Company Briefs: Centurion Corp

Centurion Corp

Centurion Corp has entered into an agreement with College Square to purchase a student accommodation facility in the United States.

Centurion said it intends to pay about US$70 million (S$95.3 million) for a 30 per cent stake in the asset, a 160-unit newly-built accommodation facility with 204 beds at 200 College Street, New Haven, Connecticut.

The company said it intends to procure third parties to acquire the rest of the Yale facility.

It also plans to enter into a joint venture with a local partner to manage the building.

Thefacility enjoys a "high occupancy rate", with the units occupied by students as well as resident doctors, professors and researchers, said Centurion. The deal is expected to be completed around the end of next month.

mm2 Asia

Film production and distribution company mm2 Asia has received its deposit in full from Village Cinemas Australia after its bid to acquire a stake in Golden Village failed.

The deal could not be completed as Village Cinemas Australia was unable to procure fulfilment of certain conditions under the shareholders agreement entered into between them and their existing coshareholder Dartina Development Limited.

Catalist-listed mm2 Asia had failed in its bid to acquire a 50 per cent share of the Golden Village cinema chain in Singapore for $184.25 million. It was to buy Village Cinema Australia's stake in Dartina Development, which holds the Golden Village cinema business in Singapore.

Nam Cheong

Nam Cheong, a shipbuilder which has defaulted on its bonds and ceased all other debt repayments, has received a writ of summons and statement of claim filed by AmBank in Malaysia.

AmBank is claiming against Nam Cheong and its subsidiary, Nam Cheong Dockyard, for the sum of about RM70.4 million (S$22.3 million) as at July 31.

Nam Cheong said it is reviewing the writ of summons and seeking legal advice.

Also, the firm said it is committed to restructuring its debt and will continue to engage in talks with lenders - including AmBank - and other key stakeholders.

"However, there can be no assurance or reasonable certainty that any discussions or any restructuring options will materialise or be successfully concluded," it said in a filing.

A version of this article appeared in the print edition of The Straits Times on August 11, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe