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Asiatic Last:0.004 -

ASIATIC rallying on OIL AND GAS oil field

Without u shouting at this counter. This is counter is going into the deep deep sea....

johnng ( Date: 02-Dec-2020 16:00) Posted:

It has been 2 years since the placement at $0.0165...and they did alot Married deal $0.016 with BRIAN CHANG & BOBBY LIM, alot Juicy Stories about ASIATIC i remember 1 shareholder activists JERRY LOW CHIN YEE kenna sue by the coy regarding its OPEN LETTER etc etc....

SECRET buyers GATHERING pace in $0.007....i think BBs should TAKEN OUT all 8 9 later

Collecting more ASIATIC $0.007....THIS time round big breakout coming

Might be similar pattern as yesterday. Chiong before close

GOOD chance to breakout later...

90% on LG 10% on others to get the thrill which is what many bros here like I Guess?

black_white ( Date: 02-Dec-2020 09:56) Posted:

For penny stock lovers: Something is brewing at LionGold. Why not invest there instead for capital gains? Heh

movement paused. Waiting for news ^

BIG VOLUME 20m today...sign of breakout

For penny stock lovers: Something is brewing at LionGold. Why not invest there instead for capital gains? Heh

BIG BREAKOUT COMING LATER...AIM SELL ABOVE 1-2cents

CHIONG ARH ASIATIC .....

It seems that the news doesn' t impact the price. No movement.

Asiatic Group' s subsidiaries commence arbitration proceedings against Phnom Penh Special Economic Zone Plc for US$14.4 mil

Asiatic Group Holdings&rsquo subsidiaries, Colben System and Colben Energy Holdings has begun arbitration proceedings against Phnom Penh Special Economic Zone Plc (PPSEZ) for a minimum of US$14.4 mil ($19.3 million) on Nov 19.

The arbitration has been referred to the Singapore International Arbitration Centre.

The case was made due to a dispute in connection with a power plant project in Cambodia.

According to Asiatic Group, PPSEZ breached a joint venture agreement (JVA) that was signed between Colben System and itself. The breach resulted in &ldquo substantial changes&rdquo in the power plant project&rsquo s

operational and business model that were &ldquo detrimental&rdquo to the interests of the project.

Under the JVA, Colben System was tasked to build, and subsequently operate and maintain a heavy fuel oil fired power plant with an initial capacity of 15-megawatt within the Phnom Penh Special Economic Zone (SEZ).

The plant, which was completed in 2008, was set up to provide a stable and reliable power source to companies located within the Zone.

According to the statement released by Asiatic Group on Nov 19, the PPSEZ allegedly instigated for revisions to the electricity tariffs, such that the Electricity Authority of Cambodia (EAC) on June 30, 2020, revised the rates that applied in the SEZ.

The EAC also allowed companies to opt for a supply of electricity from the national grid source without Asiatic Group&rsquo s power plant&rsquo s back-up feature.

The decision, according to Asiatic Group, would cause the Group to suffer anticipated losses in the revenue generated by the project.

The Board of Directors of Asiatic Group (Holdings) Limited (the " Company" and together with its subsidiaries the &ldquo Group&rdquo ) refers to the Announcements and wishes to update shareholders on the unmet financial covenant on a subsidiary&rsquo s (the &ldquo Subsidiary&rdquo ) banking facility with a bank. As previously announced, the unmet financial covenant given to the Subsidiary is that the Subsidiary&rsquo s net assets cannot be lower than S$45 million (the &ldquo Unmet Covenant&rdquo ), and the Group was in an advanced stage of discussions with the bank on the waiver of the Unmet Covenant. The Subsidiary had on 29 September 2020, received an offer from the same bank revising the Unmet Covenant to a lower limit of S$25 million based on a revised banking facility (the &ldquo Revised Facility&rdquo ) and on 22 October 2020 had accepted the Revised Facility from the bank. This Revised Facility shall supersede the previous facility given which shall be treated as cancelled. As such, based on the revised financial covenant, the Subsidiary is able to meet the required financial covenant. Accordingly, the Unmet Covenant as disclosed in the Announcements is no longer applicable. Save for the above mentioned, the Revised Facility is not materially different from the preceding facility.

Joelton ( Date: 03-Sep-2020 09:15) Posted:

Asiatic Group auditor issues disclaimer of opinion on going concern issues

ASIATIC Group said on Wednesday that independent auditor Ernst & Young has included a disclaimer of opinion in the group' s audited financial statements for the financial year ended March 31, 2020 (FY2020), in respect of the material uncertainty on the group' s ability to continue as a going concern.

For the year ended March 31, the group incurred a net loss after tax of S$13.5 million. As at March 31, the group' s current liabilities (which includes loans and borrowings of S$21.8 million) exceeded its current assets by S$20.5 million.

Ernst & Young wrote: " A subsidiary of the group did not meet its financial covenants on certain banking facilities, and subsequent to year-end a supplier of a subsidiary of the group had written to the subsidiary seeking immediate repayments for overdue balances . . . The group continues to face uncertainties as a result of the disruptions brought about by the Covid-19 pandemic and at the date of this financial statement, the sale of the group' s interests in Maju Intan Biomass Energy (MJE) is still ongoing. These conditions and events indicate the existence of material uncertainties which may cast significant doubt on the ability of the group and company to continue as a going concern."

Nonetheless, Asiatic' s board said that it is of the opinion that the group is able to continue as a going concern, as it has commenced discussions with the bank to waive the financial covenant that was not met, and is confident of obtaining this waiver.

The group is also currently in negotiations with the supplier on a repayment plan, it said, adding: " The board is confident that the group will continue to receive financial support from the banks and generate positive cash flows from its operations."

The group also expects to get some relief from the series of fiscal measures introduced by the Singapore government in response to Covid-19.

It added that it had entered into a sale and purchase agreement on March 19 with Hualang Renewable Energy for the sale of the group' s interest in MJE, and the sale is expected to occur before March 31, 2021. Once the sale is complete, the group will be discharged from the corporate guarantees it had provided to financial institutions in support of MJE and is no longer expected to provide further funding to MJE.

" Therefore, taking the above into consideration, the board is of the opinion that the group will be able to fulfil its obligations for the next 12 months," Asiatic said.