Company Briefs: Courts Asia

Courts Asia

Mainboard-listed Courts Asia is offering to buy back its $75 million worth of 5.75 per cent notes due next year at 100.75 per cent of the principal amount.

The retailer is concurrently seeking note holders' consent to include a call option in the terms of the notes that will allow Courts Asia to redeem the bonds early at 100 per cent of par. The issuer plans to exercise that option within 15 days if it is successfully included.

Note holders who deliver their consent to the inclusion of the call option by the business close of July 13 will receive an early consent fee equal to 0.25 per cent of the principal amount. Consent received after their early-bird deadline will receive a normal consent fee of 0.15 per cent. Courts Asia said it is prudent to explore the early redemption of the notes since it has "existing surplus cash".

Serial System

Serial System executive chairman and group chief executive Derek Goh Bak Heng has been called upon by the Taiwanese authorities to assist in certain investigations under the Securities and Exchange Act of Taiwan.

His assistance was requested by the Taipei District Prosecutors Office and the Investigation Bureau, Ministry of Justice of Taiwan.

The electronic components distributor said in a statement yesterday that it was unclear what the investigations were about, adding that "no other person in the company" had been requested to assist in the investigations.

"The board of directors wishes to emphasise that the business and operations of the company and Dr Derek Goh's roles and responsibilities as executive chairman and group CEO therein are not affected in any way by the matter and will continue as usual."

Koh Brothers Group

Koh Brothers Group's first project in South Korea has been 96 per cent sold within three months of its launch.

The freehold Nonhyeon I'Park is located near the core business districts of Coex and Teheran-ro in the Gangnam district of Seoul.

Additionally, 75 per cent of the units in the mixed-use development were sold in the first seven days of its launch in March.

The project, which spans a land area of 4,611 sq m, is 45 per cent owned by the mainboard-listed property and construction player, in a joint venture with local developer Daeryun D & I Co.

A version of this article appeared in the print edition of The Straits Times on June 29, 2018, with the headline 'Company Briefs'. Subscribe