KLW Holdings chairman Abdul Qawi is refusing to fulfil an obligation to subscribe to two billion new shares that the door maker had put to him. KLW on Nov 11 exercised a put option that required Mr Abdul Qawi to subscribe to those shares at two Singapore cents apiece. KLW shares last traded at one Singapore cent on Nov 17.
On Nov 16, lawyers for Mr Abdul Qawi, who acquired a 9.3 per cent stake in KLW in 2014, replied that the company was "not entitled to exercise the put option". They cited, among other things, investigations by the Commercial Affairs Department and the Singapore Exchange's reprimand of the company, its former managing director and former group financial controller.
If Mr Abdul Qawi fulfils the put option, it will bring his stake to 33.9 per cent.
THE BUSINESS TIMES
The Malaysian government has stepped in to mediate discussions between troubled Malaysian oil and gas services provider Perisai Petroleum Teknologi and its creditors on a proposed debt restructuring scheme.
All lenders are now required to observe an informal standstill and withhold proceedings against Perisai Petroleum, the Malaysian associate of offshore services provider EMAS Offshore.
Perisai Petroleum has 60 days to submit a proposal for the proposed debt restructuring scheme and the Malaysian agency, called the Corporate Debt Restructuring Committee, will subsequently call for a meeting with lenders.
Entertainment company mm2 Asia's subsidiary UnUsUaL has secured interest from three investors ahead of its IPO.
The three - SPH AsiaOne, a unit of media group Singapore Press Holdings; Apex Capital Group; and Maxi-Harvest Group - will each be buying $1 million worth of shares in UnUsUaL. This will be done by way of a convertible note, with a mandatory conversion into UnUsUaL shares upon its listing at a discount of 15 per cent to the IPO price.
SPH AsiaOne will also be given an option to subscribe for more pre-IPO shares, to bring its stake in UnUsUaL to 5.5 per cent.
If the listing does not materialise within two years, all investors will be given a coupon amounting to 8 per cent per annum at maturity.