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Stocks to watch: KepCorp, JES, Polaris, S'pore rig owners
THE following stocks had announcements or developments that could affect trading activity on Wednesday.
Keppel Corp: It owns 95.1 per cent of Keppel Land as at March 31, 5.30pm - just 0.4 percentage point short of the 95.5 per cent threshold required for the higher offer price of S$4.60 per share to kick in for its Keppel Land buyout. The Singapore Exchange has suspended trading of Keppel Land shares following the close of the offer. Keppel Corp intends to take steps to delist Keppel Land.
JES International: The Chinese shipbuilder's loss widened to 222.48 million yuan (S$49.34 million) in the fourth quarter ended Dec 31, 2014, compared to a loss of 182.28 million yuan in the corresponding three months a year ago.
Polaris: Japanese SoftBank Group has acquired a 19.9 per cent stake in Polaris' Indonesian associate company, PT Trikomsel Oke Tbk.
Singapore rig owners: Brokerage KGI Fraser believes the already-dampened shares of Singapore-listed rig and offshore support vessel (OSV) owners could sink even further, as their seemingly secure long-term contracts turn shaky.