Corporate digest
Nam Cheong
OFFSHORE vessel builder Nam Cheong's indirect subsidiary SKOSV SDN BHD has clinched three-year chartering contracts for three offshore support vessels worth about RM80 million (S$26.3 million), with an option for extension valued at RM50 million. The clients are Malaysian oil majors and the vessels will be used to service works on floating LNG (liquefied natural gas) facilities and other production operations in Malaysian waters until 2022, with an optional extension until 2024.
The contracts are expected to contribute positively to the group's financial performance from the financial year ending Dec 31, 2019 through to the end of fiscal 2022.
With the additional contracts, the group's chartering orderbook stands at RM295 million (including option for extensions worth RM140 million).
SunMoon Food Company
LOWER profit from discontinued operations and fair value losses on financial liabilities arising from the contingent issuance of shares took a toll on SunMoon Food as it reversed into the red with a full-year net loss of S$4.3 million, compared to a net profit of S$1.6 million a year ago.
Loss per share was 0.6 Singapore cent, from an earnings per share of 0.27 Singapore cent previously.
Revenue for the fruit distributor and food ingredients maker however, rose 62 per cent to S$72.6 million, mainly due to higher sales to Shanghai Yiguo E-Commerce Co. No dividend has been declared, unchanged from the preceding year.
Accrelist
CATALIST-LISTED corporate accretion services provider Accrelist is proposing to consolidate every 20 existing ordinary shares in the company into one ordinary share, at a books closure date to be later determined.
The consolidated shares will be traded on Catalist in lots of 100, with the number of consolidated shares to which shareholders are entitled being rounded down to the nearest whole.
As at May 29, Accrelist has an issued and paid-up share capital of about S$113.9 million, comprising 5.58 billion shares, and no treasury shares.
Assuming no new shares issued up to the books closure date, the consolidation will result in a total of 279.14 million consolidated shares.
The proposed consolidation is subject to receipt of approval-in-principle from the Singapore Exchange Securities Trading and shareholders' approval at an extraordinary general meeting to be convened.
Innopac Holdings
INNOPAC Holdings' application for more time to satisfy listing requirements has been rejected by the Singapore Exchange Securities Trading (SGX-ST), the investment holding company said on Wednesday after market close.
SGX-ST has also informed the company "that a delisting notice will be forthcoming" at the end of the watch-list cure period on June 2, 2019. Innopac has been on the watch-list since June 3, 2016.
Innopac had earlier proposed to place 6.1 billion new shares for S$6.1 million to nine investors. With the rejection of Innopac's application for more time, SGX-ST will not clear its circular to shareholders in respect of the proposals, Innopac said. "SGX-ST has also taken the view that any issuance of placement shares at or below the minimum trading price of S$0.001 is unacceptable," it added.
Innopac said it will be filing an appeal to SGX to reconsider the rejection. Trading in Innopac shares has been suspended since June 7, 2018.
