Company Briefs: Hyflux

Hyflux

Water treatment firm Hyflux on Wednesday said it has reached a global full and final settlement agreement with a Chinese entity over certain non-water industrial project works carried out for the Chinese claimant.

With this, the claimant has agreed to irrevocably withdraw the arbitration proceedings.


Jason Holdings

Jason Holdings yesterday said the Singapore Exchange Securities Trading has granted it a waiver to extend the announcement of its fiscal 2017 results, and push back the firm's annual general meeting (AGM).

The company, which provides timber flooring services, was supposed to report its financial results for the year ended Dec 31, 2017 by March 1 this year. The deadline has now been extended by five months to July 31.

Under Catalist rules, the firm was also due to hold its AGM by April 30 this year. It has been granted an extension of four months and now has until end August to convene its AGM.

In a filing with the SGX, Jason Holdings said the company has been "practically insolvent" as its aggregate liabilities exceeded its total assets. Thus, the board has been directing its resources on a scheme of arrangement to restructure its debts and liabilities.


Alliance Mineral Assets

Alliance Mineral Assets yesterday morning announced that it has secured up to A$13 million (S$13.09 million) of debt funding from a consortium led by a cornerstone investor, Australian investment fund Tribeca.

The other lenders comprise Australian-based professional investment funds and professional investors with extensive investing experience in the small-cap resources sector, said the company.

Alliance said it has entered into a loan deed with the consortium to fund the development of the Bald Hill lithium and tantalum mine. The lenders will be conferred mortgage security over the company's 50 per cent interest in the Bald Hill joint venture agreement and its interest in all tenements connected with the joint venture in consideration of the loan.

The loan can be drawn down by the company for up to A$8 million pending mortgage security registration and for up to A$13 million thereafter. The company is also entitled to make multiple drawdowns during the two-year tenure of the loan.

A version of this article appeared in the print edition of The Straits Times on March 30, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe