Corporate digest

Courts Asia

COURTS Asia is offering to buy back its S$75 million worth of 5.75 per cent notes due 2019 at 100.75 per cent of the principal amount. The electronics and furniture retailer is concurrently seeking noteholders' consent to include a call option in the terms of the notes that will allow Courts Asia to redeem the bonds early at 100 per cent of par. The issuer plans to exercise that option within 15 days if it is successfully included.

Noteholders who deliver their consent to the inclusion of the call option by the business close of July 13 will receive an early consent fee equal to 0.25 per cent of the principal amount. Consent received thereafter will receive a normal consent fee of 0.15 per cent. The company has called for a noteholders' meeting at 10am on July 20 to vote on the proposal.

Second Chance Properties

NET profit for Second Chance Properties in its third quarter fell 61.6 per cent to S$2.1 million from the year-ago period, the group said in a Singapore Exchange filing on Thursday evening.

For the three months ended May 31, revenue increased 3.2 per cent to S$9.7 million from the year-ago period.

Earnings per share fell to 0.28 Singapore cents from 0.72 Singapore cents in the previous year.

Second Chance Properties shares closed unchanged at S$0.24 on Thursday.

Tee Land

TEE Land is purchasing Teck Guan Ville condo in Upper East Coast Road in a collective sale worth S$60 million.

It announced in a Singapore Exchange filing that it has entered into an option-to-purchase agreement to acquire the freehold, 3,928.8 sq m plot located at 338 to 364 Upper East Coast Road.

The plan is to build a residential development on the land. The proposed acquisition is subject to due diligence and is expected to be completed by November 2018.

It will be financed by internal funds and bank borrowings, and is not expected to have any material impact on the group's net tangible assets or earnings per share for the financial year ending May 31, 2019.