Company Briefs: Swissco Holdings

Swissco Holdings

The interim judicial managers of Swissco Holdings have entered into a memorandum of agreement with Australian Maritime Systems Asset Holdings for the proposed disposal of a vessel for US$7.2 million (S$10.1 million).

The sum comprises a sales commission of US$172,000 payable by Australian Maritime Systems and a balance of US$7.028 million to be paid in cash, the interim judicial managers said in a stock exchange filing yesterday.

The price was based on the net book value of the vessel of US$5.02 million as at Nov 30, 2016 and after taking into account an independent desktop valuation conducted on Jan 23 this year. Based on the valuation, the vessel was valued at US$5 million to US$10 million.

The vessel, Coral Knight, was built in 2014 and was mortgaged to OCBC Bank as security for banking facilities. The vessel is chartered to Australian Maritime Systems till April 29.

Marco Polo Marine

Shipping services firm Marco Polo Marine has signalled that it intends to default on interest payment on notes due to be paid on April 18.

" In view of the company's current cashflow position and proposed refinancing and debt restructuring exercise, the company does not expect to make payment of the April 2017 interest payment on April 18," the firm said in a stock exchange filing yesterday.

It said "the monies earmarked for this have been redeployed to working capital for business sustainability". It added that it will engage its noteholders on the appropriate manner to address such outstanding payment pending the completion of the group's refinancing and debt restructuring exercise.

Ascott Residence Trust

Ascott Reit said it has sold the beneficiary interests of 18 rental housing properties in Tokyo under its unit Zenith Residences Tokyo Tokutei Mokuteki Kaisha (Zenith TMK) for 12 billion yen (S$153.6 million).

Zenith TMK has entered into conditional sale and purchase agreements with Nikko Zenith GK9 and certain of its related corporations, the trust manager Ascott Residence Trust Management said yesterday.

The properties are more than 10 years old and are due for refurbishment.

The estimated net gain from the sale is 831 million yen, which may be used for asset enhancement and funding potential acquisitions, among other uses.

A version of this article appeared in the print edition of The Straits Times on April 14, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe