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very potential to go back $0.10
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PhillipTan
Supreme |
09-Sep-2021 02:32
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Libra Group enters deal for potential investor to take at least 70 percent stakeLibra Group has entered a legally binding letter of intent for potential investor Tianci International to invest S$2 million in cash for an at least 70 percent stake via the issuance of new shares, the company said in a filing to SGX Wednesday." If the proposed investment materialises, the company will be able to resolve the outstanding debts owed to its creditors," Libra said. Around S$1 million of the proposed investment will be used to pay creditors under its scheme of arrangement for financial restructuring, which could include issuing new shares of up to 5 percent of the enlarged share capital, the filing said. The remainder of the proposed investment earmarked to repay preferential debts and to settle restructuring expenses, excluded debts and the temporary financing, which will be an interest-free S$300,000 financing, the filing said. The temporary financing, unless repaid by the proposed investment, will be repaid by issuing new shares in Libra, the filing said. Tianci plans to have Libra become a supplier of building materials to Singapore' s construction industry, with the deal to potentially include injecting new businesses, the filing said. Tianci will use its pre-existing network in the industry to advance the objective, the filing said. However, even with the injection of new businesses, the proposed investment is not intended to be a reverse takeover, Libra said. Tianci and Libra have agreed to negotiate and finalise a deal by 31 October, the filing said. The deal is contingent upon Libra obtaining shareholder and regulator approvals, the filing said. Libra has four operating segments: Investment holding, mechanical and electrical, manufacturing and building and construction services, according to its Reuters profile. The investment holding segment invests in property. The mechanical and electrical segment includes contracting and installing air-conditioning and mechanical ventilation (ACMV), fire alarms, electrical systems and plumbing. The manufacturing division makes ACMV ducts and related products. The building segment includes general contracting. |
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mkaung2000
Veteran |
25-May-2021 10:40
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Con job by Chu Sau Ben and current CEO Christine Liu Yang is just CMI. | ||||
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Joelton
Supreme |
25-May-2021 09:35
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Libra Group lacks funds for AGM, financial statements, annual report
CATALIST-LISTED Libra Group lacks the financial resources to prepare its financial statements, annual and sustainability reports as well as hold an annual general meeting, resulting in a breach of Catalist rules that require it to do so.
The company issued a response on Monday to the Singapore Exchange when it was asked on May 18 about the breaches.
But it expects to be in a position to rectify the breaches when there is an injection of funds by potential investors when its proposed debt restructuring exercise is completed, the company said.
If it is unable to obtain funds before the expiry of the moratoria, Libra Group plans to apply for either judicial management or wind up.
Meanwhile, it has minimal business operations as a result of the ongoing debt restructuring proceedings and the impact of the pandemic on the construction industry in which it operates.
The counter has been suspended after a request was made two years ago when Libra Group said it had not been able to demonstrate that it was able to continue as a going concern.
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Joelton
Supreme |
02-Dec-2020 09:28
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Libra inks letter of intent with potential white knight on S$6m investment
DISTRESSED Libra Group has entered a letter of intent (LOI) with SMTM Investment, a potential white knight, for a S$6 million investment, the Catalist-listed firm disclosed in a Tuesday night bourse filing.
The S$6 million injection would be used to restructure Libra and its wholly-owned unit Kin Xin Engineering. It would comprise a S$3 million tranche to subscribe for new ordinary shares in the capital of Libra and a S$3 million working capital loan.
Under the equity tranche, S$1 million would be used to fund the scheme of arrangement for Libra and its creditors, and S$1.3 million for that of Kin Xin S$700,000 would be retained as working capital for the restructured entity.
Under the loan, S$1.3 million would be extended as rescue financing to Kin Xin, and the remainder, as a working capital loan to Libra and/or Kin Xin.
SMTM is " an unrelated third party" of Libra and does not hold any of its shares, Libra said. The parties intend to finalise definitive agreements by Jan 15.
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godizion
Senior |
04-Sep-2019 22:27
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who is this guy > Shawn Ow Tjin Ern ? | ||||
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chinton86
Master |
01-Sep-2019 09:55
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The company had been in trouble for a long long time...A change of CEO back to Mr Chu is unable to save a company with a large holes. | ||||
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hongxianfeng01
Member |
30-Aug-2019 19:48
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The boss of the company must be stress out. He is still holding above 60 % his family all work in the company. | ||||
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Sgvale
Supreme |
30-Aug-2019 19:31
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Libra overnight declare KO !!! Caught many off handed . Want to escape also no chance. | ||||
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hongxianfeng01
Member |
30-Aug-2019 18:57
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Trapped in side 40000 shares | ||||
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Sgvale
Supreme |
30-Aug-2019 17:22
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U got trapped inside ? I was trapped inside with just a few miserable lots.
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gravity8888
Supreme |
28-Aug-2019 09:03
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There is one advocate for this counter.. Keep promoting how good and privatisation and so on... Now suspended.. Hahah really "privatise" | ||||
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nqing87
Supreme |
28-Aug-2019 08:52
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actually there are clear red flags already.. there was a writ of summon to its subsidiary few mths ago on payment issue.. they have been making losses for recent few quarters, and the latest quarter incur a big 20+mil loss.. looked at the balance sheet and u see only 2mil cash but 46mil loans that need to be repaid within a year.. investors should look for cash rich companies (best is zero debt) that gives sustainable high dividend, and a low p/e ratio.. unfortunately, most retail investors still invest base on branded names (such as hyflux), or invest base on stories of M& A rumours, or trading dangerously in shares that fluctuate in prices a lot.. this resulted in a number of undervalue fundamentally strong counters that has their share price dampened for long period of time..
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oldbirdy
Senior |
28-Aug-2019 08:10
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What's next?...
Close shop? Waiting for white knight? |
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guavaMoment
Senior |
28-Aug-2019 07:14
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Actually he may not have been selling his shares. If you read the announcement just before trading halt, it looks like his shares were foreclosed by finance companies. Likely he pledged the shares to take loans. Of course I don' t know what exactly happened, but he may have been borrowing money in an attempt to keep the company alive. We won' t know unless we are inside the management.
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Berani
Elite |
27-Aug-2019 23:16
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so many change of interest before trading halt.... SGX never investigate? Even the group announce lousy result..... still go up...
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Shifu8888
Supreme |
27-Aug-2019 22:10
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Sorry for shareholders. Need to report. The boss sold shares despite knowing the state of company. He needs to be put behind bars. Shares sold to X and then dumped to market by churning false volume. Conspiracy theory. Lucky no stake. Sorry for those holding. If this is US, the company will be sued. | ||||
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oldbirdy
Senior |
27-Aug-2019 21:56
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How come like that? No red flag before this suspension??? | ||||
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Berani
Elite |
27-Aug-2019 21:53
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how can so many claims....at the same time. not logic |
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383838
Senior |
27-Aug-2019 21:21
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Alamak! This type of junk also got people buy. Cannot believe it. Aunt bee leave verble ! |
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guards80
Supreme |
27-Aug-2019 20:48
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this one no.
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