Singapore Myanmar Investco
Singapore Myanmar Investco (SMI) has terminated a joint venture meant to procure and launch the Jones The Grocer restaurant chain in Myanmar, the company announced yesterday before the market opened.
SMI, a Myanmar-focused investment and management company, said the "initial development location", the cornerstone to launching the proposed franchise, was no longer available. The agreement had been entered into with Pinnacle Myanmar, with SMI holding a 51 per cent stake. The joint venture company will be dissolved. The termination of the deal is not expected to have any material impact on net tangible assets and earnings per share for the year ending March 31, 2019.
Construction firm cum property developer Lum Chang yesterday invited holders of its outstanding $50 million 5.5 per cent notes due 2019 to exchange their notes for a "like principal amount" of Singdollar-denominated notes due 2021 with a higher coupon of 5.8 per cent. The latter comes under its $300 million multicurrency medium-term note programme.
This is to "provide the noteholders with an opportunity to remain invested in the group in view of the impending redemption of the existing notes" on March 28 next year, it said.
As an incentive for early participation, the firm will pay a one-time fee of 0.6 per cent of the principal amount of the relevant offered notes for valid offers submitted to the exchange by 5pm on Sept 19; others that submit valid offers by noon on Sept 21, the expiration deadline, will be paid 0.3 per cent instead.
Sias, the Securities Investors Association (Singapore), has established an informal steering committee for holders of Hyflux's Series 008, 009 and 010 notes which are due this year and next. This is to facilitate the firm's engagement with the noteholders during the reorganisation, Hyflux said on Wednesday.
Sias is also currently setting up an informal steering committee for holders of $400 million of 6 per cent preference shares and holders of $500 million of 6 per cent perpetual securities. This is to "facilitate (Hyflux's) engagement" with them during the reorganisation.
While the reorganisation is ongoing, Hyflux said, it will not be making any coupon or interest payments, distribution payments or dividend payments for any obligations that have fallen due or will fall due in relation to any of those securities. It will also not redeem these securities upon maturity or otherwise.