Chinese shipbuilder JES International Holdings is aiming to seal a takeover by a blockchain company as creditors called time on debts.
The Singapore-listed group has been in talks with several potential investors to strengthen its cash position and identify potential targets for new businesses to buy to boost its revenue stream.
It said on Tuesday that PLMP Fintech wants to take over its listing through a scheme of arrangement or judicial management.
Hong Leong Finance is working with it as a sponsor and JES shareholders and creditors will become shareholders of PLMP.
PLMP has developed its own Creatanium blockchain technology and "is able to generate multiple revenue streams through its engagement in, inter alia, blockchain advisory work, blockchain education and blockchain product and application projects," JES said.
The yard also said it has received requests for payment of outstanding loans by two of its major creditors, DLJ Holdings and Nereus Logistics, which are owed SGD 5.1m ($3.76m) and SGD 2.2m respectively.
It is in talks over repayment.
Last year, the sale of JES' shipyard subsidiaries failed, the restructuring group said.
The deadline for the disposal was 31 December 2017, but talks on an extension to this broke down.
In 2016, JES had agreed to sell its insolvent Chinese shipyard business for just $500,000.
The buyer was named as Hong Kong Victo International, a specialist in restructuring owned by businessman Zeng Zhen.
The deal comprised Jiangsu Eastern Heavy Industries (JEHI), Jiangsu New Eastern Marine Engineering Equipment (JNEME) and 49% of Jiangsu Nereus Shipyard (JNS).
It has no current orders to work on.
