Nippecraft will be taken off the Singapore Exchange's watch list today, the paper products maker said yesterday. It said it had received an in-principle approval for its removal from the list on Monday. Nippecraft will also transfer to the Catalist board from the mainboard, and its shares will begin trading at 9am today.
Nippecraft was put on the watch list on March 5, 2014 for posting three straight years of losses and having a market cap that fell below $40 million.
It had previously been given an extension of up to four months to meet the requirements for its removal by July 1, as it had made a net profit before tax of US$97,000 (S$130,000) in fiscal 2017, but did not meet the average daily market cap requirement.
The Singapore High Court on Monday granted Pacific Radiance a six-month debt moratorium to give the offshore support vessel owner-operator time to restructure its debts.
The company is also required to submit to the Court a report on the valuation of its significant assets together with the affidavit in support of its intended application for a scheme of arrangement.
Pacific Radiance had said that the restructuring will involve a debt-to-equity swap proposal for holders of its $100 million, 4.3 per cent Series 001 notes due this year.
Sembcorp Marine has secured its first polar expedition cruise ship design contract.
The contract, signed between SembMarine's subsidiary LMG Marin and Croatia's Brodosplit Shipyard, is for the design of a ship to be built for Quark Expeditions.
It calls on LMG Marin to deliver a basic design package for the 128m ship, which can carry up to 200 passengers and 116 crew members. The ship is scheduled for completion by the third quarter of 2020. It will join Quark's pool of purpose-built vessels for expeditions to the Arctic and Antarctic.
"Passenger ships have always been an important market for us," LMG Marin managing director Torbjorn Bringedal said.
SembMarine president and chief executive Wong Weng Sun said: "This major milestone reinforces the company's arctic ship design capabilities which, coupled with Sembcorp Marine's engineering expertise, will be critical to our future business opportunities and growth."