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6 S'pore- listed China firms can't repay debt: SCMP
(HONG KONG) Six of the 11 Chinese companies listed in Singapore that sold convertible bonds between 2005 and 2008 have said they are unable to repay debts, the South China Morning Post reported, citing an investor association official.
The Securities Investors Association of Singapore asked the Chinese government to discipline the companies since Singapore doesn't have the authority to do so, chairman David Gerald said, according to the Hong Kong-based newspaper. The association represents 4,000 small shareholders.
Steel group Delong Holdings Ltd and developer Sunshine Holdings Ltd have reorganised their finances, while the other four companies are negotiating with creditors, the report said.
Delong said in September that it planned to restructure about 1.5 billion yuan (S$308 million) of convertible bonds due in 2012, and Sunshine Holdings said in the same month that it reached a settlement agreement on US$120 million of loans.
Delong Holdings chairman Ding Liguo didn't return calls from Bloomberg News seeking comment yesterday, while Foo Soon Soo, joint secretary for Sunshine Holdings, declined to comment.
China Printing & Dyeing Holdings Ltd, China Milk Products Group Ltd, Sino-Environment Technology Group Ltd and FerroChina Ltd are the other companies named by the SCMP.
China Printing said on Oct 26 that it was in restructuring talks with a potential investor, and then said on Jan 21 that the Singapore Exchange ordered it to delist by Feb 12. China Milk said on Jan 5 that it would not be able to meet a repayment deadline for convertible bonds due in 2012 because it was awaiting approval from China's State Administration of Foreign Exchange.
Sino-Environment, a provider of waste- treatment services, said in July that it couldn't pay interest on S$149 million of convertible bonds and asked creditors for more time to review its finances. Steelmaker FerroChina Ltd said on Dec 17 that the Singapore bourse asked it to delist after saying in October 2008 that it was unable to repay 706 million yuan of loans amid the credit crisis. -- Bloomberg
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