Corporate digest

3Cnergy

AUDITORS for investment-holding firm 3Cnergy, formerly known as HSR Global, have highlighted a material uncertainty related to the company's ability to continue as a going concern, according to an exchange filing on Tuesday.

Mazars LLP, the company's independent auditors, noted that 3Cnergy's current liabilities exceeded its current assets by nearly S$18.9 million as at Dec 31, 2020. In addition, the group incurred a net loss of S$7.04 million and net operating cash outflows of almost S$3.17 million for financial year 2020.

Axington

CATALIST-listed Axington Inc, the company linked to the Bellagraph Nova saga last year, is now a cash company and faces the risk of delisting if it does not acquire a new business within a year, the company said in an exchange filing on Tuesday.

This comes after the company notified the Singapore Exchange Securities Trading (SGX-ST) on April 1 of its cash company status according to Catalist listing rules, given that it does not currently have any "revenue-generating business", according to the filing.

The company also noted that it has until Aug 30 to submit a resumption proposal, given that the trading of its shares had been suspended since Aug 31, 2020. Failure to do so would also result in delisting.

Boldtek

INVESTMENT-holding firm Boldtek said the addition of a new substantial shareholder on Tuesday could be a possible explanation for its unusual trading activity.

In response to queries from SGX, the Catalist-listed company said it received a substantial shareholders' notification from Twinkle Investment in relation to its acquisition of over 15.2 million shares in the company through off-market transactions.

Twinkle Investment now holds 8.21 per cent of Boldtek's total issued shares.

Boldtek shares rose to 11.2 Singapore cents at 2.07pm from 7.2 Singapore cents at market open, prompting a query from SGX. It closed at 9.2 Singapore cents, up two cents or 27.8 per cent from the day before.

iX Biopharma

PHARMACEUTICAL company iX Biopharma has entered into an agreement with China Resources Pharmaceutical Commercial Group Co (CRPCG) that could see the company's products manufactured and distributed in China, the Catalist-listed company said in an exchange filing on Tuesday.

Under the strategic cooperation agreement, iX Biopharma and CRPCG will engage in "all-round cooperation" with respect to iX Biopharma's pipeline of sublingual pharmaceutical and nutraceutical products in China, the company said.