Corporate digest

Falcon Energy

OFFSHORE and marine company Falcon Energy on Tuesday said that the High Court has extended its debt moratorium by about one more month to Nov 30 from Oct 26 previously.

This is less than the four-month stay requested by Falcon and its subsidiary Asetanian Marine in their applications, which were heard in court on Oct 21.

With the debt stay, no receiver or manager shall be appointed over any property or undertaking of the companies, and no legal proceedings can be commenced or continued against them.

Creditors are also not to enforce security over any property, repossess goods held by the companies, or enforce any right of re-entry or forfeiture under any lease of premises occupied by the companies.

A further hearing will be scheduled in the week of Nov 26.

PS Group

TWO of PS Group Holdings' directors, who had made an offer to privatise the Catalist-listed fastener supplier, have received valid acceptances of about 95.95 per cent by the closing date on Tuesday.

With this, the Singapore Exchange has also given the company the nod to delist from the bourse.

The offeror will be proceeding to compulsorily acquire the shares of the dissenting shareholders.

Earlier, the independent financial adviser had called the offer fair and reasonable, and PS Group's independent directors had also recommended that shareholders accept the offer.

Grand Banks Yachts

GRAND Banks Yachts on Tuesday posted a net profit of S$1.68 million for its first quarter ended Sept 30, 2019, which was an improvement from S$1.15 million a year ago.

Revenue rose 20.5 per cent to S$26 million, mostly due to the sales of two stock boats, one trade-in and more boats in production reaching maturity.

The yacht builder said: "The improved bottom line is an encouraging start to FY2020 and reflects strong market demand for the group's yachts.

The group received seven new orders in Q1 FY2020, resulting in a net order book of S$52.8 million as at Sept 30, 2019, compared to S$20.5 million as at Sept 30, 2018."

It added that it will be kept busy for the year with "bigger, sleeker, and better-performing" luxury boat models making their debut this year.

With the redevelopment of the 550,000 square feet facility in Pasir Gudang, Malaysia reaching its tail end, the group is also focusing on improving its yard in Florida in the United States, which will serve as the main service facility and hub for the US region, as well as for the group's sales and marketing operations.