Company Briefs: ST Engineering

ST Engineering

Singapore Technologies Engineering's aerospace arm has placed its Singapore Aerospace KK unit under voluntary liquidation.

Singapore Aerospace KK was set up as a marketing office in Japan in 1988.

Its liquidation is the result of an ongoing business review to streamline and optimise ST Aerospace's marketing resources, the company said in an exchange filing yesterday.

The liquidation is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for this financial year.

Rickmers Maritime Trust

Rickmers Maritime has made US$5 million (S$6.9 million) in voluntary pre-payments towards an outstanding loan from a banking syndicate led by BNP Paribas.

The voluntary pre-payments will be made from cash in the accounts, which are secured in favour of the BNP syndicate by way of a fixed charge, the trustee-manager said yesterday in an exchange filing. "The rationale for such voluntary pre-payments is to deleverage the Trust and save interest costs by utilising cash not available to the Trust for other purposes," it added.

The pre-payments also preserve the reservation-of-rights arrangement between Rickmers Maritime and the BNP syndicate.

The trustee-manager said it "continues to engage the lenders in relation to its obligations and indebtedness" and will update unitholders on any development.

F J Benjamin Holdings

Fashion group FJ Benjamin Holdings, which has racked up losses for three consecutive years, has sold its subsidiary NooTrees to Lam Soon Singapore for $2.2 million.

NooTrees imports and sells sustainable consumer products, including tissue paper, wet wipes and baby wipes under the NooTrees and Bum Bams brands in Singapore and in the United States.

F J Benjamin said the most significant potential for NooTrees' business is in the US. This would require more resources to build up than FJ Benjamin can provide.

"Accordingly, the group wishes to exit this loss-making business, which is not a core asset of the group nor, currently, a strategic investment, to focus its resources and capital for allocation to its other core businesses," it added.

The transaction was completed yesterday.

A version of this article appeared in the print edition of The Straits Times on April 01, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe