Company briefs :AusGroup


Beleaguered oil and gas engineering services provider AusGroup halted trading of its shares before the market opened yesterday, in response to a request by the Singapore Exchange after publication yesterday of a report in The Business Times (BT).

AusGroup said it will review the article to determine if any further disclosure is required.

The BT article said that at a meeting with management on Wednesday, AusGroup noteholders said they want their bonds secured and are seeking a small early repayment to give their nod to roll over for another two years the $110 million debt issue that is due on Oct 20.

AusGroup had reported that it is in breach of a financial covenant for that debt issue, with its current liabilities exceeding its current assets by A$95.2 million (S$98 million) as at June 30.

The company also posted a net loss of A$99.5 million for the fourth quarter, sunk by hefty impairment charges.

AusGroup shares closed on Thursday at 3.9 cents.

Cache Logistics Trust

Cache Logistics Trust said that court proceedings over its logistics property at 51 Alps Avenue, commenced by Schenker, are still ongoing.

The property was master-leased to C&P Land under a master lease agreement that expired on Wednesday.

The property is being occupied by Schenker, a German logistics company, which wants to exercise its option to renew its anchor lease for another five years.

As C&P has not renewed the master lease and has failed to deliver vacant possession of the property upon the expiry, Cache intends to claim against C&P for double the amount of rent payable under the master lease agreement for the duration of the holding-over period or damages arising as a result of Schenker remaining on the property.

Yanlord Land Group

Yanlord Land Group has entered into a strategic deal with a unit of China Resources Land to develop primary land in Zhongshan, Guangdong, in China.

Earmarked as a Guangdong provincial-level project, the 1.23 sq km site that Yanlord took an interest in will be redeveloped into a landmark lifestyle and services hub in Zhongshan city.

A version of this article appeared in the print edition of The Straits Times on September 03, 2016, with the headline 'Company briefs'. Subscribe