Corporate digest
Keppel Reit
KEPPEL Reit intends to issue convertible bonds with a five-year maturity, convertible into new ordinary units in the capital of Keppel Reit with an aggregate principal amount of S$200 million. It may issue additional convertible bonds to raise additional proceeds of up to S$50.0 million, such that the total gross proceeds of the issue will be up to S$250.0 million.
The closing date for the issue is currently expected to be on or about April 10, 2019. Proceeds will be used to refinance existing debt and/or fund any potential acquisition.
Nam Cheong
THE independent auditors of offshore vessel builder Nam Cheong said they have not obtained sufficient evidence that the group's financial statements for the financial year ended Dec 31, 2018 should have been prepared on a going concern basis. They are therefore unable to issue an audit opinion.
The auditors, Foo Kon Tan LLP, said Nam Cheong's statements were prepared on a going concern basis, premised on a key assumption that there are no claims from creditors, primarily the Non-Fujian Group Shipyards. Nam Cheong has yet to terminate the contracts with the shipyards or restructure the debts owing to the shipyards, which are reasonably likely to have a material effect on its financial condition and operations, said the auditors.
In assessing whether the group can meet its debt obligations as and when they fall due, management prepared a cash flow forecast of the group for at least the next 12 months from the end of the reporting period. But the auditors said they were unable to obtain sufficient evidence for certain key assumptions supporting the cash flow forecast.
Sanli Environmental
SANLI Environmental has secured new contracts in Singapore and Myanmar worth about S$12.1 million, bringing its order book to S$198.0 million. Operations and maintenance contracts were awarded by the Singapore Public Utilities Board and will span three years from March 2019. Sanli also secured two engineering, procurement and construction (EPC) contracts from the Myanmar government.
Wee Hur Holdings
WEE Hur Holdings' wholly owned subsidiary Wee Hur Construction Pte Ltd has secured a construction project worth S$34.2 million from Singapore's Ministry of Health. The project relates to the proposed development of a nine-storey nursing home and the contingency works at Potong Pasir Avenue 1, Singapore. It will commence on April 22, 2019 and is expected to be completed on Jan 21, 2021.
