Company Briefs: Chiwayland International

Chiwayland International

Property developer Chiwayland has won endorsement from Parramatta city council in Sydney to more than double the floor space ratio for its Bluesky @ Parramatta project.

Final state government approval is expected before November. Then the project's original floor space ratio of 4:1 will be increased to 11.5:1, with a total gross floor area of 32,545 sq m. The residential development is to be completed in 2019. Chiwayland shares closed 0.1 cent or 1.23 per cent higher at 8.2 cents ahead of the announcement yesterday.


NauticAWT

Marine engineering firm NauticAWT will raise $2.61 million with the placement of 15 million new shares to private investment firm Harps at 17.4 cents apiece.

Ten million new shares will be issued around July 25, and another 5 million will be issued on Oct 25. Net proceeds from the placement exercise will be about $2.58 million, which will be used to strengthen the firm's working capital amid the challenging business environment, NauticAWT said in a Singapore Exchange filing after market close yesterday.

NauticAWT shares closed up half a cent or 3.45 per cent at 15 cents.


Fabchem China

Explosives manufacturer Fabchem China will dispose of its shares in Hebei Yinguang Chemical in a bid to offload a loss-making and debt-ridden unit.

Fabchem China acquired Hebei Yinguang Chemical in 2008 for its ammonium nitrate manufacturing, but the unit has accumulated about 30 million yuan (S$6 million) in bank loans. In the financial year 2015, Hebei Yinguang was hit by a 16.5 million yuan loss.

"The proposed disposal will allow the group to reallocate its resources to focus on its existing core businesses and any future business opportunity," Fabchem China said.

Fabchem China shares closed flat at 17.8 cents when they last traded on June 10.


China Environment

The Accounting and Corporate Regulatory Authority has asked China Environment to refile and restate its financial statements for financial years 2013 and 2014. This was done under the Financial Reporting Surveillance Programme.

A version of this article appeared in the print edition of The Straits Times on June 17, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe