Company Briefs: EuroSports Global

EuroSports Global

EuroSports Global has entered into a conditional sale and purchase agreement to acquire Ultimate Drive and Driven By Adrenaline for a total of $535,000.

The two are limited private companies incorporated in Singapore and they mainly provide short-term rental of premium sports cars, said EuroSports Global in a stock exchange filing yesterday.

It added: "The proposed acquisition provides a ready platform and an established brand in Ultimate Drive for the group to expand into the short-term premium sports car rental business." The proposed acquisition will be funded through internal resources.

Hai Leck Holdings

Hai Leck Holdings is working on new industrial mechanisation tools to boost productivity.

The local engineering firm said yesterday it is in talks with Ngee Ann Polytechnic to jointly develop a "new application around an automated clamp loosening technology" for the process, construction and maintenance industry. It added that the application will cut the preparation time for scaffolding projects by more than 75 per cent and reduce the number of workers required from four to just one.

Last week, Hai Leck unveiled eight machines that can automate labour-intensive processes. It has invested more than $20 million in mechanisation tools to upgrade its construc- tion and maintenance processes since 2009.

Ezra Holdings

Offshore solutions provider Ezra Holdings is seeking consent from holders of its $150 million notes due in 2018 to "make certain amendments to the trust deed and the notes".

Ezra said yesterday it expects to face strong headwinds in the foreseeable future amid persistently low oil prices, cuts in global exploration and production capital expenditure and declining charter rates.

It said: "The company believes that pre-emptive steps should be taken with respect to its financial management strategies."

Ezra proposed to establish an interest service reserve account for the notes to be secured in favour of HSBC Institutional Trust Services, acting as trustee for the noteholders. This will involve Ezra making a one-time deposit into the account in the event that the interest coverage ratio falls below a certain stipulated threshold in upcoming financial half-years. A meeting with noteholders will be held on April 13.

A version of this article appeared in the print edition of The Straits Times on March 23, 2016, with the headline 'Company Briefs: EuroSports Global'. Print Edition | Subscribe