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Stocks to watch: EMAS Offshore, Natural Cool Holdings, ITE Electric
THE following companies made announcements before the market opened on Wednesday that could affect the trading of their shares:
EMAS Offshore Limited, a subsidiary of Ezra Holdings and a dual-listed company in Singapore and Norway, on Wednesday posted a net loss of US$2.2 million for the quarter ended Nov 30, 2016 (Q1 2017), on continual weakness in the offshore oil and gas industry.
This compares to a net loss of US$3.2 million a year ago.
For Q1 2017, the offshore services provider saw a 15 per cent year-on-year fall in revenue from US$49.7 million to US$42.5 million, due to lower demand for offshore support vessels.
Natural Cool Holdings announced after market close on Tuesday that it had on Monday received notice of an intention to call for an extraordinary general meeting (EGM) to remove Joseph Ang as executive chairman, and to replace the entire board with the exception of chief executive officer Tsng Joo Peng.
This is the second attempt in two months to remove Mr Ang and the board. Mr Ang had survived a first ouster attempt - held during an EGM on Dec 12 - by a fairly narrow margin of votes. Shareholders Ong Mun Wah and Edi Ng, who are behind this second ouster attempt, had called for an EGM on Dec 22 to revoke the board's share issuance mandate, which received the green light.
ITE Electric Co has entered into a conditional share placement agreement to issue 63.4 million new shares at S$2.97 million or 4.68 Singapore cents per share to three companies and 17 individuals.
The rationale for the proposed placement is to increase the company's resources to improve its cash flow and pursue acquisition or business opportunities.
The company has requested to lift the trading halt on Wednesday.