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Showing posts from March, 2018

Blumont plans S$43.8m acquisition of South-east Asian tourism firm

Blumont Group on Thursday said it plans to buy a South-east Asian tourism and F&B business for not more than S$43.8 million, with payment to be made through a mix of cash and shares.
It said it has entered into a term sheet with an Asaro Federico for a proposed potential acquisition of all of Samadhi Retreats Pte Ltd, a Singapore-incorporated company. The investment holding company, which is also undergoing internal restructuring, is expected to hold a portfolio of businesses in South-east Asia that deal with owning, developing, and operating hotels, resorts and villas; restaurant operations; and tourism operations.
Samadhi Retreats will also have ownership and development rights to certain real estate in Malaysia and Thailand, Blumont Group said.
The purchase will be paid for with S$7 million in cash. Another estimated S$36.8 million will be paid for through the issuance of 9.2 billion shares in Blumont, at the agreed issue price of S$0.004 per share. The issue price was based o…

Annica to acquire stake in new owner of waste tyre pyrolysis plant in Malaysia

Catalist-listed Annica Holdings on Monday morning said it has entered into a non-binding memorandum of understanding (MOU) to acquire an approximately 25.79 per cent interest in Green Pluslink Sdn Bhd (GPL), which is the new owner of a waste tyre pyrolysis plant located at Tanjong Malim, Perak, West Malaysia.
Annica said it will pay up to S$4.2 million for the GPL shares in a mixture of issuance of ordinary shares in Annica and promissory notes, depending on the structure to be agreed between the parties under a definitive agreement.
At the same tine, Annica announced the mutual termination of an agreement for Annica to acquire 49 per cent of Horizon Greentech Resources Sdn Bhd. GPL acquired the Perak plant and its 15 production lines from HGR shareholders, after HGR underwent an internal restructuring.
The company said the proposed GPL acquisition continues to be in line with the corporate strategy of the group to diversify its business to include the recycling, renewable and green …

Steering Oceanus Group out of troubled waters

Three years after Peter Koh stepped in to helm the troubled abalone producer, Oceanus Group is on its way out of storm-tossed waters.
The group chief executive has made good on his plan when he joined in end-2014 to cut costs, clean up the balance sheet and grow the company's profits by end 2017.
For its financial year ended Dec 31, Oceanus turned its first net profit attributable to shareholders in five years, of 176 million yuan (S$36.8 million). It is in a positive net cash position, of 114 million yuan, for the first time in seven years.
Mr Koh said that it was a feat he could not have imagined, just a few years ago, when there were doubts that the debt-laden, loss-making company could go on.
Troubled seas
Before the turn of the decade, Oceanus - which listed here in 2002 - boomed thanks to China's rise, with its counter hitting its record high in 2009 at 41.6 Singapore cents.
But in 2011, millions of abalones died as a result of a lack of food and summer heat, and the co…

Noble says it will not make payment on 2018 bonds

Noble Group will not be paying the principal and interest on its US$379 million bonds due on March 20, nor the coupon due on its 2020 notes that it has already missed.
The group announced this on Friday evening, saying that it has taken into consideration both the advice received from its legal and financial advisers, and its obligations under the restructuring support agreement (RSA). It has also consulted extensively with the ad hoc group of creditors whom it has been in negotiations with, it added.
Not paying the 2018 bond would constitute an event of default, but this would probably not affect Noble much given that it already has 65 per cent of creditors in support of its RSA, said Brayan Lai, an analyst at credit research firm Bondcritic. "It's a black mark but it probably won't rock the restructuring in a massive way at this point where it's going," he said.
Nonetheless, 2018 bondholders who did not agree to the RSA would still be able to challenge the ter…

MAS, CAD widen joint investigations to all capital markets, financial advisory offences

The Monetary Authority of Singapore (MAS) and the police's white-collar crime unit, the Commercial Affairs Department (CAD), will extend their joint investigations arrangement to cover all offences under the Securities and Futures Act (SFA) and Financial Advisers Act (FAA).
The move, which takes effect from March 17 this year, will allow for greater efficiency and more effective enforcement of capital markets and financial advisory offences, MAS and CAD said in a joint press statement on Tuesday.
The October 2013 penny stock crash prompted the formation of the joint investigations arrangement, which was launched in March 2015 to cover market misconduct offences such as insider trading and market manipulation.
The joint probes of market misconduct have so far resulted in three convictions: Dennis Tey Thean Yang in March 2017 for employing a scheme to defraud two providers of contract for differences, Alan Tay Yeow Kee in May 2017 for insider trading in the shares of Qualitas Medic…

Magnus Energy to raise S$1.18m from placement of 1.31b new shares

Magnus Energy Group is placing out 1.31 billion new shares at 0.09 Singapore cent apiece to 10 parties to raise S$1.18 million in cash.
Magnus attributed the rationale for the share placement to the need to bolster its working capital position and to inject funds to grow the business, it said in a filing with the Singapore Exchange on Thursday night.
The issue price of the placement represents a discount of about 10 per cent of the shares' volume-weighted average price of 0.1 Singapore cent on March 8.
The placement shares represent about 10.37 per cent of Magnus Energy's enlarged share base of about 12.63 billion.
The subscribers are oil contractor Blue Water Engineering, with 250 million shares; alternative-investments firm Idola Cakrawala International and individuals Chung See Mooi and Yeo Chee Seng, with 200 million shares each; individuals Ho Geok Bin and Molly Ang Siew Teng, with 100 million shares each; individual Ong Chin Yew, with 90 million shares; equity investmen…

Six Capital files for liquidation; investors, creditors said to be 'owed US$143m'

Six Capital Investments, which billed itself as a fintech firm and vigorously defended itself against the scrutiny of former employees and investors, has applied to be wound up.
On Feb 13, SixCap's boss and sole owner Patrick Teng Chee Wai filed for the voluntary liquidation of his company in the British Virgin Islands, and appointed Baker Tilly (BVI) as his preferred liquidator. Six Capital Investments was incorporated in the BVI.
At a creditors' meeting in Baker Tilly's Singapore office on Tuesday, investors were told that SixCap would be unable to make good on its debts of about US$143 million.
A Baker Tilly representative said he could not confirm this figure, as it was still trying to liaise with SixCap's management to consolidate all claims.
On Tuesday, around 200 creditors and their proxies swarmed the Baker Tilly office; they were there to vote on the appointment of Baker Tilly as liquidator, or choose another liquidator.
However, no votes were cast as Baker T…

Ipco boots out CFO, names new investor as finance chief

Mainboard-listed Ipco International has dismissed its executive director and chief financial officer, Carlson Smith, 63, on several grounds of "misconduct", effective Feb 27, the construction and turnkey project company said in a filing to the Singapore bourse on Thursday.
This comes after Ipco's new investor James Blythman, 33, requisitioned Mr Smith's ouster during an extraordinary general meeting (EGM) held on Jan 19.
According to Ipco's latest announcement on Friday, Mr Blythman replaces Mr Smith as the group's new CFO.
Australian Mr Blythman became a 14.24 per cent shareholder in September last year after pumping S$1.58 million into Ipco through a placement at 0.18 Singapore cent per share. He also succeeded in appointing two new independent directors to Ipco's board at the EGM, replacing two who left last year.
In its statement on Thursday, the group said it decided to fire Mr Smith due to his continued absence from the office, and also because he …