Corporate digest

Triyards Marine Services

TRIYARDS Marine Services has been ordered to wind up, upon the application by its creditor Tractors Singapore. The court order was issued on July 5 and a notice of the winding-up order was published in the newspapers on Thursday. The liquidators for the winding-up are Joshua James Taylor and Yit Chee Wah of FTI Consulting (Singapore).

Regional Caterpillar dealer Tractors Singapore filed the application against Triyards Marine Services on Oct 3 last year. It was reported last year that Triyards Marine Services had also received statutory demands for US$14.6 million from Taiwanese lender CTBC Bank and for around US$800,000 from a supplier.

Triyards Marine Services is a subsidiary of Triyards, the shipyard arm of Ezra Holdings. Ezra has been hit by the oil-and-gas slump. Trading of Triyards shares has been suspended since September 2017 about six months after Ezra, a former stock market darling, filed for US Chapter 11 bankruptcy.

UOB

UOB's Sydney branch expects to issue its A$500 million (S$477 million) senior unsecured floating-rate notes due in 2022 on July 25. The coupon for the notes was priced at the three-month bank bill swap rate plus 0.53 per cent per annum, payable quarterly.

The three-year notes are expected to be rated "Aa1" by Moody's Investors Service and "AA-" by Standard & Poor's Rating Services. Fitch Ratings assigned a rating of "AA-/stable" to the notes on Thursday. This is the same level as UOB's "AA-" long-term issuer default rating, as the notes will rank equally with all the bank's other unsecured and unsubordinated obligations.

They will be issued under UOB's US$15 billion global medium-term note programme. The joint lead managers for the notes are HSBC, Sydney Branch; National Australia Bank; UOB, Sydney Branch; and Westpac Banking Corporation.

Sen Yue

CATALIST-LISTED Sen Yue is planning to set up a smelting facility in Singapore that will cost some S$4 million. This will expand the group's waste management and processing capabilities to a wider range of metals. The smelting process will use a high-pressure, high-heat technique to extract and recover metal and materials from waste materials and metal scraps.

The project - to be built at the group's premises at 3 Jalan Pesawat - is expected to be completed by the first quarter of 2020.