SembMarine: Provision adequate despite client's bonds pressure
Singapore
SEMBCORP Marine (SembMarine) maintained that its provision for risks on its rig-building projects remains adequate despite news of its Kuala Lumpur-listed client, Perisai Petroleum Teknologi Bhd, facing heat to redeem S$125 million securities due in October.
Perisai Petroleum said it will commence discussions with holders of the Singapore-dollar bonds issued under a S$700 million multi-currency term note programme. DBS data shows these bonds have already dipped to a record low price of 60 cents this month.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Kraft Heinz misses sales estimates as higher prices deter customers
Marriott boosts full-year profit view after mixed Q1 results
J&J advances US$6.48 billion settlement of talc cancer lawsuits
US holds quarterly debt sale steady, starts buybacks this month
US dollar nears six-month high after pre-Fed data shock, yen steady
KFC parent Yum reports surprise drop in global same-store sales on weak demand