the company.

A version of this article appeared in the print edition of The Straits Times on December 16, 2015, with the headline 'Company Briefs'. Print Edition | Subscribe