Corporate digest

Sembcorp Industries

SEMBCORP Industries is redeeming S$200 million of 5 per cent subordinated perpetual securities that were issued under its S$2.5 billion multicurrency debt issuance programme. In a filing to the Singapore Exchange on Friday morning, Sembcorp said that it is electing to redeem all the perpetual securities at 100 per cent of the principal amount on Aug 21, 2018, which is the first call date. Upon redemption, the securities will be cancelled and delisted from the Singapore Exchange. The perpetual securities were issued in 2013.

Pacific Radiance

PACIFIC Radiance, an offshore marine support firm, on Friday said it will set up a second informal meeting this month with the holders of S$100 million in notes due 2018 that are due for restructuring. The notes have a coupon of 4.3 per cent, and are due on Aug 29 this year. The offshore and marine group has proposed a debt-to-equity conversion of the notes. The meeting will be held at Suntec Singapore International Convention & Exhibition Centre on July 18 at 3pm.

GuocoLand

PROPERTY firm GuocoLand Ltd on Friday said its chief financial officer Lai Tak Loi has resigned "to pursue other career opportunities". He will leave on Aug 24. GuocoLand said it will look for a suitable candidate in the meantime.

PropNex

UOB-Kay Hian bought 4.65 million shares in PropNex Ltd at between S$0.60 and S$0.635 per share on Friday as a stabilising manager of the initial public offering (IPO), with shares of PropNex battered by Thursday's surprise property cooling measures. The price range translated to a total purchase price of between S$2.79 million and S$2.95 million.

Shares of PropNex, Singapore's largest real estate agency, slumped 24.6 per cent on Friday after the government announced additional cooling measures on the property market. The stock closed at S$0.52, down 17 Singapore cents, on hefty trading volume. PropNex made its trading debut on the Singapore stock exchange on Monday. Its IPO price was S$0.65.