Company Briefs: Sembcorp Industries

Sembcorp Industries

Sembcorp Industries said it has added two operating rooftop solar facilities in Singapore to its global renewable energy portfolio.

Through its wholly owned subsidiary Sembcorp Utilities, the mainboard-listed company completed its purchase of Solar C&I Holdings for $3.3 million from REC Solar.

Solar C&I owns grid-tied rooftop solar assets located at Asia Pacific Breweries (APB) Singapore and Stolthaven Singapore (Stolthaven).

Already in operation, these assets provide power directly to APB and Stolthaven and have a combined capacity of 2.3 megawatts.

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Rickmers Maritime

The trustee-manager of Rickmers Maritime said a syndicated lender has given the nod for the sale of its remaining nine vessels for some US$54 million (S$75 million) to Navios Partners Containers and Navios Partners Containers Finance.

The sum will also include an amount to support settlement of operational cash deficits, said Rickmers Trust Management.

The vessels are secured to the HSH Nordbank-led syndicate and as the total proceeds from the sale fall below the outstanding loan, they will be paid in full to the syndicate as part settlement of the loan.

After funding cash burn, operating expenses and the settlement of costs associated with the winding up of the trust, unsecured creditors are expected to receive total proceeds of about US$27 million.


Swing Media Technology

Swing Media Technology has requested an immediate suspension in the trading of its shares after two of its subsidiaries received creditor demands from two banks totalling HK$58.3 million (S$10.4 million), for which the Hong Kong-based, Singapore-listed company had acted as a guarantor.

If the demands for payments are not met within three weeks, there is a possibility that either one or both banks will seek a winding-up petition against the subsidiaries.

Owing to material uncertainty and doubt about the group's and company's ability to continue as going concerns, Swing Media had decided to convert the trading halt of its shares to a suspension. Swing Media said it is currently negotiating with the banks, as well as the other financiers of the group, to settle the demands and other potential defaults arising from them.

A version of this article appeared in the print edition of The Straits Times on July 12, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe