SINGAPORE'S High Court has ordered the winding up of Serial System's 21 per cent-owned associated company, Tong Chiang Group, on March 1, 2019.
Serial System's executive chairman and group chief executive officer Derek Goh Bak Heng owns 2.5 per cent of Tong Chiang. Maybank Singapore, a creditor of Tong Chiang, filed the application on Nov 30, 2018. RSM Corporate Advisory's Chee Yoh Chuang and Lin Yueh Hung have been appointed joint and several liquidators.
The electronic components distributor said in its bourse filing that the winding up of Tong Chiang was not expected to have any financial impact on the net tangible assets per share and earnings per share of the group for the current financial year ending Dec 31 2019, as full impairment had been made for the group’s investment in Tong Chiang for fiscal 2018.