Company Briefs: Midas Holdings

Midas Holdings

Midas Holdings announced that its joint venture company, CRRC Nanjing Puzhen Rail Transport, has clinched four metro and tramway contracts in China, totalling 3.3 billion yuan (S$671 million).

Midas has a 32.5 per cent stake in the company, which develops, manufactures and sells trains, bogies and their related parts.

Of the four contracts, the biggest - worth about 1.88 billion yuan - was awarded by Suzhou Rail Transit Group for Suzhou Rail Transit Line 3, with delivery slated for between 2018 and 2019. All four contracts are expected to contribute positively to the group's financial performance for the 2016 to 2019 financial years, it said yesterday.

AEI Corporation

AEI Corporation's wholly-owned subsidiary AEI Engineering has entered into an agreement to sell and transfer its business and assets to another wholly-owned subsidiary, AEI Corporation (Singapore).

The sale, as part of an internal restructuring, is to streamline operations for greater administrative efficiency and to reduce operating costs, said AEI Corporation.

The purchase price for the sale will be determined based on the book value of the assets of AEI Engineering as at June 30, excluding the book value of liabilities, and paid by AEI Corporation (Singapore) in cash.

The deal is not expected to have any material effects on the net tangible asset per share and earnings per share of the group for the financial year ending Dec 31.

P99 Holdings

Cash company P99 Holdings said a plan for construction and property group Chip Eng Seng to subscribe for new shares in the group and the acquisition of two lightweight partition manufacturing companies in China has fallen through.

Both parties were "unable to reach a consensus", said the group, which terminated the letter of intent for the deals on Wednesday.

However, P99 added yesterday that it has identified another acquisition opportunity that could result in a reverse takeover of the company. It said the Singapore Exchange has granted the company a further extension until Aug 26 to enter into definitive agreements for the potential reverse takeover.

If the firm fails to do so, or complete the potential reverse takeover, it will be removed from the Catalist board.

A version of this article appeared in the print edition of The Straits Times on June 24, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe