Company Briefs : JTC


JTC yesterday said it has accepted an application to put up an industrial site in Gambas Way (Plot 2) for sale by public tender.

The land parcel is on the reserve list under the first half-2019 Industrial Government Land Sales Programme. A site on the reserve list is triggered for launch if a developer's indicated minimum price in its application is acceptable to the Government. This is as opposed to confirmed list sites which are launched according to schedule, regardless of demand.

JTC said it has received an application for the 1.2ha site with a committed bid price of at least $19.31 million. Zoned for "Business-2" development, or heavier industrial use, the site comes with a 30-year tenure and a maximum permissible gross plot ratio of 2.5. The public tender is scheduled on March 26, with a tender period of six weeks.

Pine Capital

Pine Capital interim chief executive officer and executive chairman Tan Choon Wee has resigned, effective March 1, 2019. He has quit in view of a requisition letter by shareholders Jessie Sun May Gze, Pine Partners and JMO to convene an extraordinary general meeting (EGM) to remove him, Mr Chong Chee Hoong and Mr Ling Chung Yee as directors of Pine Capital.

The shareholders - who collectively hold more than half of the shares - had called for the EGM to take place this Friday, but it has since been delayed. Mr Tan, who was appointed to the two posts on June 1, 2018, is overseas and intends to provide further details in a joint letter with Mr Chong and Mr Ling.

Mirach Energy

Mirach Energy is seeking a further extension until June 5, 2020 to exit the Singapore Exchange (SGX) watch list, the oil and gas company said in a statement yesterday.

Mainboard-listed Mirach was given until Feb 28 to meet financial criteria that would allow it to exit the bourse's watch list. The company said it has been able to streamline its existing business segment and operations to improve cash flow, while also diversifying into new businesses to acquire new revenue streams.

Its efforts resulted in a consolidated pre-tax profit of US$766,000 (S$1.04 million) for the financial year ended Dec 31, 2018, compared with a previous pre-tax loss of US$9.6 million. The group also undertook three placement exercises to fund general working capital and business activities.

The firm said that it is close to achieving the minimum trading price of 20 cents set by SGX, with its share price at 13.9 cents as at Feb 22.

A version of this article appeared in the print edition of The Straits Times on March 05, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe