Corporate digest

Published Thu, Feb 18, 2021 · 05:50 AM

Sen Yue Holdings

SMC Industrial, a unit of waste-management firm Sen Yue, has received a letter of demand for over US$196,700 from Garuda Surya Anugerah (GSA), an Indonesian copper supplier.

GSA is demanding payment within 14 days from Feb 10, the date of the letter, failing which it may take legal action.

Sen Yue said that it is currently in discussions with GSA on suitable repayment proposals and will update shareholders.

Shares of the Catalist-listed firm last traded at S$0.022 before suspension last year. The firm disclosed in January that it is involved in a Commercial Affairs Department probe.


OUE

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PROPERTY player OUE expects to post a loss after tax for FY2020 ended December, partly due to a fair value loss from its sale of the US Bank Tower. This reverses the S$321.8 million profit that OUE had posted in FY2019.

In a Wednesday bourse filing after the market close, OUE said that the FY2020 loss is mainly due to S$435.4 million in net fair value losses on investment properties.

Of this, S$298.9 million is in relation to the disposal of the US Bank Tower, completed in September last year.

The figure is derived from the difference between the sale price and the last reported fair value of US$650 million as at end-2019.

Impairment losses on property, plant and equipment and intangible assets also contributed to the full-year loss.


FSL Trust

TWO units of First Ship Lease Trust (FSL Trust) have entered an agreement to sell two LR2 product tanker newbuilding vessels, the FSL Suez and FSL Fos, the firm's trustee-manager announced in a Wednesday bourse filing.

The vessels are being sold to an unaffiliated third party following their deliveries from COSCO Shipping Heavy Industry.

FSL Trust has received the initial 15 per cent deposit in escrow. Details of the net proceeds will be announced at a later date.

FSL Trust's trustee-manager has waived the acquisition fee of 1.0 per cent on the purchase price, as well as the divestment fee of 0.5 per cent on the disposal price, that would otherwise be payable to it.

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