Business & Corporate news in Vivocity Singapore
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Johor Bahru High Court quashes RM78.7m IRB tax assessments on Adamas Marine
The Johor Bahru High Court has quashed about RM78.7 million in tax assessments and penalties imposed on shipowner Adamas Marine Sdn Bhd. Judicial Commissioner Budiman Lutfi Mohamed ruled that the Inland Revenue Board used the wrong framework to determine ownership of the company's 16 Malaysian-registered ships, and ordered the assessments from 2007 to 2023 to be set aside.
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GFM Services wins extra RM37.4m Pengerang turnaround contract
GFM Services Bhd has received an additional RM37.4 million release order for major turnaround works at the Pengerang Integrated Complex in Johor, lifting the contract value to RM104.16 million. The work was awarded to its 60%-owned subsidiary Shapadu CR Asia by Pengerang Refining Company and is expected to start in March 2027.
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GFM Services' Pengerang turnaround orders rise to RM268.7mil after revision
GFM Services Bhd said the combined gross estimated value of four release orders for the first major turnaround cycle at the Pengerang Integrated Complex in Johor has risen to RM268.7 million. The increase follows a revised release order from Pengerang Refining Company Sdn Bhd to its indirect 60%-owned subsidiary Shapadu CR Asia, which lifted that package by RM37.4 million to RM104.2 million.
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Azbil to be Gold Sponsor at Data Centre World Asia 2026 in Singapore
Azbil Corporation will be a Gold Sponsor at Data Centre World Asia 2026, held at Marina Bay Sands Expo & Convention Centre in Singapore on 29-30 September 2026. The company will showcase its building automation solutions, including an intelligent building management system and a chiller plant digital twin, aimed at improving energy efficiency in mission-critical environments.
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Baker's Brew, now BB Atelier, in liquidation; 95% of customers refunded
Singapore bakery Baker's Brew Studio, which rebranded as BB Atelier in late 2025, has gone into liquidation through a creditors' voluntary winding-up. It ceased operations on Jun 1, 2026, closing its Great World City outlet, and says over 95 per cent of affected customers have been refunded. The company also faces civil suits, including one from PS.Cafe's operator heard at the State Courts on Sep 1.
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SFA, NTUC bodies help True Fitness and True Yoga staff find new jobs after sudden closure
The Singapore Fitness Alliance is working with NICA and e2i to help employees and freelancers of True Fitness and True Yoga find new employment after the chains ceased operations on Sept 11. The Hong Kong parent company Kontafarma is winding up the businesses, and CASE has received 241 complaints with reported losses of over $609,000.
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PC prices in Singapore jump up to 40% as AI data centres soak up memory chips
PC prices in Singapore have risen by up to 40 per cent year on year in the second quarter of 2026, with average laptop prices up 26 per cent to $1,650, according to IDC data. The surge is driven by a global shortage of RAM, storage and graphics cards as manufacturers divert supply to AI data centres, and IDC expects prices to stay high through most of 2027. Checks at Sim Lim Square found a 32GB DDR5 RAM kit nearly quadrupled in price in a year.
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True Fitness and True Yoga shut outlets abruptly, members lose over $609,000
True Fitness and True Yoga closed their outlets abruptly on Sept 10, leaving members at Great World and Millenia Walk unable to access their prepaid packages or retrieve belongings from lockers. The Consumers Association of Singapore says members have reported losses of more than $609,000 in unused memberships as at Sept 11. Parent company Kontafarma China Holdings blamed market competition and cost pressures.
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True Fitness and True Yoga placed under provisional liquidation in Singapore
True Fitness and True Yoga have been placed under provisional liquidation effective Sep. 10, 2026, with all clubs ceasing operations immediately. The Singapore gym and yoga chain, operated by True Singapore Group, faces net liabilities exceeding S$64 million, affecting members and staff. Extraordinary general meetings are scheduled for Oct. 7 to propose a voluntary winding-up.
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True Fitness and True Yoga to shut Singapore outlets as parent firm winds up
True Fitness and True Yoga are closing their Singapore operations after parent company Kontafarma China Holdings said the business could not continue due to mounting liabilities. The group operates 10 outlets under True Fitness, TFX and Yoga Edition, and liquidation proceedings will be proposed at meetings on Oct 7.
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Singaporeans back WP MP Kenneth Tiong's questions on SIA's Air India losses
In Parliament on Tuesday (Sep 8), Workers' Party MP Kenneth Tiong (Aljunied) questioned whether Singapore Airlines' losses on Air India could affect its ability to provide essential air services in Singapore. Transport Minister Jeffrey Siow replied that there is no present threat to SIA's Singapore operations and that Air India's request for capital does not oblige SIA to provide it, while online commenters said Tiong was right to ask.
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Cape EMS unit to distribute Malaysia-assembled BESS in Europe, APAC
Cape EMS Berhad's wholly-owned subsidiary Cape Renewables has signed a distribution and strategic collaboration agreement with Helios PV (Asia Pacific) to commercialise Malaysian-assembled residential battery energy storage systems across Europe and the Asia-Pacific. Germany is the initial launch market, with the systems to be assembled at Cape EMS's facility in Senai, Johor.