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New Silkroutes dip below to 186 vs 189. last done @186
SGX queries on New Silkroutes' liquidation of oil-trading unit
THE Singapore Exchange (SGX) has raised queries regarding New Silkroutes Group' s wholly-owned oil-trading subsidiary, International Energy Group (IEG), which the group has not been successful in winding up.
The agreement for the disposal of IEG to TK Energy lapsed on June 30 last year, after the buyer failed to disburse loans to New Silkroutes Capital and IEG.
In a regulatory filing on Wednesday, New Silkroutes said that in view of the global pandemic and the challenging energy market, the management and the board believe that the energy business is not sustainable and that IEG will not be able to fulfil its debt obligations - and this is after taking into account the cash flow projections commencing in the second quarter of 2021.
" In view of that, the board took the difficult decision that a creditors voluntary liquidation of IEG was appropriate and appointed provisional liquidators," said New Silkroutes.
New Silkroutes also disclosed to the local bourse that it is a corporate guarantor to a loan extended from Ocap Management to IEG.
IEG is also a corporate guarantor to the lease-financing arrangement of the bare boat charter agreement entered into by its subsidiary TXZ Tankers. If IEG defaults, New Silkroutes will become a corporate guarantor to the lease financing arrangement and its contingent liabilities.
On the impact of the liquidation on the company, New Silkroutes said: " The board of directors feels that while there will be a liquidity crunch due to the creditors' voluntary liquidation of IEG, the impact will be minimised by the continuous operations and growth of the healthcare arm of the company together with corporate finance activities."
The group also said that after reviewing the financial forecast and cash flow projections, the board is of the view that the group can continue as a going concern. It added that the group has sufficient working capital and financial resources to meet its obligations as and when they fall due in the next 12 months.
Among reasons to support this view were the cost-cutting measures it has implemented, as well as the positive outlook for its healthcare operations.
In response to SGX regarding whether a trading suspension is required, New Silkroutes said it is not necessary, given that the group is still in operation. It added that its health and healthcare subsidiaries contributed US$13.62 million (S$18.06 million) in revenue in the first quarter of 2021 and is looking to grow its healthcare business.
Technology disruption is happening to all industries.
If company have deep domain knowledge, partner with Huawei can bring about competitive advantage.
A technology company will need such partners otherwise they can do I by themselves.
Question is do they really have that level of expertise?
If company have deep domain knowledge, partner with Huawei can bring about competitive advantage.
A technology company will need such partners otherwise they can do I by themselves.
Question is do they really have that level of expertise?
This stock drop by 60 to 70% within 12 months because of lawsuit and CAD investigation, sold down heavily to 6 -7 cents. Now it is being push-ups back to 20+ Cents.
This counter don need dividend, oredi up 233.3% in one morning, buy super low n can collect many donkey years of dividend liao.
Practicalist ( Date: 03-Mar-2017 13:37) Posted:
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Morning closed @0.26, @0.002. It 1,300%
Long long way back to a dollars. Op -109, last done - 0.230 or 194.9% profit. Vol 3,895.700m shr traded.
ysh2006 ( Date: 12-Dec-2016 22:32) Posted:
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3Q results indicate revenue will exceed original forecast 3xx mil and new forecast easily add more 1xx mil more to 4xx mil. Most of revenue coming from oil trading business. Oil company profitable but combined with other businesses NSR is still trading at a loss. This is no good.
Nothing mention by company on when other business like health care, fund management and asset management going to contribute to bottom line? This is not possible, any one know why?
But Price drop more than 10%!
Why?
Nothing mention by company on when other business like health care, fund management and asset management going to contribute to bottom line? This is not possible, any one know why?
But Price drop more than 10%!
Why?
The report below there got shown..
Sad, wrong move..keep on tumbling down..
God bless..
Not able to find dividend announcement on internet too.
Not sure where that come from.1H result reported indicate no Divident was declared
Yeap, announced dividend.
Laggard ( Date: 02-Mar-2017 00:54) Posted:
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What us this? New Silkroute announce dividend???? Serious?
Laoliu ( Date: 01-Mar-2017 15:45) Posted:
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Collected a minor 10lots at 0.825.
Dividend :-
Dividend Type : Cash
Dividend Amount per Share (in cents) : 1 cent per ordinary share
Tax Rate : Tax Exempt (1-tier)
Date payable : 24 May 2017
Books closure date : 15 May 2017
SINGAPORE (March 1): New Silkroutes Group (NSG) is venturing into the real-estate investment space with the launch of a new joint venture, SilkrouteAsia Asset Management.
The newly formed entity will focus on real-estate advisory, investment structuring and co-investments of residential and commercial projects with strategic partners globally in key markets such as the US, China, Japan, South Korea, Hong Kong, Singapore and Malaysia.
NSG' s existing businesses include oil and gas trading, enterprise info-communication system integration and network security company
SilkrouteAsia Asset Management is 35% owned by New Silkroutes Capital, the wholly-owned investment arm of NSG. Another 15% stake is owned by Global & Advisory Investments while the remaining 50% is owned by real-estate veteran Steven Loh, who will head the joint venture.
Loh was formerly the country manager for South Korea, China and Japan at the real-estate arm of Singapore sovereign wealth fund GIC. He was also previously senior vice-president at real-estate joint venture MEAG Pacific Star Asset Management and group asset manager overseeing the investment properties of DBS Land before it merged with Pidemco Land in 2000 to form CapitaLand.
On entering the real-estate business, CEO of NSG Goh Jin Hian said: " This joint venture marks our foray into real estate investment, which completes the business verticals that NSG has identified for itself as an investment holding company. Steven' s extensive contacts and networks in the United States and Asia will be extremely useful in building up this new business."
At 11.57am, shares of NSG are trading at 82 cents.
Positive news pending??? Why still good price to accumulate?
Laoliu ( Date: 27-Feb-2017 12:30) Posted:
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Opportunity to accumulate, awating for the next breakout. Patience require.
wonder why sgx don query this company.. Buy, and then sell.... Some form of manipulation here seriously.
Distribution ongoing. Should sell rather buy