Polaris Ltd (POLA.SI)
23 Jun 2017
Latest Key Developments (Source: Significant Developments)
May 12 (Reuters) - Polaris Ltd
Trikomsel: Issues statement from Trikomsel Noteholder Steering Committee . Trikomsel Noteholder Steering Committee - Unsecured and secured creditors have agreed to convert a significant amount of existing debt into equity of co . Trikomsel Noteholder Steering Committee - Under composition plan ratified by court, all SGD notes will be exchanged for 25% of restructured co’s fully diluted equity . Trikomsel Noteholder Steering Committee - Proposed that 25% equity stake allocated to noteholders be held in a Singapore law governed trust arrangement . Trikomsel Noteholder Steering Committee - Understands that co continues to be a going concern . Trikomsel Noteholder Steering Committee - Also notes significant dilution of original shareholders under plan, including stakes previously held by Polaris Ltd and Softbank .Trikomsel Noteholder Steering Committee - Understands that co currently unable to make payment on its secured and unsecured liabilities, including SGD notes. Full Article
Polaris Ltd:Says unit acquired a shelf company incorporated in Malaysia as its wholly-owned subsidiary.Acquisition of PMSB is not expected to have any material effect on consolidated NTA per share and EPS of co and group for FY ending 31 December 2015. Full Article
Polaris Ltd:Announce that the Company has incorporated Polaris TMT Limited a wholly-owned subsidiary in Hong Kong.Says principal activity is trading. Full Article
* Company has on 11 April 2017 subscribed for 2.5 million new ordinary shares in capital of polaris KKC Holdings Pte. Ltd.