Advance SCT collaborates with consulting firm to turn company around

Advance SCT collaborates with consulting firm to turn company around

Gwyneth Yeo
27/06/16, 06:23 pm

SINGAPORE (June 27): Advance SCT on Monday entered into a binding heads of agreement with BT Consulting & Management to study the various options to resolve its outstanding debt issues and undertake a strategic business review to revive its ailing business.

Apart from looking at various options to resolve its debt, the collaboration will also involve exploring the acquisitions of new assets and undertakings that are earnings and yield accretive for Advance SCT, the supplier of copper-based products.

Furthermore, BT Consulting will also provide up to $8 million of funding for the strategic review and to meet immediate working capital requirements of its existing commodities business.

BT Consulting will subscribe to $3 million worth of new shares and $5 million worth of convertible securities.

Advance SCT had applied to the Singapore High Court in February to enter into a scheme of arrangement to repay its debt. The court has yet to sanction the latest scheme.

The placement exercise is subject to the approval of Advance SCT’s shareholders.

For the 1Q ended March, Advance SCT losses widened to $1.34 million from $942,000 a year ago. Revenue dropped to $1.43 million from $12.9 million following a downsizing of its business to lower its debt level.

At the end of March, Advance SCT’s cash and cash equivalent dwindled to $400,00 from $5.32 million a year ago.

Advance SCT shares have been suspended from trading since Jan 12.

CapitaLand Mall Trust upgraded to 'buy' by UOB on Jurong Lake District plans, Funan launch

SINGAPORE (May 27): CapitaLand Mall Trust will benefit from the development of Jurong Lake District (JLD) as it has three retail malls located within Jurong Gateway, says UOB KayHian. See: CapitaLand Mall Trust declares 3.6% higher DPU of 2.88 cents on higher income IMM Building, JCube and Westgate, which in total accounts for 20% of CMT’s portfolio valuation, are located within Jurong Gateway and adjacent to Jurong East MRT station. Meanwhile, Funan, which is about 90% pre-committed for retail space and 98% pre-committed for office space, is scheduled to open next month. See als....

Time to 'buy' MindChamps as growth initiatives bear fruit: RHB

SINGAPORE (May 27): RHB Research continues to keep MindChamps Preschool at “buy” at a lower target price of 83 cents compared to 87 cents previously, indicating a 26% upside plus 2.2% yield. The reduced target price comes after cutting FY19-20F earnings by 7% and 11%, respectively, upon management indications that adopting SFRS 16 has negatively impacted the group’s 1Q19 pre-tax profit by about $90 million or -15%. In a May 17 report, analyst Juliana Cai says she nonetheless remains positive on MindChamps as she expects the group to start reaping returns from its investments as its....

Ascendas-Singbridge establishes co-innovation lab with IMDA & Enterprise Singapore

SINGAPORE (May 27): Singapore’s smart nation ambitions have been further bolstered by a new partnership between Ascendas-Singbridge, Infocomm Development Authority of Singapore (IMDA) and Enterprise Singapore (ESG) to form the Smart Urban Co-Innovation Lab. All three parties are looking to have a total of 30 co-innovation projects come out from the lab, which is expected to be launched at the end of the year as the first developer-led lab in Southeast Asia. This announcement follows last year’s call for innovation led by IMDA, Ascendas and JTC. Ascendas has published 12 probl....