Corporate digest
Keppel Corp
KEPPEL Corporation warned on Friday that it will recognise material impairments in its financial results for the second quarter ended June 30, 2020, pertaining mainly to its offshore and marine (O&M) business.
The conglomerate's financial results for Q2 and the half year ended on the same date will be "significantly and adversely impacted", according to its profit guidance.
Hyflux
POTENTIAL investor Utico has submitted a firm and legally binding term sheet for Hyflux on the same terms and conditions after the agreement between the two parties inked last November lapsed.
The offer remains open for acceptance until 5pm on July 31. Utico said that, given the time elapsed since the original agreement, it expects to receive updated information about Hyflux in order to conduct an updated due diligence.
In its indicative timeline, Utico expects the restructuring and scheme documentation to be finalised, and the hearing of application of leave to convene scheme meetings to be held by Aug 20. It expects the closing of the restructuring to be around Oct 15.
Singapore Press Holdings
SINGAPORE Press Holdings (SPH) said that the hearing date for the judicial management applications of two of its subsidiaries has been fixed for Aug 17.
The subsidiaries are info-tech firms StreetSine Technology Group and StreetSine Singapore. SPH's wholly-owned subsidiary, SPH Interactive, holds 60 per cent of the shares of StreetSine Technology. StreetSine Singapore is wholly owned by StreetSine Technology.
SPH said in May that the two subsidiaries are not significant ones, and the judicial management applications will not have a material impact on its operations for the current financial year ending Aug 31, 2020.
