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Daily Bulletin – 01/04/09
Daily Bulletin | 01 April 2009
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WBL To Raise Up To $159.7m Via Rights Issue Of Convertible Bonds
WBL Corporation has proposed a renounceable and fully underwritten 3-for-4 rights issue of 2.5% pa coupon convertible bonds due 2014 to raise up to approximately $159.7m. The conversion price will be set at a 35% discount to the company’s volume-weighted average traded prevailing market price. Proceeds will be used for partial refinancing of a term loan of $180m maturing in June 2009. Several major stockholders have committed themselves to the purchase of the bonds, bringing their total support to 47.26% of the aggregate available bonds issue thus far.

Sarin To Revolutionize Diamond Manufacturing With New Scanner
Sarin Technologies has introduced a revolutionary device known as the Galaxy 1000 Scanner, which is said to be able to accurately, quickly (in minutes), and automatically detect and map all inclusions regardless of their type, size and location within almost any rough diamond, using a unique patent-pending technology. The scanner will initially be offered as a service and has already been introduced in Israel and India. The company expects to gradually offer the service to other diamond manufacturing centres worldwide.

MacarthurCook Industrial REIT Granted 60-Day Grace For $220.8m Debt
MacarthurCook Industrial REIT has been granted a 60-day extension by its existing lenders, National Australia Bank and Commonwealth Bank of Australia, in relations to its existing $220.8m facility which matures on 18 April 2009. The new due date will be on 167 June 2009.

Nera Telecom Boosted By $18m In Purchase Orders
Nera Telecommunications has received purchase orders with an aggregate value of $18m for the supply of Core Routers for IP Network to a telecom operator in Vietnam; and the suppy, delivery and installation of Microwave Radio Equipment to a cellular operator in Indonesia.

Grand Banks Yachts Offloads Singapore Plant For $6.2m
Grand Banks Yachts has sold its Singapore-based unit, GB Yachts, to Cal Dive International for $6.2m, netting a gain of $4m which will be used for general working capital. The company has decided to offload the Singapore plant in an effort to reduce costs, eliminate excess capacity caused by the decline in demand for luxury yachts, and the need to raise cash. All manufacturing operations will be consolidated into the company’s lower cost Malaysian subsidiary.

CNA To Provide Green Solution For Grand Hyatt Singapore
CNA Group, an award-winning enabler of intelligent buildings and facilities, has been selected to develop and install an environmentally sustainable solution for the Grand Hyatt Singapore as part of the 5-star hotel’s “going green strategy” to reduce its carbon footprint. The contract will lift the company’s Singapore order book by $6.2m and is expected to impact its FY09 performance, along with other projects secured in 1Q09.

‘Emphasis of Matter’ Casts Doubts On Yong Xin And Asia Silk
The independent auditors of Yong Xin International Holdings have drawn attention to the company’s net current liability position of approximately Rmb5.4m as of 31 December 2008 and has expressed concerns over its ability to sustain operations and pay its debts as and when they fall due. Separately, Asia Silk Holdings’ independent auditors have cited ‘going concern’ worries over the company as it incurred post tax loss of Rmb60m for FY08 ended 31 December 2008 and generated negative cash flow from operations of Rmb13.2m during the same period.

QAF May Need To Further Write Down Potential $32.6m
The independent auditors of QAF has expressed an ‘Except For’ audition opinion on the company following doubts over its ability to recover its receivables of $32.6m due from its associated company, Shaanxi Hengxing Fruit Juice. The auditors were unable to determine the latter’s ability to continue as a going concern and thus its ability to repay these receivables. Further write downs may be needed by the company.

Sarine Technologies  0.310 +0.015 +5.08%   
Business: Co manufactures & sells precision technology products for the processing of diamonds & gemstones. [FY18 Geographical] India (66.5%), Africa (12%), others (10%), Israel (5.8%), Europe (3.9%) and North America (1.8%).

Insight: May-19, 1Q19 revenue decreased by US$5.7m to US$10... Read More
Grand Banks Yachts  -- -- --   
Business: Leading mfr of world-class motor yachts with factory in M'sia, marketed thru an int'l network of dealers.

Insight: May-19, 9M19 revenue slid 19.7% due to fewer boats... Read More
CNA Group  -- -- --   
Business: Specialist in the provision, design, implementation & maintenance of open, integrated building & facility management solutions.

Insight: Mar-17, Co has been placed under judicial manageme... Read More
QAF  0.725 +0.010 +1.40%   
Business: Multi-industry food Co with ops across the APAC region. [FY17 Turnover] Primary production (46.4%), bakery (40.1%), trading & logistics (12.9%), investment & others (0.6%).

Insight: Aug-18, 1H18 revenue fell 3.6% to $395.9m mainly d... Read More

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