THE following companies saw new developments that may affect trading of their securities on Tuesday (Mar 14):
Sembcorp Industries: SEMBCORP Industries has clinched a contract to build, own and operate a 500 megawatt (MW) solar power plant in Oman, through an 80 per cent-owned joint venture to be set up by its wholly-owned subsidiary Sembcorp Utilities with Jinko Power Technology.
In a bourse filing, Andy Koss, the chief executive officer of Sembcorp Industries’ UK & Middle East business, said the Manah Solar II Independent Power Project will mark Sembcorp’s first renewables project in the Middle East.
The project is backed by a 20-year power purchase agreement, and awarded by the Oman Power and Water Procurement Company. It is expected to be operational by 2025.
Yoma Strategic: YOMA Strategic, a major shareholder of the developer for a city quarter project in downtown Yangon known as Yoma Central, announced on Tuesday (Mar 14) that its partners have agreed to restructure the debt facilities for the project.
The developer – Meeyahta Development Limited (MDL) – is made up of a consortium of companies led by Yoma Strategic. They include MMJ Yangon Development (MMJYD), First Myanmar Investment Public Company, International Finance Corporation (IFC) and Asian Development Bank (ADB).
Both IFC and ADB, who are also lenders to MDL, have agreed to grant the latter a standstill period until Jun 15, 2025.
Geo Energy: COAL producer Geo Energy Resources on Monday (Mar 13) said it has stopped further transactions with the third-party coal mine owner whose inability to fulfil its obligations towards the company depressed its earnings for the second half of 2022 by 56 per cent.
This follows Geo Energy’s Feb 27 announcement that it had had to make US$15.4 million in allowances for expected credit losses based on dealings with this mine owner, which failed to deliver on coal which Geo Energy purchased. The mine owner had also not met the conditions for the conditional sale-and-purchase agreement for two mining concessions in 2019.
The allowances Geo Energy were related to receivables arising from advance payments for the coal purchase and a refundable deposit to acquire interest in the mining concessions.
Metech: CATALIST-LISTED Metech International on Monday (Mar 13) said a lawsuit has been filed against Deng Yiming, one of the owners of its subsidiary’s former joint venture (JV) partner X Diamond Capital, over missing diamond seeds and loose diamonds.
The pieces were last in Deng’s possession, and he had, to date, not satisfactorily addressed issues relating to them, Metech said in a bourse filing.
The JV entity, Asian Eco Technology (AET) – established on Sep 24, 2021 between Metech’s wholly-owned subsidiary, Asian Green Tech (AGT), and X Diamond Capital to manufacture and distribute lab-grown diamonds – had thus commenced legal action in the General Division of the High Court against Deng.