SINGAPORE - The following companies saw new developments which may affect trading of their shares on Wednesday (June 13):
Lifebrandz: The lifestyle group saw losses widen for the third quarter of the financial year to $690,000 for the three months ended April 30, compared to a loss of $260,000 the year before mainly due to higher expenses. Revenue quadrupled to $898,000 from $185,000 previously, on new transactions in tourism business e-Holidays, which accounted for 73 per cent of group revenue. Food and beverage sales at Irish pub Mulligans Pattaya also rose 23 per cent due to higher tourist spending and better business conditions during the Thai Songkran festival in that period. But total expenses also rose to $1.6 million from $446,000. Inventories and services expenses rose to $672,000 from $71,000, mainly due to high sales activities from travel services and F&B (food and beverages). Advertising, media and entertainment expenses rose to $48,000 from $3,000, while employee benefits rose to $569,000 from $215,000.
Sembcorp Marine: It secured its first polar expedition cruise ship design contract. Signed between SembMarine's subsidiary LMG Marin and Croatia's Brodosplit Shipyard, it is for the design of a ship to be built for Quark Expeditions. LMG Marin will deliver a basic design package for the 128 metre ship, which can carry up to 200 passengers and 116 crew members. The ship is scheduled for completion by the third quarter of 2020. It will join Quark's pool of purpose-built vessels for expeditions to the Arctic and Antarctic.
Pacific Radiance: The offshore support vessel owner-operator has been granted a six-month debt moratorium by the Singapore High Court on June 11 to give it time to restructure its debts. It is also required to submit a report on the valuation of its significant assets together with the affidavit in support of its intended application for a scheme of arrangement. Pacific Radiance had said that the restructuring will involve a debt-to-equity swap proposal for holders of its $100 million, 4.3 per cent Series 001 notes due 2018.