SMRT to pay off part of debt from asset sale cash
Singapore
SMRT Corp does not intend to use the estimated S$991 million from the asset sale to the government to pay any special dividend to shareholders but will instead pay off part of its debt.
In a statement on the transition to the New Rail Financing Framework (NRFF), the rail operator said the group's total debt level is expected to be at S$762 million on Sept 30 this year. The NRFF licence starts from Oct 1. It said: "To be prudent, the company intends to use part of the net proceeds from the Proposed Sale to retire some of its existing debt."
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Porsche posts Q1 profit drop on ramp-up costs
IBM plots US$730 million expansion of Canadian semiconductor site
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Yeo Guat Kwang, John Chen retiring from corporate boards
US: Wall St opens higher
Air China orders homegrown C919s in challenge to jet duopoly