SINGAPORE: Mainboard-listed Sino Construction announced that it has sold $122.5 million worth of non-performing assets as part of a restructuring that began in February.
The company said it intends to use the proceeds to invest in low-risk and low- to medium-capital-intensive projects that will “enable the Group to pay a consistent dividend over time”.
The company sold Guildford Coal for $70.9 million, JEMS Exploration for $25.2 million and Signet Coking Coal International for $26.4 million as part of the restructuring, which began on Feb 10, 2015.
Sino Construction said that Magnum Modular Power Generation, a joint venture between its subsidiary Magnum Energy and Primeforth Renewable Energy Limited, completed its first micro power plant in South Korea on April 20. The company said the micro power plant market would allow it to explore the renewable energy sector, noting that it would provide “a sustainable model for consistent returns”.
