Nam Cheong completes debt revamp

SHIPBUILDER Nam Cheong has completed its debt revamp through the implementation of the schemes of arrangement of Nam Cheong and its subsidiaries, it said on Friday.

This included a conversion of 35 per cent of its unsecured debt into equity, as well as a rights issue. 

The conversion rate was 30 shares issued at S$0.045 each for every US$1 of non-sustainable debt. The one-for-one rights issue was done at an issue price of $0.014 for every new share.

The new share were listed on Friday, after which Nam Cheong shares fell 13.33 per cent or 0.2 Singapore cents to close at S$0.013.