Marco Polo Marine
The Batam-based unit of Marco Polo Marine has been given the approval to place itself under a suspension of debt payment in Indonesia. This means Marco Polo has cleared the final hurdle to proceed with debt restructuring for the holding company and its key shipyard subsidiary under the two schemes of arrangement filed with Singapore's High Court.
Last week, the group won a majority vote at an extraordinary general meeting in favour of issuing new securities that is key to its restructuring plan.
Yesterday, Marco Polo said its subsidiary, Marcopolo Shipyard, had obtained the requisite court declaration made in response to an Indonesian restructuring proposal. Accordingly, the Commercial Court of Medan has endorsed the agreed debt restructuring.
TEE Land is disposing of its entire 31.88 per cent stake in Thailand-listed Chewathai Public Company for a net loss, and plans to redeploy the cash on opportunities in Singapore's residential property market.
TEE Land will record a net loss of 149.35 million baht (S$6.15 million) from the disposal, and expects to receive net proceeds of 318.03 million baht from the sale of shares to Chartchewa Company.
Of Tee Land's 239.1 million shares in Chewathai, it will sell 88 million to Chartchewa for 117.04 million baht, or 1.33 baht per share on Jan 23 next year. The remaining 151.1 million shares will be sold for the same price upon the exercise of the call option or put option later that year. The sale price was based on Chewathai's market cap of 982.50 million baht and net asset value of 978.25 million baht as at Sept 30.
Singtel and global smart metering solutions provider EDMI are collaborating to develop smart electric metering infrastructure for Singapore, the telco announced yesterday.
The partners have successfully tested smart electric meters, powered by Singtel's nationwide Cat-M1 cellular Internet of Things (IoT) network.
The combination of smart meters with the IoT network enables the secure wireless transmission of real-time meter readings at regular intervals to the power grid.
It also allows electricity suppliers to monitor electricity consumption and forecast demand more accurately, Singtel said.