JES

JES: entered into a loan and maintenance agreement with an US-based private investment fund. The fund will extend a loan facility amounting to a max of US$20m for a 3-yr period, at a one-time upfront fee of 5% and an annual maintenance fee of 5% pa. JES also has an option for an additional US$20m under the same conditions, subject to approval by the fund. JES expects to utilize the funds for working capital and any potential M&A opportunities that may come along. JES has been continuously seeking new order opportunities in various types of offshore vessels and jack up rigs, while also looking for possible diversification of investment when good opportunities are presented. Mgt highlights a potential invmt in Mineriver, which is in the process of acquiring mining assets in China. JES trades at 0.5x P/B. P/E is not meaningful as the co is loss making.