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Stocks to watch: Hiap Hoe, Spackman, Stamford Tyres
THE following companies made announcements on Monday evening that could affect trading on Tuesday.
Hiap Hoe Group: The company is selling all 48 units in its District 10 project, Treasure on Balmoral, to avoid paying further extension fees under the qualifying certificate (QC) rules.
It sold them to its controlling shareholder Hiap Hoe Holdings (the investment firm of the founding Teo family) for S$72.83 million after accounting for shareholder loans and other liabilities.
The group had not been able to find other buyers for the entire development.
Spackman Entertainment Group: Catalist-listed Spackman has agreed to buy a 51 per cent stake in Novus Mediacorp for S$2.53 million, of which S$1.35 million will be paid in cash and the rest through 3.4 million new shares at 34 cents a piece.
Novus is an investor and presenter of Korean theatrical films, and specialises in ancillary distribution, or distribution to non-theatrical markets. It has been involved in 54 films since it was incorporated in 2009.
Stamford Tyres: The company saw second quarter net profit plunge 82.4 per cent to to S$856,000, despite revenue growing 5.4 per cent to S$75.3 million on the back of growth in South-east Asia. Total expenditure, however, rose even more - by 12 per cent - to S$74.2 million due to a rise in operating expenses and cost of goods, which eroded its bottom-line.