Company Briefs: Aspial Corporation


Aspial Corporation is inviting holders of its $100 million, 5.5 per cent notes due in November this year to exchange them for fresh notes. It said yesterday that it wants to provide these note holders with "an opportunity to remain invested in the group in view of the impending redemption".

As an incentive, the company will pay note holders a one-time fee of 0.5 per cent of the principal amount of the notes, as a premium for the early exchange for offers submitted by 5pm on April 9, or 0.25 per cent for offers submitted by noon on April 13.

The new notes will bear a higher interest rate of 5.9 per cent per annum, payable semi-annually.

The company also intends to issue additional notes for sale to all investors.

TT International

Mainboard-listed TT International disclosed late on Monday that it has been granted a moratorium extension to Aug 11 by the High Court. This effectively gives the distressed consumer electronics retailer more breathing room from creditors.

The moratorium restricts all creditors from taking further action against the company.

The company, which holds 51 per cent of retail and concert venue operator Big Box, said it has also won approval from the receivers and managers of Big Box to continue occupying part of the property at a revised lower rental rate for at least seven months.

"The company is confident that the extension of the moratorium will provide the impetus and stability to the company to progress its restructuring and assuage any immediate concerns of its creditors and stakeholders," it said.

"The company will work closely with the potential investors and lenders, statutory authorities and other stakeholders to bring to fruition the restructuring in the near future."

Trading in the company's shares has been voluntarily suspended since Aug 4, 2017.

Lian Beng Group

SLB Development, a property development unit of Lian Beng Group, will be offering its shares to the public as it heads towards a listing on Singapore's Catalist board.

SLB Development develops and sells residential, mixed-use, industrial and commercial development properties, mainly in Singapore. It posted a net profit of $15.8 million on revenue of $87.6 million last year.

A version of this article appeared in the print edition of The Straits Times on March 28, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe