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Swissco inks letter of intent to transfer mainboard listing to solar energy company

SUSPENDED marine company Swissco Holdings has entered into a letter of intent to transfer its listing on the Singapore Exchange mainboard, its court-appointed judicial managers announced on Monday.

The letter of intent would transfer debt-ridden Swissco's listing to solar and renewable energy company Plus Renewable Technologies by a scheme of arrangement.

The letter of intent - which the judicial managers noted is not legally binding, except for clauses such as confidentiality, exclusivity and expiry - is valid for 60 days.

Until it expires or an implementation agreement is signed, Swissco cannot enter into talks with anyone besides Cayman Islands-incorporated Plus Renewable Technologies to enter into similar arrangements.

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Swissco will make further announcements as and when there are material developments in this matter, the judicial managers said.

They added that "there is no certainty or assurance that definitive agreements in relation to the proposed transfer will be entered into or that any of the transactions contemplated in the (letter of intent) will be completed".

"Accordingly, shareholders and potential investors of the company are advised to exercise caution in dealings with the shares, and to consult their stockbrokers, bank managers, solicitors or other professional advisers if they have any doubt about the actions they should take."