Corporate digest

ASL Marine

ASL Marine will host informal meetings with holders of its outstanding medium-term notes on Sept 18. Its S$95 million outstanding series 006 notes and S$47.5 million series 007 notes, both of which are traded over the counter, have a last ask price of 55 cents to the dollar as at Friday.

Chairman Christopher Chong wrote to note holders that the group's recovery from the business down cycle is taking longer than expected, and management does not expect the ship-building segment to improve by much in the next year.The group requires revolving credit facilities and trade lines from lenders to do more ship-repair work, he said.

Procurri Corp, DeClout

MAINBOARD-listed enterprise hardware supplier Procurri Corp said it has received an unsolicited, non-binding indication of interest from a third party to acquire shares of the company through a possible voluntary general offer. Catalist-listed DeClout is also evaluating indications of interests from third parties about its 47 per cent stake in Procurri.

M Development

M Development said it entered into a memorandum of understanding (MOU) on Aug 15 for the proposed acquisition of no less than 51 per cent of Hao Yuan Leather (Taishan) from H.Y. Holdings. If undertaken, the proposed transaction will result in a reverse takeover of M Development. Hao Yuan does leather tanning and produces leather products for various industries in China.

Wee Hur Holdings

WEE Hur Holdings has, through Wee Hur PBSA Master Trust, acquired a freehold office building in Adelaide, Australia for A$9.275 million.Wee Hur has a holding of 68.45 per cent in the Master Trust. The three-storey property sits on a 1,836 sq m site, which the group plans to turn into student accommodation.