SG briefs: Raffles Education, MM2 Asia, Spindex Industries, Sen Yue

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Singapore company briefs: Raffles Education, MM2 Asia and Spindex Industries and Sen Yue Holdings.

Raffles Education

Raffles Education said Saturday that while the company remains in talks with Affin Bank on the revised terms of settlement for outstanding debts, it has been advised the bank is seeking internal approval for the company’s latest proposal on revised terms. 

“The company expects a response from Affin Bank by the end of April 2022,” Raffles Education said in a filing to SGX.

Read more: Raffles Education: CAD to arrest certain directors, including Chairman Chew, in Affin Bank investigation

MM2 Asia

MM2 Asia said Monday it has completed the placement of 390 million new shares, which are due to be listed on SGX on Tuesday. 

The placement will boost the total number of MM2 Asia shares to 2.79 billion from 2.40 billion previously, the company said in a filing to SGX. 

Spindex Industries

Spindex Industries said Monday its Shanghai, China, plant will remain closed at least until 10 April, or until the local Shanghai authorities allow work to resume.

“The group’s supply chain and customers that are exposed any Shanghai city closures will also be affected,” Spindex said in a filing to SGX. “The financial impact is not quantifiable, but is expected to have a negative impact on the financial performance of the group in FY2022 given the uncertainty of the extension of lockdown period.”

Authorities in Shanghai have locked down the city to stem the spread of the Covid-19 virus amid a fresh outbreak. 

Sen Yue Holdings

Sen Yue Holdings, which is under judicial management, said Monday it has entered into share subscription agreements with Electroloy Metal, Jiangmenshi Changxin Technology and Di Lingbin for proposed investments of up to S$9.02 million.

The investors have agreed to subscribe for up to 2.25 billion new shares at S$0.004 each, representing around 69.6 percent of the enlarged share capital, the company said in a filing to SGX

In addition, the judicial manager will propose a debt restructuring exercise, the filing said.

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