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 …
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