SG briefs: Golden Energy and Resources (GEAR), Ecowise, Aspen

Anthracite, a type of coal. Credit: Joey Harris on UnsplashAnthracite, a type of coal. Credit: Joey Harris on Unsplash

Singapore company briefs: Golden Energy and Resources (GEAR), Stanmore Resources, Ecowise Holdings and Aspen (Group) Holdings.

Golden Energy and Resources (GEAR)

Golden Energy and Resources (GEAR) said Thursday its subsidiary Stanmore Resources has begun its around US$506 million underwritten entitlement offer of shares, with GEAR committing to subscribe for US$300 million.

The share sale is to fund Stanmore’s acquisition of BHP’s 80 percent interest in BHP Mitsui Coal, GEAR said in a filing to SGX.

Read more: Golden Energy to acquire 80 percent of BHP Mitsui Coal for as much as US$1.35B

Aspen (Group) Holdings

Aspen (Group) Holdings said Thursday its subsidiary Aspen Glove has received a letter of demand from Tialoc Malaysia’s solicitors claiming MYR93.16 million for construction work on Aspen Glove’s manufacturing facilities and other services.

Aspen Glove is seeking legal advice on the merits of Tailoc’s claim and assessing counterclaims, the company said in a filing to SGX.

Ecowise Holdings

Ecowise Holdings said Thursday it has overdue repayments to three banks in Malaysia of MYR2.52 million, and one of the banks has suspended trade finance facilities for two of the company’s Malaysian subsidiaries.

In addition, a Singapore subsidiary renewed a tenancy agreement with the National Environment Agency (NEA) in November, but the security deposit of S$691,200 has not been paid, although NEA has sent reminders, Ecowise said in a filing to SGX.

“The non-fulfilment of this condition of the tenancy agreement could cause the NEA to terminate the agreement, resulting in significant reinstatement costs and higher operating costs for the group’s Garden by the Bay project, which contributed 12.3 percent of the Group’s revenue for FY2021,” the company said. “Management is discussing with the NEA and exploring options to fulfil this condition.”

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