Company Briefs: Sunright


Semiconductor firm Sunright has posted a full-year net loss of $1.4 million, widening from a net loss of $293,000 for the same period a year ago.

Revenue in the year to July 31 fell 6 per cent to $129.4 million from a year earlier, on the back of lower sales in the distribution segment and the translation effect of a weaker Malaysian ringgit against the Singapore dollar. This affected revenue from the burn-in, testing and electronic manufacturing services segment.

Yearly earnings per share was 1.1 cents, compared with 2.6 cents a year ago, while net asset value per share was 57.3 cents as at July 31, from 58.8 cents as at July 31 last year.

Starhill Global Reit

The manager of Starhill Global Real Estate Investment Trust said Starhill Global Reit MTN has determined the coupon rate of its $70 million unsecured fixed-rate notes with a tenor of 10 years and maturing in October 2026.

The notes, which are expected to be issued on Oct 3, have been assigned a rating of BBB+ by credit rating agency Standard & Poor's. A rating of AAA reflects the strongest capacity to meet financial commitments.

DBS Bank has been appointed as dealer regarding the issue and offering of the notes.

Net proceeds will be used to refinance the Reit's loans, meet capital expenditure requirements or as working capital.

The notes will carry a fixed interest rate of 3.14 per cent a year, to be paid semi-annually.

After the issue, the Reit's average debt maturity will rise from 3.1 years to about 3.6 years and gearing is expected to increase from 35 per cent to about 35.3 per cent, assuming about $55 million of the net proceeds are utilised to repay external loans.

Swissco Holdings

Swissco Holdings, a marine service provider for the shipping and offshore oil and gas industries, yesterday said it has been informed that legal proceedings against four companies within the Swissco group began on Sept 21.

The legal action was instigated by X-Drill Holding in the United States. X-Drill, which provides stacking and other services to rigs owned by the four firms, is claiming outstanding charges of about $1.85 million.

Swissco disputes the claims and is consulting legal advisers. It said it had been in discussions with X-Drill before the proceedings and will continue to engage with the firm.

A version of this article appeared in the print edition of The Straits Times on September 24, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe