Previous company name
Name change date
Singaporean-based Greatronic Limited does not have significant operations. The company seeks new businesses and acquisition and investment opportunities. Previously, it was engaged in the manufacture and sale of computer cables, connectors, and fiber optic products; trading of sound and lighting equipment and accessories; and the contract manufacture and rental of surface mounting technology system.
Greatronic is based in Singapore City, Singapore.
The principal activity of the Company is to act as an investment holding company. The principal activities of the subsidiary companies involved in design, fabricate and installation of conveyor based integrated automatic systems and trading of material handling equipment.
Description and history
The Company was incorporated in Singapore on 18 April 1975 as Material Handling Engineering Pte Ltd. It acquired public status on 18 February 1989 and became Material Handling Engineering Ltd. On 16 December 1997, it changed its name to MHE Hldgs Ltd.
Material Handling Engineering Ltd is engaged in the design, fabrication and installation of conveyor-based integrated automation systems and to conduct research and development projects for the Group. The principal activities of the subsidiary companies are: The manufacture of press bearings and press wheels; The trade of handling equipment, electronic surveillance devices and security systems; The provision of management and technical-consultancy services for the group.
The name Cybermast Ltd was adopted on 21 August 2000 to reflect its direction to engage in e-commerce and internet-related business.
On 27 and 28 February 2005, the Company announced that it had commenced an investigation into certain receivables amounting to S$1,300,931 outstanding since 2002 and 2003 and arising from transactions entered into by Greatronic Technology (M) Sdn Bhd, a subsidiary of the Company, with companies related to the former Chairman of the Company. The former Chief Executive Officer ( CEO ) of the Company, who was managing the operations of the Group during the relevant time, took voluntary leave of absence at the outset of the investigation. On 22 March 2005, the Chairman of the Company resigned from his position as the Chairman and director of the Company. On 31 March 2005, the CEO resigned from his position as the CEO and director of the Company. There was significant disagreement between the former Chairman and the former CEO on the facts of the above-mentioned related party transactions.
Ernst and Young, the previous auditors of the Company, were subsequently commissioned by the former independent directors of the Company to conduct an investigation into the aforesaid transactions. The current directors of the Company understand that Ernst & Young has completed their report but the report is not available as it was addressed to the former independent directors of the Company.
On 9 March 2005, the Company lodged a formal police report with the Commercial Affairs Department ( CAD ) in relation to the matter described in Note 1b(i). Subsequently, the Company announced on 3 February 2006 that the CAD had sent a letter dated 19 September 2005 to one of the former independent directors of the Company stating that they will not pursue the Company s report for the following reasons:
– The Company s report should be lodged with the Malaysian authorities as the falsifications, if true, were committed in Malaysia.
– There was no evidence that any part of those transactions were carried out in Singapore. CAD has no jurisdiction to investigate into any alleged falsification committed overseas.
– Unless it is proven that the transactions involving the company in Malaysia is true, the results of the Malaysian company incorporated into the group results of the Company cannot be ascertained to be false. Accordingly, CAD is not in a position to investigate the Company s report.
The directors of the Company will be referring the matter to the relevant jurisdiction authorities. The directors are uncertain of the eventual outcome from the investigation and the effect, if any, on the accompanying financial statements.
On 8th October 2008, the Company have been delisted and no longer meeting listing conditions.
Seeks new businesses and acquisition and investment opportunities
US SIC Code
Tong Eng Building, #10-07
101, Cecil Street
City province or state postal code
Phone: +65 6225 0560
Fax: +65 6225 0562
Country address: SINGAPORE
Website url: www.greatronic.com