Company Briefs: Singtel


Singtel has snagged the rights to carry the full suite of entertainment provider Discovery's content in Singapore, with the companies announcing the launch of three more channels yesterday.

Home decor channel HGTV, the Asian Food Channel and Food Network will be available on Singtel TV, bringing the telco's pay-television portfolio to 10 Discovery brands.

The move comes months after Discovery and Singtel rival StarHub parted ways in June on the back of a price disagreement during renewal talks. StarHub, where pay-TV made up 14.5 per cent of revenue last year, had also had the rights to air the full suite of Discovery channels until that point.

Raffles Infrastructure Holdings

Raffles Infrastructure Holdings, formerly known as China Fibretech, has resumed trading on the Singapore Exchange (SGX) as of 1pm yesterday, stating that the group will be able to operate as a going concern and has sufficient working capital for the next 12 months.

The Fujian province-based dye maker was listed on SGX's mainboard in June 2008. By the time trading in its shares was suspended on Nov 30, 2015, as much as 90 per cent of its market value had been wiped out.

In May, it roped in six new shareholders, who agreed to fund a special audit and inject fresh funds to rejuvenate the S-chip.

The company undertook a placement of over 50 million new shares at 60 cents, raising $29.9 million in net proceeds. An earlier one to two share split resulted in a post share split price of 51 cents a share. Raffles Infrastructure said $22 million of net proceeds from the share placement will be used in invested projects and the remaining $7.9 million for working capital.

Nam Cheong

Shipbuilder Nam Cheong has completed its debt revamp through the implementation of the schemes of arrangement of Nam Cheong and its subsidiaries, it said yesterday.

This included a conversion of 35 per cent of its unsecured debt into equity, as well as a rights issue. The conversion rate was 30 shares issued at 4.5 cents each for every US$1 of non-sustainable debt. The one-for-one rights issue was done at an issue price of 1.4 cents for every new share.

The new shares were listed yesterday, after which Nam Cheong shares fell 13.33 per cent, or 0.2 cent, to close at 1.3 cents.

A version of this article appeared in the print edition of The Straits Times on September 29, 2018, with the headline 'Company Briefs'. Subscribe