Company Briefs: Atlantic Navigation

Atlantic Navigation

The opinion of independent auditors with regard to an emphasis of matter listed in their report of Atlantic Navigation Holdings' financial statements for the year ended Dec 31, 2017 "remains unqualified", the Catalist-listed company said in an exchange filing yesterday.

The independent auditors - Ernst & Young - included an emphasis of matter in respect of the material uncertainty related to Atlantic Navigation's ability to continue as a going concern.

But in the filing, Atlantic Navigation said: "In the opinion of the directors, the group will be able to continue as a going concern as there are reasonable grounds to believe that the company will be able to pay its debts as and when they fall due."

The investment holding company - which also provides ship repair, fabrication and other marine services - added that it will be able to continue as a going concern as it will be able to "generate sufficient cash flows from its operations as well as secure funding to support working capital and its committed capital expenditure in the near term".

Hoe Leong

Hoe Leong Corporation will proceed with its Singapore High Court lawsuit against Sumatec Resources and its former managing director Chan Yok Peng, after a 27 million ringgit (S$9 million) settlement agreement reached in March was not approved by the Official Receiver of Malaysia.

The heavy equipment maker said the agreement was not approved because of issues relating to whether the Official Receiver would be able to deal with redeemable convertible preference shares (RCPS).

Under the settlement agreement between Hoe Leong, its 80 per cent owned unit Ebony, Sumatec and Mr Chan, Sumatec was supposed to pay part of the settlement sum by issuing RCPS in Sumatec worth 20 million ringgit to Ebony.

This was on top of a 7 million ringgit cash payment to Ebony.

Hoe Leong said this means the settlement agreement will cease to have effect.

The parties to the settlement agreement had previously agreed on May 4 to extend the approval date to June 6.

A version of this article appeared in the print edition of The Straits Times on June 14, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe