THE following companies saw new developments that may affect trading of their securities on Monday (Mar 13):
EC WORLD Reit : EC World Reit’s manager said that the real estate investment trust (Reit) has adequate current assets to meet its short-term liabilities, in its response to queries from the Singapore Exchange (SGX).
EC World Asset Management replied on Friday (Mar 10) that 64 per cent and 82 per cent of lenders involved in existing onshore and offshore bank loans respectively have obtained internal approvals and are agreeable to a new repayment plan. The remaining lenders, stated EC World Reit’s manager, are “in the process” of obtaining internal approvals for the new repayment plan.
Boustead Singapore; Boustead Projects: Boustead Singapore, the acquirer of Boustead Projects, updated in a bourse filing that it has garnered 86.55 per cent of the total number of shares in its mainboard-listed real estate subsidiary.
In the filing by the listed acquirer on Friday (Mar 10), the total number of shares owned, controlled or agreed to be acquired by Boustead Singapore and its concert parties as well as valid acceptances of the offer amounted to 86.55 per cent as at 6 pm that day.
The offer to acquire Boustead Projects at $0.95 a share – raised from the initial price of $0.90 – was launched in February. Boustead Singapore has stated that it intends to take Boustead Projects private and seek a delisting, should the option become available.
Southern Alliance Mining: SOUTHERN Alliance Mining is expected to report a net loss for the six months ended Jan 31, the Malaysian-based iron ore producer said in a profit guidance issued on Friday (Mar 10).
The Catalist-listed company attributed the losses for H1 FY2023 to a decrease in iron ore production as a result of intense overburden removal activities, in accordance with the group’s mining schedule.
Lower sales volume of iron ore, coupled with a lower average realised selling price for iron ore concentrate and iron ore tailing, also resulted in a lower revenue for the group.