FINWIRES · TerminalLIVE
FINWIRES

First Sponsor Faces SG$36.7 Million H1 Impairment After Chinese Court Voids Property Deal

By

First Sponsor (SGX:AND) expects to recognize an impairment charge of roughly SG$36.7 million in its first-half financial statements following an adverse ruling by a court in Dongguan, China, according to a Tuesday filing with the Singapore Exchange.

The Dongguan No. 2 People's Court invalidated the purchase of residential units in the Humen Oasis Mansion project by First Sponsor's subsidiaries, ruling that the transaction involved malicious collusion with the project developer.

The court ordered the property titles re-registered under the project company's name within 30 days.

First Sponsor paid 292.1 million yuan for the properties. With the court giving no instructions on returning the funds, the group considers a meaningful recovery unlikely.

First Sponsor is currently reviewing the judgment with legal advisors to evaluate an appeal.

Related Articles

Asia

Aedge Group Unit to Buy Commercial Property for SG$7.5 Million

Aedge Group's (SGX:XVG) subsidiary, IPF Investments, exercised an option to acquire a freehold property in Singapore for SG$7.5 million, according to a Monday bourse filing.The property has a land area of around 297.4 square meters and is currently tenanted at a monthly rent of SG$20,000.The acquisition will be funded through a combination of internal resources and bank borrowings and is expected to be completed on or before Oct. 13.

SGX:XVG
Asia

Huadian New Energy's Power Generation Rises 24% in Q2

Huadian New Energy's (SHA:600930) power generation in the second quarter rose 24% year on year to 36.2 billion kilowatt-hours, according to a Shanghai bourse filing on Tuesday.The increase was mainly attributable to the commissioning of additional installed generating capacity, with 2.39 million kilowatts being added during the quarter.For the first half, the power company's power generation climbed 22% to 69.1 billion kWh from a year earlier.The company's shares fell 3% during the morning trade.

SHA:600930
Asia

Giga Device Semiconductor Sees No Reason for Stock Surge; Shares Rise 9%

Giga Device Semiconductor's (HKG:3986, SHA:603986) stock deviated by more than 20% across three straight trading sessions on July 16, 17, and 20, according to a Tuesday filing with the Shanghai bourse.Following an internal investigation and verification with its controlling shareholder and actual controller, the company said it has no undisclosed material information, plans, or negotiations that may have had a significant impact on its stock price.The company's shares jumped 9% recently.

SHA:603986