Company Briefs: Hyflux

Hyflux

Hyflux said its wholly owned unit Tianjin Dagang Newspring (TDN) has successfully restructured a 617 million yuan (S$121 million) Bank of China loan.

The loan's maturity date has been extended by three years to 2026, with the repayment schedule adjusted for lower annual repayments. The loan is for TDN's 100,000 cubic m per day seawater desalination plant in Dagang district in Tianjin, China, and is guaranteed by Hyflux.

Hyflux said the loan renegotiation is a part of its efforts to restructure the group's liabilities, with the new terms expected to ease pressure on TDN's cash flow in the short to medium term.

Bank of China will also receive a pledge of the desalination plant, said Hyflux in a filing to the Singapore Exchange on Wednesday night.


Attilan

Attilan Group, which faces delisting from the the Singapore Exchange (SGX), is in a reverse takeover deal to buy family entertainment content producer, Tremendous Entertainment Group (TEG), for $100 million.

The company said yesterday morning that it has entered into a non-binding memorandum of understanding (MOU) with Tremendous Opportunity Fund (TOF) to acquire TEG. It plans to seek shareholder approval to transfer from the SGX's mainboard to the Catalist board.

Watch-listed Attilan was served a delisting notice by the SGX on June 4, but said it plans to appeal against it. It said yesterday that it has agreed with TOF to proceed with the acquisition regardless of whether the SGX grants its appeal or its application for an extension.

Attilan was formerly known as Asiasons Capital, one of the three penny stocks allegedly manipulated by John Soh Chee Wen in 2013, leading to a massive crash of the Singapore market, wiping out some $8 billion in value.

Attilan said the deal will move its principal business further towards family entertainment content and is in line with its corporate strategy to venture into a new business area.

The group's business segments are investment management, financial advisory, media sales and pre-school.

TEG's three anchor businesses are broadcast, live and interactive exhibitions. It owns children's TV programme Hi-5 and manages the Sands Theatre in Marina Bay Sands.

The acquisition will be paid for by a combination of cash and issue of new Attilan shares, with the issue price per share to be negotiated after completion of the acquisition.

Attilan will issue at least $5 million worth of new shares with regard to the purchase.

A version of this article appeared in the print edition of The Straits Times on June 28, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe