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Published Fri, Sep 28, 2018 · 09:50 PM
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Nam Cheong

SHIPBUILDER Nam Cheong has completed its debt revamp through implementation of Nam Cheong's and its subsidiaries' schemes of arrangement. This included a conversion of 35 per cent of its unsecured debt into equity, as well as a rights issue.

The conversion rate was 30 shares issued at S$0.045 each for every US$1 of non-sustainable debt. The one-for-one rights issue was done at an issue price of S$0.014 for every new share.

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