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Stocks to watch: Pacific Radiance, Loyz Energy, AVIC International Maritime, Sakae Holdings, Spackman Entertainment
THE following companies saw new developments that may affect trading of their shares on Friday:
Pacific Radiance: Singapore-listed offshore and marine group Pacific Radiance Limited, together with its advisers, has commenced discussion with its bank lenders to review the group's financial position and capital structure, it said in a Singapore Exchange filing on Friday. The group and the bank lenders intend to work towards a consensual restructuring of the group's borrowings, said the group, which is undergoing debt refinancing or restructuring.
Loyz Energy: Loyz Energy Limited has on Thursday signed a memorandum of understanding (MOU) with investment firm Arctos Investments to form a joint venture company named FIT Global Pte Ltd with a focus on fund management, investments and trading.
AVIC International Maritime: AVIC International Maritime Holdings Limited has completed the liquidation of AVIC International Ship Engineering Pte Ltd (AISE) on Sept 7, 2017, the group said in a Singapore Exchange filing on Friday. The liquidation is part of an intragroup restructuring exercise to streamline its corporate holding structure with a view to reducing layers of intermediary companies.
Sakae Holdings: The High Court has ordered Sakae Holdings Ltd's associate company, Gryphon Capital Management (GCM), to be wound up by consent, said the company in a Singapore Exchange filing on Friday. The company's nominees, Seshadri Rajagopalan and Jotangia Paresh Tribhovan of SR Associates LLP, has been appointed as liquidators of GCM. GCM's liquidators will now look into the affairs of GCM and bring such claims as they consider appropriate.
Spackman Entertainment: Spackman Entertainment Group Ltd said it would enter into the Korean drama series production business with a co-production partnership agreement with Mongjakso Co Ltd, a Korean producer of TV dramas. Spackman Entertainment and Mongjakso will enter into an agreement to co-develop and co-produce two TV dramas including actor So Ji Sub's next TV drama with the working title "The Game". It is expected to be released in 2018.