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Stocks to watch: Best World, KLW, TPV

Friday, November 18, 2016 - 08:59

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The following companies had announcements that may affect trading on Friday:

Best World International has received recognition in China as a direct-selling company, which will allow the conversion of an existing network of spas and salons into distributors and service centres.

The official recognition was granted after an audit of Best World's nine service outlets in Hangzhou, and allows the company to conduct direct selling in the Chinese city. The lifestyle products company plans to expand its direct selling licence to other regions in China.

Best World shares closed at S$1.35 on Thursday.

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KLW Holdings chairman Abdul Qawi is refusing to fulfil an obligation to subscribe for two billion new shares that the door maker had put to him, saying that the company is not entitled to exercise that option amid regulatory investigations.

KLW on Nov 11 exercised a put option that required Mr Abdul Qawi to subscribe for those shares at two Singapore cents apiece. KLW shares last traded at one Singapore cent on Nov 17.

On Nov 16, lawyers for Mr Abdul Qawi, who acquired a 9.3 per cent stake in KLW in 2014, replied that the company was "not entitled to exercise the put option", and that Mr Abdul Qawi will not be responding to any put option notices by the company.

The chairman's lawyer cited, among other things, investigations by the Commercial Affairs Department and the Singapore Exchange's reprimand of the company, its former managing director and former group financial controller.

If Mr Abdul Qawi fulfils the put option, it will bring his shareholding in the company to 33.9 per cent.

KLW said that it is currently seeking professional advice on the matter.

Electronics company TPV Technology posted a net profit of US$18.6 million in the third quarter, a reversal from a year-ago net loss of US$26.3 million, the group said in a Singapore Exchange filing on Thursday. For the three months ended Sept 30, revenue fell 11.7 per cent to US$2.47 billion from the previous year. Earnings per share came in at 0.79 US cent, a reversal from a loss per share of 1.12 US cents in the previous year.

TPV shares last traded at S$0.24 on Nov 10. TPV is listed on both the Hong Kong and Singapore stock exchanges.

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