Corporate digest

mm2 Asia

ENTERTAINMENT group mm2 Asia raised nearly S$54.7 million after the close of its rights issue on Thursday. Announced on Feb 3, the issue was priced at 4.7 Singapore cents per rights share, which represents a discount of around 60.8 per cent to the closing price of 12 Singapore cents per share on Feb 1, being the last trading day prior to the announcement. At its close, the rights issue generated 113 per cent of the initially available shares. mm2 said the majority of net proceeds will be primarily used to reduce existing liabilities.

Jiutian Chemical

JIUTIAN Chemical is declaring an interim dividend of 0.35 Singapore cents per ordinary share, the first time since FY2008 that it is declaring an interim dividend.

The dividend is expected to be paid on June 18. Jiutian said it is in the process of finalising an expansion plan comprising a new 100,000 tonne methylamine plant adjacent to its current 120,000 tonne methylamine/dimethylformamide facility.

Nam Cheong

OFFSHORE marine firm Nam Cheong on Friday posted a first-quarter net loss of RM17 million (S$5.5 million), narrowing its net loss of RM114.3 million from a year earlier.

For the three months ended March 31, 2021, revenue dipped 2 per cent to RM 59.8 million from RM 61.1 million over the same period last year.

Olam International

AGRI-BUSINESS company Olam International's wholly owned subsidiary Olam Holdings BV has secured a US$1 billion loan to finance the acquisition of US spice maker Olde Thomson. The two-year committed loan facility is guaranteed by Olam. Olde Thomson is a manufacturer of private-label spices, seasonings, baking ingredients and spice-related housewares in the US.

Straco Corp

TOURISM attractions operator Straco Corp on Friday reported a Q1 net loss of S$390,000, narrowing from the loss of S$3.4 million from a year ago. For the three months ended March 31, revenue more than doubled to S$8.1 million.