SINGAPORE - The following companies saw new developments which may affect trading of their shares on Tuesday (June 12):
Hyflux: It said on Monday that it has been notified by the trustee for its $500 million 6 per cent perpetual securities that its failure to pay last month's coupon has resulted in an event of default. This tranche of perps has a first call date on May 27, 2020. A default has occurred since Hyflux did not pay perp holders a coupon last month, choosing instead to start a debt restructuring process. Since a default has occurred, the trustee can institute proceedings for Hyflux to be wound up if it gets the mandate of perp holders to do so. The trustee has informed Hyflux that it reserves this right and the rights of perp holders in this regard. The trustee also said it has taken note that in the view of Hyflux, the company has been protected by a 30-day moratorium on creditors' claims since May 22. Hyflux said it will continue to engage with the perpetual trustee. Its shares continue to be suspended on the Singapore bourse.
Imperium Crown: Catalist-listed Imperium Crown has incorporated a subsidiary in China to lead the group's property development and property investment segments, the real estate firm announced in a regulatory filing on Monday night. As its first project, the new subsidiary Fei County Yin Sheng Real Estate will develop two plots of land previously acquired in Wonder Stone Park, a tourist destination in Feixian county in Shangdong province.
Nippecraft: The paper products maker said in a filing on Tuesday before market open that it will be taken off Singapore Exchange's (SGX) watch list from Wednesday. Nippecraft said that it had received an in-principle approval for its removal from the list on Monday. On Wednesday, it will also transfer to the Catalist board from the mainboard and its shares will begin trading at 9am. Nippecraft was put on the watch list four years ago on March 5, 2014 - for posting three straight years of losses and having a market cap that fell below $40 million.