Company Briefs: Sincap Group

Sincap Group

Sincap Group, which has mining interests and carries out trading activity, said yesterday that at least 12.13 per cent of about 2.6 billion shares were taken up, after the close of its rights issue on Monday.

The shares are expected to be issued tomorrow and listed on the Catalist board from 9am next Tuesday.

Sincap said in January that it was holding the rights issue to "strengthen its financial position".

The net proceeds will be used to expand ventures through acquisitions or strategic investments, and for working capital.

Mercator Lines (Singapore)

Dry bulk shipper Mercator Lines (Singapore) has entered an agreement with Australian businesses for a proposed transfer of its listing status.

The plan involves a new firm called Essence Holdco, which is to be incorporated in Singapore and listed on the Catalist board, while Mercator Lines is delisted from the mainboard.

If the backdoor listing is successful, the firm said "it will provide some recovery to incumbent shareholders and creditors of the company".

Mercator Lines noted the Singapore Exchange has also allowed the firm to send in a proposal to resume trading on May 29, instead of Feb 28. The firm will also ask for more time to complete the transfer.

SHS Holdings

Mainboard-listed engineering firm SHS Holdings said its unit Sinenergy Holdings has signed a memorandum of understanding with Ninh Thuan People's Committee to develop a solar farm in Vietnam.

The proposed investment is subject to several matters, including a detailed feasibility study and approval from the Ministry of Planning and Investment .

The firm is also building a solar plant in Bangladesh that is slated to be completed by the second quarter of next year.

A version of this article appeared in the print edition of The Straits Times on April 06, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe