Mainboard-listed offshore and marine group Pacific Radiance has begun discussions with its bank lenders in relation to the review of the group's financial position and capital structure, with a view to debt restructuring.
"The group and the bank lenders intend to work towards a consensual restructuring of the group's borrowings," it said in a pre-market filing yesterday.
The company trimmed its net loss in the second quarter ended June 30 by 86 per cent year on year to US$8.05 million (S$10.75 million) on the absence of one-time impairment charges, though its offshore support services business continued to see lower utilisation and charter rates.
Debt-laden shipbuilder Nam Cheong has agreed to sell three office lots in Suntec Tower Three to a third party purchaser for $25 million.
The Suntec property is mortgaged to DBS Bank and all proceeds from the disposal will be applied towards the settlement of outstanding amount under a credit facility granted by DBS Bank.
The office lots were initially intended to be used as the group's corporate office but were leased to third parties for rental income.
The disposal will reduce the group's financial liabilities and borrowings in the light of the discussions on proposed debt restructuring.
Fullerton Fund Management
Fullerton Fund Management's wholly foreign-owned enterprise (WFOE), Fullerton Investment Management (Shanghai) Co, has received its private fund management (PFM) approval from the Asset Management Association of China (Amac), The Business Times reported. With the approval, Fullerton is now able to offer onshore investment products to institutional and high net worth investors in China.
Fullerton is the first Asian fund house to successfully register its WFOE with the Amac as a private fund management company.
The company established its China footprint in 2007, with a representative office housing onshore equity analysts. It has grown its China team from six to 11 employees over the past year. There are plans to further invest in the local office and grow the staff number.
Fullerton is a wholly owned subsidiary of Temasek Holdings, with an asset under management of $17 billion, as at June 30.