SINGAPORE - The following companies saw new developments which may affect trading of their shares on Wednesday (Oct 3):
Sembcorp Industries: Sembcorp Industries Ltd was the only party that submitted a final bid for beleaguered Hyflux Ltd's Tuaspring project, which includes South-east Asia's biggest desalination plant, people with knowledge of the matter said. Sembcorp's offer was below Tuaspring's book value and will not be enough to fully pay back loans to the project's main creditor, Malayan Banking Bhd, according to the sources. Keppel Corp, which had earlier shown interest in the asset, did not submit a binding bid by the Oct 1 deadline, the sources said, asking not to be identified because the information is private.
Serial System: A wholly owned subsidiary of mainboard-listed Serial System, Serial Microelectronics, will have its distribution agreement with major supplier Texas Instruments (TI) terminated on Dec 31, 2018, Serial System announced late on Tuesday. The authorised distributor of electronic components added it is in ongoing discussions with TI - an American semiconductor firm - to work out the arrangements for the cessation of the business relationship, and that it is concurrently considering a potential sale of its TI distribution business.
Aspial: Aspial Corp is launching $20.75 million in additional notes under its $700 million multi-currency debt issuance programme at a coupon of 6.25 per cent following interest from its investors. The notes, which are due 2021, add to an earlier tranche of $29.25 million in notes, taking the total under the Series 006 notes that will be issued to $50 million. The Series 006 notes are expected to be issued on Oct 11, and will be used to finance the general funding requirements or investments of the group, for working capital and for capital expenditure.
Stamford Land: Minority shareholder Mano Sabnani has denied allegations by Stamford Land and its directors, and maintained that remarks he made about their conduct at the company's annual general meeting (AGM) were justified and not defamatory.
Wheelock Properties has requested for a suspension in trading of its shares due to loss of public float, as Star Attraction Limited and parties acting in concert with it hold more than 90 per cent of the total number of issues shares as at the close of the offer on Oct 2, 2018, the developer announced on Wednesday morning.