Corporate digest
EC World Reit
THE manager of EC World real estate investment trust (Reit) said the refinancing exercise for all onshore and offshore term loans due in 2022 is in the final stages of negotiation, and believes the Reit can continue operating as a going concern.
The manager was responding to queries from the Singapore Exchange, which noted that EC World Reit's auditors PwC had highlighted a material uncertainty in the FY2021 financial statements related to the Reit's ability to continue as a going concern.
The manager said the uncertainty arose because the refinancing of loans, due for repayment in May and July 2022, were not completed at the time of the issuance of the financial statements.
The financials therefore reflected that the Reit's current liabilities exceed its current assets.
Kitchen Culture
EMBATTLED kitchen systems vendor Kitchen Culture said its wholly-owned subsidiary KHL Marketing Asia-Pacific entered into compulsory liquidation on Apr 5.
The court had on Mar 18 dismissed the company's application for judicial management.
Kitchen Culture on Thursday (Apr 7) said it did not appeal against the decision, and the winding up application filed by its landlord Kim Hup Lee & Co was therefore granted by the court on Apr 5.
KHL Marketing Asia-Pacific allegedly owes Kim Hup Lee outstanding rental arrears amounting to S$1.8 million for the first, second and third floors of 25 New Industrial Road between 2016 and 2018.
Kitchen Culture said the winding up of loss-making KHL Marketing Asia-Pacific will likely result in lower operating losses and net cash outflows for operating activities for the group.
Nera Telecommunications
NERA Telecommunications has granted De Tian Holdings an option to purchase the company's leasehold interest in a Defu Lane property for a consideration of S$6.3 million.
The option to purchase expires on Apr 21 at 4 pm.
The sale of the property is subject to a few conditions, including Nera Telecommunications getting approval from Jurong Town Corporation (JTC) for De Tian's proposed use of the property and the sale of the property to De Tian.
