Corporate digest

SATS

SATS has raised the limit of its multi-currency medium-term note (MTN) programme to S$2 billion from S$500 million, to open up the possibility of accessing the bond markets to fund potential growth investments.

The inflight-catering services provider said in a bourse filing after trading hours on Friday: "Although there is no immediate need to raise additional funds, the option to access the bond market in this way may become an attractive way to finance new acquisitions and growth investments in the future."

The upsize creates flexibility for Sats to be able to tap the bond market through the programme for additional funds "as and when necessary", it added.

GL

SEVERAL companies under GLH, the hotel division of mainboard-listed GL, have been served legal notices for £1.9 million (S$3.4 million) in rent arrears, interest and costs, by subsidiaries of UK landlord Topland Group Holdings.

GLH had attempted to negotiate rental concessions with Topland in view of the Covid-19 pandemic, but did not succeed, GL disclosed in a Friday bourse filing after the market close. The firm had paid full rent to Topland from the start of this year up to Oct 28.

Sincap Group

CATALIST-listed Sincap Group has extended the repayment deadline for at least US$6 million due from Artwell, a company solely owned by the brother of Sincap's chief executive, to April next year.

In a Friday bourse filing, Sincap said that repayment from Artwell, which buys coal from the company, will be deferred from September. Artwell will repay US$6 million by April 28, 2021 instead. Artwell's sole director and shareholder is Chu Min Fang, the brother of Sincap's executive chairman and chief executive officer, Chu Ming Kin.

After repaying the US$6 million, Artwell will continue to pay at least US$1 million a month on the 28th of each month. An interest of 7.5 per cent per annum will continue to accrue on all outstanding amounts.