Corporate digest

Darco Water Technologies

DARCO Water Technologies has been unable to commence legal due diligence on its Gaoyi project, as it waits on additional documents from former non-executive deputy chairman Wang Zhi.

In response to queries from the Singapore Exchange (SGX), the company on Monday said the due diligence process is still in progress and pending the receipt of additional information, documents and key datapoints requested from Mr Wang since May this year.

It has since commenced preliminary due diligence, noting that travel restrictions amid Covid-19 have made it "difficult" for relevant parties to undertake due diligence, especially in 2020.

Shares of Darco last traded at 18.6 Singapore cents on July 28.

Q&M Dental

DENTAL healthcare group Q&M is proposing a bonus issue on the basis of one bonus share for every five existing shares held.

The exercise will see up to 157.5 million bonus shares issued to shareholders whose names appear in the register of members. The bonus shares will also be issued to those who have shares entered against their names in the depository register on an entitlement date to be determined.

On the back of strong second quarter results, Q&M said the proposed bonus issue is to increase the issued share capital base of the company, reflecting the growth and expansion of its business. It is also to reward and recognise shareholders for their loyalty and continuing support.

Shares of Q&M fell by four Singapore cents, or 4.7 per cent, to close at S$0.815 on Monday before the announcement.

Marco Polo Marine

INTEGRATED marine logistics company Marco Polo Marine's revenue for the nine months ended June 30 has since outpaced its FY2020 full-year revenue of S$30.8 million, driven by strength in both shipyard and ship chartering segments.

Shares of Marco Polo Marine fell 0.2 Singapore cents, or 7.4 per cent, to close at S$0.025 on Monday.

Del Monte Pacific

DEL MONTE Pacific on Monday said that Del Monte Philippines (DMPI) has entered into a joint venture with Vietnam Dairy Products (Vinamilk) to expand into the dairy sector.

The joint venture will import dairy products from Vinamilk, and market and distribute them in the Philippines through DMPI. Both companies will contribute 50 per cent of the total investment capital.

Shares of Del Monte closed at S$0.35 on Monday, down 0.5 Singapore cent or 1.4 per cent.

Dasin Retail Trust

DASIN Retail Trust (DRT) on Monday said its business fundamentals are "reasonably sound" throughout the protracted Covid-19 crisis, and expects to generate sufficient cashflow to meet working capital needs.

It gave its response to several queries from the SGX, in relation to the group's "significant" current liabilities of S$557.2 million and cash and bank balance of only S$123.98 million for the first half ended June 30, 2021.

DRT said the current liabilities were mainly due to the re-classification of the S$242 million and US$134.29 million offshore syndicated term loan equivalent to S$422.66 million in aggregate of the group, and 375.15 million yuan (S$78.14 million) onshore syndicated term loan of the group, which are due and payable on Dec 19, 2021.

The group is in "active negotiations" with the lenders and believes the refinancing of the term loans is achievable within the stipulated timeframes, based on indicative terms discussed with the lenders.

Dasin Retail Trust's units closed at S$0.51 on Monday, down one Singapore cent, or 1.9 per cent.