Fast and Secure Transfers system
The Association of Banks in Singapore yesterday announced the transaction limit for the Fast and Secure Transfers system will be raised from $50,000 to $200,00 from next week. The new ceiling will apply to personal and corporate banking customers. Customers, however, will still be subject to daily and monthly limits set by their respective banks.
"With the convenience and increased adoption of Fast, and in preparation for future initiatives such as PayNow Corporate, there is a need for a higher transaction limit to cater to the growing demand for electronic funds transfers and payments," it said.
TT International
Distressed consumer electronics trader TT International yesterday announced it had entered into a term sheet agreement on Jan 31 with an unnamed potential investor as part of the company's financial restructuring efforts.
The proposed investment, which could be worth up to $125 million, will be undertaken by a fund set up by the said investor, and may take the form of either or both of a loan to TT International and a subscription to new TT International shares.
If the investment takes the form of a new capital commitment, this may result in the investors getting at least 24.5 per cent of the enlarged shareholding of the reorganised firm.
The company intends to use proceeds to make statutory payments in relation to the Big Box building owned by its subsidiary, Big Box.
KTL Global
Oil and natural gas company KTL Global narrowed its net loss to $2.17 million, or 0.9 cent per share, for the second quarter ended Dec 31, from a net loss of $2.78 million, or 1.16 cents per share, a year ago.
This was due to a "decrease in operating expenses, other operating income and share of results of an associate, partly offset by increase in revenue, other operating expenses and finance costs", KTL Global said. Revenue for the quarter was $9.3 million, 15 per cent higher than the $8.1 million in the year-ago period.
Separately, it said its directors are considering either undertaking a share consolidation or transferring to a Catalist in order to resolve its breach of the mainboard's minimum trading price rules. KTL Global is on the Singapore Exchange's watch list because its shares have been trading below 20 cents and its market capitalisation is below $40 million.
