Mencast looks to free up space, raise cash

EVEN when facing adversity, Mencast executive chairman and CEO Glenndle Sim does not lose sight of his aspiration - he believes that the small-cap business he inherited from his father has the potential to evolve.

Like many offshore and marine (O&M) players that have tapped debt financing for expansion during better days, Mencast has to go through painful debt restructuring in order to ride through the tail-end of a protracted sectoral downturn.

However, unlike some of his peers who are still caught up in the daily struggles of making ends meet, Mr Sim has gone one step further to look at building sustainable value-add in Mencast's business.

There are good reasons for doing so. Even with oil prices breaking through US$80 a barrel, oil companies h…