Corporate digest

China Fishery Group

HSBC, the bank that called in the liquidators on China Fishery Group last year, has now struck an agreement with the company and its other lenders. In a Singapore Exchange announcement on Sunday night, parent Pacific Andes Resources Development said China Fishery entered into the deed of undertaking on Jan 20. HSBC agreed to remove and terminate the appointment of the KPMG joint provisional liquidators, among other things. Within 21 days of the deed, an interim payment of US$3.1 million will be paid to KPMG provided it seeks approval of such costs and expenses from the Cayman and Hong Kong courts. However, the KPMG liquidators are refusing to be discharged until the interim payment is paid immediately before approval of the amount by the courts. Their costs are increasing and are now US$3.2 million. But the company said it is committed to doing what is necessary to terminate the appointment of the liquidators.

Sabana Reit

SABANA Reit on Monday posted a 14.4 per cent drop in distributable income to S$11 million for the three months ended Dec 31, 2015. Net change in fair value of investment properties came in at a loss of S$116.7 million, compared with a S$7.5 million loss a year ago. Distribution per unit (DPU) for Q4 was 1.5 Singapore cents, down 15.7 per cent from the year-ago period. Gross revenue for the quarter slid 2.9 per cent to S$24.6 million, and net property income dropped 10.3 per cent to S$16.3 million.