JAS seeks clarity on contracts

Jasmine International Plc (JAS), its subsidiary Triple T Broadband (TTTBB), and Jasmine Broadband Internet Infrastructure Fund (JASIF) met investors at a recent roadshow to clarify the issues surrounding TTTBB proposals to terminate and amend the agreements on seeking benefits from the infrastructure asset.

TTTBB delayed its lease payment to JASIF, leading to incomplete payments under a related agreement.

There are agenda items by JAS to terminate and amend the related contracts at an extraordinary general meeting of JASIF unitholders scheduled for Aug 23.

JASIF owns optical fibre cables that are leased by TTTBB to provide its broadband internet service under the 3BB brand. JAS is the biggest unitholder of JASIF with a 19% stake.

JAS informed BBL Asset Management Co Ltd, the JASIF fund manager, in July that TTTBB is dealing with a liquidity shortage as…