The board of mainboard-listed Aztech Group warned yesterday that it will record a net loss for the third quarter.
The electronics firm blamed "mark-to-market loss" for currency hedging instruments due to the sudden devaluation of the Chinese yuan and impairment charges on the carrying value of its vessels and inventory.
The impairment charges on the vessels are due to market overcapacity and the sharp slowdown in the marine industry.
The inventory has been revalued down due to the sharp correction from the continuous fall of producer prices.
The group expects to realise cash from some assets it plans to sell, a move that will strengthen its liquidity position. The board advises shareholders and investors to exercise caution when dealing in its shares.
Yoma Strategic Holdings
Digicel Group, Yoma Strategic Holding's joint-venture partner in Digicel Asian Holdings (DAH), is selling its 75 per cent stake to Edotco group, a wholly-owned unit of Axiata for US$221 million (S$316 million). DAH develops and leases telecommunications towers in Myanmar.
Yoma Strategic is in talks with Edotco group and is evaluating its options to stay on as a joint-venture partner or to sell its 25 per cent stake.