SINGAPORE - The following companies saw new developments that could affect trading of their stocks on Friday (APRIL 6):
Noble Group: Singapore Exchange Regulation (SGX Regco) has voiced its opposition to a part of Noble's restructuring proposal that the market regulator says wrongly links a shareholders' entitlement under an alternative restructuring plan with how they vote for the primary plan. SGX Regco urged Noble's creditors to reconsider that part of the plan, and said it will not hesitate to register its concerns if Noble, a commodities trader, is put under administration.
FJ Benjamin Holdings: Fashion and lifestyle retailer FJ Benjamin's rights cum warrants issue was oversubscribed by 48.6 per cent. The three-for-five rights issue will raise net proceeds of S$7.8 million, while the warrants - issued on the basis of two free warrants for every rights share - could raise another S$27 million gross. The warrants have a strike price of four Singapore cents each and have a three-year exercise period.
Sinjia Land: Sinjia Land, whose businesses include selling customised elastomeric and polymeric components, said its negative working capital widened to S$3.03 million as at end-2017 after taking in adjustments proposed by its independent auditor. That adjustment came after reclassifying S$2.36 million of receivables from current to non-current assets because they are only due in 2019.
KTL Global: The offshore services company is terminating its lease at 71 Tuas Bay Drive, but will have to pay its landlord S$5.87 for the move. KTL said that the move reduces a long-term commitment and allows the company to focus on capturing the increased activity in the global offshore oil and gas market.