Company Briefs: China Sky Chemical Fibre

China Sky Chemical Fibre

China Sky Chemical Fibre said it filed a lawsuit in the High Court of Singapore on Monday against its non-executive director, Mr Zheng Kai Su, for the alleged fraudulent and unauthorised use of the group's funds and assets as collateral for securing loans amounting to 1.07 billion yuan (S$219.7 million).

The company also lodged a report with the Commercial Affairs Department against Mr Zheng on the same day.

It said it would also take other actions including filing a police report in China against Mr Zheng, who was appointed to his position in September last year, in due course.

Frasers Centrepoint

Frasers Property Australia, a division of mainboard-listed Frasers Centrepoint, has secured a 115ha land parcel for an A$440 million (S$467 million) mixed-used community, in one of the largest site acquisitions in Melbourne in recent years.

The actual price paid by Frasers Property was not disclosed.

The land parcel can deliver around 1,200 residential units and over 20,000 sq m of retail space.

The site at 974 Black Forest Road in Melbourne's west is adjacent to a proposed train station, enabling Frasers Property to integrate the mixed-use community with transport infrastructure to provide convenience and connectivity.

Pacific Radiance

Offshore marine support services provider Pacific Radiance has negotiated a series of agreements with its main bankers to refinance its existing term loans and renew revolving credit facilities totalling some US$185 million (S$257 million) due in the near to medium term.

With the support of the key lenders, the profile of the term loans has been refinanced to 12 years from an average of seven years previously, and the maturity has largely been extended from 2019 to 2021.

As a result, the group's loan principal repayment burden will be reduced by about US$103 million over the next three years to 2019. This is expected to enhance the group's liquidity position and financing cash flows in the near to medium term.

A version of this article appeared in the print edition of The Straits Times on October 26, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe