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Moody's downgrades MI-Reit to 'Caa1'
MOODY'S Investors Service has downgraded MI-Reit's corporate family rating to 'Caa1' from 'B2'. The rating outlook is negative. The rating may experience a further downgrade if MI-Reit is unable to make material progress in securing definitive financing for its acquisition of Plot 4A International Business Park and debt maturities over the next three to six months. Moody's notes that the Reit has achieved credit approval from its lenders, National Australia Bank and Commonwealth Bank of Australia, for an extension of its Singapore debt facility of $201 million to Dec 31. MacarthurCook Investment Managers (Asia) Ltd, the manager of the Reit, said that it remains in advanced negotiations with its lenders in relation to the long-term refinance of the facility, and together with its adviser, Standard Chartered Bank, is also considering the most appropriate longer term capital structure for MI-Reit.
Compact Metal proposes rights issue
COMPACT Metal Industries has proposed a renounceable non-underwritten rights issue of up to 1.15 billion new shares at $0.01 apiece with up to 575.44 million free detachable warrants. Each warrant carries the right to subscribe for one new share at an exercise price of $0.015. The issue is on the basis of three rights shares for every 10 existing shares and one warrant for every two rights shares. The estimated net proceeds from the rights cum warrants issue is $5.27 million in the minimum subscription scenario and $19.99 million in the maximum subscription scenario.The group plans to use the net proceeds to repay loans and for general working capital.
Sunpower unit wins 26.7m yuan contract
SUNPOWER Group said that its wholly owned subsidiary, Jiangsu Sunpower Technology Co Ltd, has secured a 26.7 million yuan (S$5.6 million) contract to supply its proprietary heat pipes to the Project Management Centre of Key Highway Construction of the Transport Department of the Tibet Autonomous Region. The contract is expected to be delivered in the second half of 2009. The group expects the project to positively impact FY2009 performance.
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