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Stocks to watch: Rickmers Maritime, SGX, Xpress, Serrano
THE trustee-manager of Rickmers Maritime does not expect any revision to its offer on a proposed restructuring plan for S$100 million of notes. The shipping trust had received a demand from some noteholders on Wednesday to accelerate the notes.
Singapore Exchange (SGX) is beginning a new initiative to provide brokerages with data linked to possible market rigging in a bid to lift surveillance standards. From this week, each brokerage will receive a report specific to alerts that SGX has identified for that particular brokerage.
Xpress Holdings' net loss for the fourth quarter ended July 31, 2016, widened to S$12.3 million, or 12.1 Singapore cents per share, from the year-ago S$172 million loss after the company recorded an S$11.7 million loss from its disposal of loss-making subsidiaries. For the full year, the printer swung into a net loss of S$21.8 million from the year-ago profit of S$311,000.
Interior-design contractor Serrano's wholly owned subsidiary Serrano Holdings has received a letter of demand from Maybank in Vietnam for US$2 million and 32.4 billion Vietnamese dong (S$1.97 million) after a supplier defaulted on payments to the bank.
Those amounts comprise overdue principal amounts and accrued and penalty interests as at Aug 31, that stem from term loan facilities granted by Maybank to Sorrento Vietnam Shareholding Company, Serrano's major supplier, for which Serrano Holdings had provided guarantees.