Singapore company briefs: United Hampshire US REIT, Reenova Investment, Hoe Leong Corp., UOB and Sarine Technologies.
United Hampshire US REIT
United Hampshire US REIT said Tuesday it has granted a second extension of time to the purchaser of two self-storage properties to complete its due diligence. The due diligence period has been extended to 4 April from 28 March, the REIT said in a filing to SGX.
Reenova Investment said Tuesday it has received a formal notice from the Labour Inspectorate of Madagascar regarding a complaint filed by the staff of Reenova Rare Earth (Malagasy) (RREM) for unpaid salaries.
The formal notice said RREM must pay the wages without delay or legal action may be initiated, Reenova said in a filing to SGX. In addition, RREM has received letters of demand from a former landlord and and an employee demanding payment of outstanding amounts, the filing said.
Reenova said it is reviewing the formal notice and the letters of demand with its legal advisers and will “take appropriate action.”
Hoe Leong Corp. and UOB
Hoe Leong Corp. said Tuesday investor Shing Heng Holding has exercised its right to convert a S$3 million convertible loan note at S$0.00146 a Hoe Leong share, and the investor exercised 4.9 billion options at S$0.00146 each.
The conversion of the notes and the exercise of the option led to the issuance of 7.43 billion new shares on Tuesday, with the new shares set to be listed on SGX on Wednesday.
Sarine Technologies said Tuesday it has begun beta testing of its new AutoScan system, which is a robotic system for acquiring high volumes of rough diamonds and scanning them for traceability.