Company Briefs: Sunpower Group

Sunpower Group

Sunpower Group is not in breach of any of the group's loan provisions, following unauthorised transfers of shares belonging to two of its substantial shareholders, it said in response to queries from the Singapore Exchange (SGX).

It has issued convertible bonds of US$110 million (S$151 million) due 2022 to Glory Sky Vision (GSV), as well as a second tranche of convertible bonds for up to US$70 million due 2022 to Blue Starry Energy (BSE) and GSV. BSE is beneficially owned by DCP Capital Partners and GSV is beneficially owned by CDH China Management Company.

Under the agreements relating to bonds, executive chairman Guo Hongxin and executive director Ma Ming had provided irrevocable undertakings to GSV and BSE not to dispose of a certain percentage of their interests in the company's shares.

In an announcement to the SGX on Nov 8, the company said Mr Guo and Mr Ma had each entered into a loan agreement in their personal capacities with America 2030 Capital to take a loan for personal use. They then discovered that each of their 14 million ordinary shares, which had been deposited in a designated account as collateral, was allegedly no longer in the account.

Under the convertible bonds agreements, Mr Guo and Mr Ma are not to dispose of more than 20 per cent of their combined holdings in the shares of the companies unless the outstanding bonds have fallen below 5 per cent.

"The company understands that the shares of Mr Guo and Mr Ma (of approximately 1.89 per cent each of the total issued share capital of the company), which have been transferred without authority, is less than the percentage as stipulated in the foregoing restriction," said Sunpower.

The company said there are no specific restrictions under the bonds agreements imposed on Mr Guo and Mr Ma with respect to pledging any securities. Thus there was no breach of the provisions in the agreements from them pledging shares as collateral to America 2030.

Swissco Holdings

The Singapore High Court has granted the judicial managers of Swissco Holdings and its subsidiary extensions of time to carry out their tasks. The period of judicial management of Swissco Offshore has been extended by six months to July 31, 2019, from Jan 31, 2019.

The judicial managers of Swissco and the subsidiary will have until March 30, 2019, from the earlier deadline of Nov 15 this year to submit their proposals for the offshore support vessel companies. The deadline for creditors' meetings to be held has also been pushed to April 14, 2019 from Nov 30 this year.

A version of this article appeared in the print edition of The Straits Times on November 22, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe