Update

Best World files defamation suit against short seller Bonitas; calls to lift trading halt following 1Q results release
SINGAPORE (May 9): Best World has issued a statement that says it “strongly refutes” an April 24 short seller report by Bonitas Research, where it alleged the group’s sales in China are a fraction of what was reported to its shareholders, among other issues raised in the report which the group insists are untrue. It adds that Best World and its co-founders have commenced defamation ...
Hyflux names UAE firm as next potential suitor with $400 mil injection deal
SINGAPORE (May 6): Hyflux has identified Utico FZE as its next potential white knight investor which might make a capital injection of $400 million, weeks ahead of its extended debt moratorium until May 24. Hyflux had previously mentioned it was in discussions with an unidentified suitor and had already received a non-binding letter of intent (LoI) from the other party. See: Hyflux applies ...
Raffles Medical Group says not long before China forms 20-40% of overall business
SINGAPORE (April 29): Raffles Medical Group (RMG) says Raffles Hospital Chongqing saw around 500 patients over 1Q19 since it opened in January this year. The new hospital currently has between 100 and 150 beds, and the group intends to roll out more beds progressively to fill its 700 bed capacity. See: Raffles Medical Group posts 13.7% lower 1Q earnings of $13.65 mil on gestation loss from ...
Suntec REIT looks to expand Australia footprint with $150 mil private placement
SINGAPORE (April 24): Suntec REIT’s manager ARA Trust Management is proposing to issue 84.7 million new units of the REIT at $1.77 to $1.81 per new unit in its bid to raise up to $150 million of gross proceeds, with the possibility of increasing the size of the private placement by up to an additional $50 million. The price range of the unit placement represents a discount of between 5.8% ...
AA REIT, CacheLog and MapletreeLog say no default on rents so far by tenant CWT
SINGAPORE (Apr 17): The managers of AIMS APAC REIT (AA REIT), Cache Logistics Trust (Cache) and Mapletree Logistics (MLT) announced separately on Tuesday night that CWT has so far not defaulted on its rental payments under their respective lease agreements. CWT is a tenant of properties at 20 Gul Way and 30 Tuas West Road which are managed by AA REIT. In its regulatory filing, AIMS APAC ...
Backed into a corner, Hyflux remains uncertain over plans to extend debt moratorium
SINGAPORE (April 11): Hyflux remains undecided over the possibility of seeking an extended debt moratorium ahead of the April 30 deadline, according to the troubled water and power company’s representing attorney. Speaking on behalf of Hyflux at a case management conference today, WongPartnership lawyer Manoj Sandrasegara reportedly said he had “no instruction at this stage” to apply for ...
Rare Singapore protest flags investor anger in Hyflux slump
SINGAPORE (April 1): A rare public protest in Singapore on Saturday underscored mounting anger among investors set to suffer sharp losses in one of the country’s highest-profile corporate debt restructurings. The catastrophic slump of the once-vaunted water and power company, Hyflux Ltd., has stunned debtholders, who stand to lose about 90%. About 400 to 500 of those individual investors ...
YuuZoo CEO 'forced to quit' as company closes subsidiaries in Singapore, terminates employments
SINGAPORE (Mar 18): The chief operating officer (CEO) and executive director of YuuZoo Networks Group, formerly known as YuuZoo Corporation, resigned effective today. Known only as Mohandas, the 43-year-old was said to have tendered his resignation on Mar 5, his reason being: “Company unable to continue Singapore operations due to continuing share trading suspension”. According to ...
Hyflux postpones third town hall; cites space issues due to 'large number' of expected attendees
SINGAPORE (Mar 12): Hyflux is postponing its town hall meeting indefinitely as the group says the venue cannot accommodate the “large number” of shareholders and noteholders who said they wished to attend. The group adds that it will announce the details of the rescheduled meeting as soon as possible. Originally scheduled to take place tomorrow at 7pm, the third round of Hyflux’s town ...
Raffles Education scraps $27.4 mil rights issue in view of recent market conditions, share price falls
SINGAPORE (Mar 6): Raffles Education Corp is cancelling its proposed 2-for-10 rights issue, which would have allowed the group to raise up to about $27.4 million in net proceeds after raising 275.9 million new shares at the issue price of 10 cents per share.   Citing “recent market conditions”, the group also notes that its current share price is currently below the 10-cent issue ...