Company Briefs: S'pore Manufacturing Federation

S'pore Manufacturing Federation

The Singapore Manufacturing Federation (SMF) has appointed Dr Ahmad Magad, group managing director of II-VI Infrared's manufacturing operations in Asia, as its secretary-general from Oct 16.

Dr Magad, who has been vice-president on the SMF's council since 2008, will take over from Mr Andy Yun. Mr Yun, who was appointed from March 10 this year, left "one or two months ago" to pursue his own interests, said an SMF spokesman.

SMF president Douglas Foo said he was confident Dr Magad "will handle all challenges and build the tripartite relationship between the Government, SMF and the companies to become stronger than ever and to help the manufacturing sector... grow to new heights".

Katrina Group

Restaurant operator Katrina Group is acquiring its first Japanese establishment with an agreement to buy Tomo Izakaya for $952,767 in cash, according to filings with the Singapore Exchange on Monday night.

The purchase price comprises $575,000 as an initial purchase price plus the target's estimated net tangible asset value as of Sept 30 of $377,767. The consideration will be adjusted if the actual net tangible asset value of Tomo Izakaya differs from the estimated value by $10,000 or more.

Tomo Izakaya runs two Japanese restaurants here - at Clarke Quay and Esplanade Mall.

Resources Prima Group

Indonesian coal miner Resources Prima Group has entered into a binding memorandum of understanding with Hing Chung Group to fully acquire ChongQing HuangYang Property Development for $33 million. This will result in a reverse takeover of Resources Prima.

China-based ChongQing HuangYang has assets comprising property units totalling 2,332 sq m in commercial area.

The $33 million will be satisfied by the issuance of new ordinary shares in Resources Prima at 20 cents per share.

Catalist-listed Resources Prima is suspended from trading and has to submit a proposal to the Singapore Exchange to address financial and business viability issues. The group has had severe cash flow constraints since its main operating subsidiary PT Rinjani Kartanegara entered bankruptcy in October last year.

A version of this article appeared in the print edition of The Straits Times on October 03, 2018, with the headline 'Company Briefs'. Subscribe