SG briefs: Medinex, EcoWise, Eneco Energy, Excelpoint, Tung Lok, FEHT

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Singapore company briefs: Medinex, EcoWise Holdings, Eneco Energy, Excelpoint Technology, Tung Lok Restaurants and Far East Hospitality Trust. 

EcoWise Holdings

EcoWise Holdings said Friday it has appointed Rodgers Reidy & Co. as its financial adviser to perform an independent business review and assessments to advise the board on the longer-term viability of parts of the group’s business and to assist in discussions with banks on overdue payments and payments coming due. 

As of 25 March, total overdue payments to the banks were around MYR9.1 million, EcoWise said in a filing to SGX. 

The company’s Malaysia subsidiaries had received reminder letters and notices of intention to repossess from Public Bank for overdue hire purchase installments of MYR21,876 by 6 April, EcoWise said, adding the subsidiaries had repaid the amount on Friday. 

Eneco Energy

Eneco Energy has proposed a placement with placement agent SAC Capital of 1.66 billion new shares at S$0.009 each and up to 1.66 billion warrants at S$0.001 each on the basis of one warrant for each placement share. Each warrant would carry the right to subscribe for one warrant share at S$0.009 each, the company said in a filing to SGX Friday. 

The placement, which would raise net proceeds of up to around S$15.7 million, is priced at a discount of around 66 percent to the volume-weighted average price (VWAP) of S$0.0265 on 28 February 2020, the last market day the shares traded before they were suspended, the filing said.

Eneco Energy said the placement was aimed at reducing reliance on debt financing, and to support future business expansion.

Read Eneco Energy’s filing to SGX.

Medinex

Medinex has entered an agreement to acquire accounting, tax and corporate secretarial service provider CMS from Lee Lay Lian for S$3 million in cash and shares, with the inclusion of a profit guarantee for a three-year period.

“The proposed acquisition allows the group to increase its business support services revenue by gaining access into new customer segments and markets, enhancing its business support services to clients in other industries outside of its current clientele,” Medinex said in a filing to SGX Friday

Tung Lok Restaurants and Far East Hospitality Trust

Tung Lok Restaurants said it entered a tenancy agreement to lease space at the Orchard Rendezvous Hotel from Far East Hospitality REIT which is considered an interested person transaction.

The Estate of Ng Teng Fong (ENTF), Mr. Philip Ng Chee Tat (NCT) and Mr. Ng Chee Siong (NCS) have deemed holdings of 53.06 percent in Far East Hospitality Trust and they are controlling shareholders of the Tung Lok Restaurants, the company said in a filing to SGX

Excelpoint Technology

Excelpoint Technology said Friday it is in talks with a third party for a possible transaction involving the company’s shares. 

“The discussions are on-going and there is no certainty or assurance that such discussions will progress beyond the current stage or that any transaction will materialise as a result of such discussions,” Excelpoint Technology said in a filing to SGX.

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