Company Briefs: Yongnam Holdings

Yongnam Holdings

Yongnam Holdings' joint venture with Leighton Asia has bagged a $553.8 million Land Transport Authority contract for the design and construction of part of the future North-South Corridor project.

The steel contractor and civil engineering firm's 30:70 joint venture with Leighton Asia - part of the Cimic Group - has been awarded the N103 design and construction contract, consisting of 640m of twin, three-lane vehicular tunnels, the underpinning of an existing expressway flyover, a new facility building, and entrance and exit ramps.

The contract will commence in the second quarter and be completed by 2026, which is also the expected year of completion for the North-South Corridor.

It is expected to have a positive impact on the group's financials for the fiscal year ending Dec 31, 2018, Yongnam said.

FSL Trust

First Ship Lease (FSL) Trust has secured a loan offer to refinance its remaining two chemical tankers and completed a US$7.25 million (S$9.75 million) bond issue.

Its manager, FSL Trust Management, said it accepted a bank offer on May 17 for a senior secured amortising term loan of up to US$18 million to refinance its tankers, FSL New York and FSL London.

The offer is subject to entry by the parties into definitive transaction documentation.

The trustee-manager said its issuance of redeemable 7 per cent convertible bonds to raise US$7.25 million was completed on May 21.

Midas Holdings

Midas Holdings said it is unable to pay the US$1.05 million (S$1.4 million) in interest for each of its Series 003 and Series 004 multi-currency medium-term note due yesterday.

Its board had earlier warned that the company cannot operate as a going concern, while the firm's auditors said separately that its auditor reports for Midas from 2012 to 2016 can no longer be relied upon.

The maker of aluminium alloy extrusion products had received two letters of demand on March 9 and April 16 for 87.3 million yuan (S$18.4 million) and US$6.9 million respectively.

In a separate statement, Midas said it has appointed lawyers Legal Options to represent it in a dispute with former chief executive Patrick Chew Hwa Kwang.

A version of this article appeared in the print edition of The Straits Times on May 24, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe