Corporate digest

Sim Leisure Group

CATALIST-LISTED theme park operator Sim Leisure Group will hold a remote extraordinary general meeting on its plan to place out more than 13.4 million shares to a new investor, the board announced on Friday night.

The meeting on May 11, which will see voting by posted or e-mailed proxy only, will take place right after Sim Leisure's annual general meeting.

The group said in late March that it had inked a deal with Malaysia-based food and beverage group Tropika Kiara, to raise some S$2.92 million for business expansion in Malaysia.

Mirach Energy

WATCH-LISTED investment group Mirach Energy now has until May 15 to release the annual report and until June 29 to hold its annual general meeting, after an extension from the bourse, the board said on Saturday.

Mirach said it could not issue its report by the original deadline of April 15, as movement control measures in Malaysia affected the audit of its principal plantation-operator subsidiary.

Nam Cheong

MAINBOARD-LISTED shipbuilder Nam Cheong, which last week warned that it was mulling over a restructuring, said on Sunday that it will hold its annual general meeting by June 29.

It got a two-month extension from the bourse for its annual report and meeting, as Malaysia's "unprecedented" movement control order disrupted the finalisation of the report.

The report, originally due by April 15, will now be released by April 29.

Serial System

SERIAL Microelectronics (HK), a 91 per cent-owned unit of electronic parts distributor Serial System, is selling its 70 per cent stake in an inactive subsidiary to a joint-venture partner for a net loss of about US$2,000.

With US$1-in-cash sale, CX Technology will consolidate its ownership of Xuanhong Automotive Electronics.

Serial's board said that the deal will have no material impact on group net tangible assets and earnings per share for the year to Dec 31, 2020.

Sarine Technologies

MAINBOARD-LISTED Sarine Technologies, which makes systems and machines for the gem production industry, expects its second-quarter results to be "severely impaired by the Covid-19 pandemic", with the malaise persisting into the third quarter.

It said on Sunday that it has moved to reduce its cash burn rate by a third against budgeted operations.

Mermaid Maritime

MAINBOARD-LISTED offshore services provider Mermaid Maritime's wholly owned Thai subsidiary is borrowing US$8 million from the Export-Import Bank of Thailand.

But a default event will occur if controlling shareholder Thoresen Thai Agencies' shareholding falls below 33 per cent of the company, Mermaid disclosed on Sunday.

Separately, the group expects lockdowns and other restrictions from the ongoing Covid-19 pandemic to affect its results for the first half of 2020, even though its confirmed orderbook remains unaffected for now.