THE judicial managers (JMs) of KS Energy have received approval from creditors to take the necessary steps to dispose of the assets of KS Drilling, as well as to discharge themselves and wind up KS Drilling after the satisfactory disposal of its assets.
The JMs will also be allowed to consider any reasonable proposal from potential investors keen to list on the Singapore Exchange Securities Trading Limited (SGX-ST) by way of a proposed acquisition, transfer of the listing status of the company, or any related transactions.
Additionally, they also received approval to seek a further extension of the judicial-management order for the purpose of the proposed transaction and to seek an extension of time from SGX-ST to submit a resumption proposal.
In the event that the time extension is not granted or a transaction cannot be arranged, the JMs will then have to take the necessary steps to discharge themselves and wind up the company, and form a committee of creditors.
INTERRA Resources is temporarily suspending most of its operations in Myanmar, including production. As a result of the political unrest and protests in the country, the company is not able to have continuous and uninterrupted access to its field operations at the Chauk and Yenangyaung fields, the group said.
It added that it is still too early to ascertain the longer term impact to the company's and its subsidiaries' business. Interra has requested to lift the trading halt in its shares.
Sunvic Chemical Holdings
SUNVIC Chemical Holdings will be delisted from the mainboard of the Singapore Exchange, following Harrier Group's intention to exercise its right to compulsorily acquire all the shares of the shareholders who have not accepted its voluntary general offer.
Harrier Group is an investment holding company whose sole director and shareholder is private investor Song Wuying. The group intends to acquire all the shares of the dissenting shareholders at S$0.028, the offer price for each share.
The offer price represents a premium/(discount) of about 21.7 per cent, (3.4 per cent), 16.7 per cent and (12.5 per cent) over/to the volume weighted average price per share for the one-month, three-month, six-month and 12-month periods respectively, and a premium of 27.3 per cent to the closing price on the last trading day. Shares in watch-listed Sunvic Chemical have been suspended since Jan 14, 2019.
As at 6pm on Feb 9, 2021, the offeror has received valid acceptances that amount to 91.26 per cent of the total number of issued shares, other than those already held by the offeror, its related corporations or their respective nominees.