Corporate digest

Abterra

MINERAL and resources company Abterra was suspended from trading on Monday morning, after the bourse operator nixed a request for more time to hold its annual general meeting.

Statutory auditors Mazars LLP moved to resign in April, citing outstanding audit matters at the company's 51 per cent-owned subsidiary.

The Singapore Exchange has flagged that "there continues to be no certainty on the timeline" for the appointment of new auditors, the finalisation of FY2017 audited statements, and the convening of the annual general meeting, according to the board. But Abterra added that it is in the process of getting the relevant authorities to approve its auditors' resignation, and will then confirm the engagement of new auditors.

Cordlife Group

CORDLIFE on Monday said it is in "confidential and non-binding discussions" related to the structuring of possible transactions, though no definitive agreements have been signed, and there is no certainty that any of these will materialise.

The statement from the private cord-blood banker was released in response to queries from the Singapore bourse regarding "unusual price movements" in the company's shares last Friday.

Nam Cheong

SHIPBUILDER Nam Cheong on Monday said that the Malaysian High Court has sanctioned its two subsidiaries' schemes of arrangements with their creditors, with some modifications. These two subsidiaries are Nam Cheong Dockyard and Nam Cheong International.

Nam Cheong has on July 12 also filed an application with the Singapore High Court seeking confirmation and sanction of the scheme, with modifications, that it has with its creditors, so that it will be legally binding. This application will be heard on a date to be fixed by the Singapore court.

Qian Hu

HIGHER revenue and better margins from the sales of its Dragon Fish and ornamental fish export business boosted results for Qian Hu Corporation in its second quarter. Net profit leapt more than five-fold to S$146,000 from the previous year. For the three months ended June 30, revenue crept up one per cent to S$21.9 million from the previous year.

Meanwhile, the board has reviewed the options available to meet the minimum trading price (MTP) exit criteria, but decided it is not the appropriate time to make a decision due to "current tepid market conditions and uncertainty in the global economy".