Corporate digest
Hyflux
NEXT month, creditors will vote on the proposed schemes of arrangement based on Utico's rescue package for troubled water treatment firm Hyflux and three of its subsidiaries.
All the meetings will take place at the Hyflux Innovation Centre at 80 Bendemeer Road.
For Hyflux, there will be two meetings on April 22. The first will start at 12pm for the unsecured creditors - including banks, noteholders, trade creditors and contingent creditors - and the subordinated scheme parties. The second meeting will be held at 7pm for holders of the perpetual securities and preference shares.
On April 23, Hyflux Membrane Manufacturing (S) and Hydrochem (S) will convene their meeting at 10am, while Hyflux Engineering's meeting will start at 2pm. These meetings will be for the three firms' trade creditors and inter-company creditors.
PropNex
REAL estate agency PropNex's executive director Lim Tow Huat has resigned. Mr Lim's resignation comes as part of board restructuring, following the nominating committee and board's review on the composition of the board in compliance with provisions 2.2 and 2.3 of the Code of Corporate Governance 2018 and the listing manual of the Singapore Exchange of Securities Trading, said PropNex in a regulatory filing on Wednesday.
Mr Lim will remain with the firm as management personnel with no change to his responsibilities in his executive role.
Frasers Commercial Trust
FRASERS Commercial Trust (FCOT) has applied for an order for sanction of the trust scheme in relation to the proposed S$1.58 billion merger of FCOT and Frasers Logistics & Industrial Trust (FLT), said the FCOT manager on Wednesday.
This follows approvals given by FLT and FCOT unitholders on March 11, 2020. The court hearing for the application will be on April 3, 2020.
Union Steel
UNION Steel Holdings on Wednesday said its subsidiary, Hock Ann Metal Scaffolding, had exercised an option to purchase an industrial premise in Jurong for S$1.8 million. The 3,666 square-metre property is a part one-storey, part two-storey detached factory with a secondary dormitory located at 5 Kian Teck Crescent. It has a leasehold tenure of 30 years commencing Jan 1, 1994.
The seller, M Metal, is not related to the group. Union Steel said the consideration will be paid by Hock Ann in cash to M Metal as follows: 10 per cent upon exercise of the option, and 90 per cent upon completion of the proposed acquisition. It will be funded entirely by internal funds.
The group added that the proposed acquisition is in line with the group's business plan to have additional space for the operation of its scaffolding business as well as dormitory dwelling for its workers.
Golden Energy
GOLDEN Energy and Resources on Wednesday announced that its subsidiary, Golden Investments, had on March 17 purchased 7.5 million shares for A$6 million (S$5.1 million) in the capital of Australia-listed Stanmore Coal.
The shares represent approximately 2.93 per cent of Stanmore Coal's total shares. Following the transaction, Golden Investments' aggregate shareholding in Stanmore Coal has risen from around 28.4 per cent to 31.4 per cent. The consideration will be paid in cash and funded by Golden Energy's internal resources, said the group in a statement.
