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THE following companies saw new developments that may affect trading of their shares on Tuesday:
Keppel Offshore & Marine: Keppel Offshore & Marine's two wholly owned subsidiaries have won contracts worth a combined value of about S$130 million from two repeat customers. Keppel FELS Brasil's BrasFELS shipyard has secured hull carry-over work for the floating production, storage and offloading vessel, P-69 from a consortium led by Petrobras. Also, Keppel Shipyard has won a contract from Sofec for the fabrication of a turret mooring system for a newbuild floating liquefied natural gas (FLNG) vessel bound for Mozambique's giant Coral gas field.
City Developments Limited (CDL): After minority shareholders of Millennium & Copthorne Hotels (M&C) pushed back against an earlier attempt by sister company City Developments (CDL) to take the London-listed hotelier private, CDL bumped up its offer last Friday. M&C's minorities now get to decide whether the deal goes through, by taking or leaving the revised offer of 620 pence a share, up from 552.5 pence earlier. CDL, which already owns 65.2 per cent of M&C, has said that it will only go through with the privatisation if it gets acceptances of more than 50 per cent from the rest of M&C's shareholders, not counting the shares CDL owns.
Noble Group: Noble Group has completed the sale of MR Coal Marketing and Trading, a unit dealing in coal sales, for a cash consideration of US$34.5 million to an unnamed buyer. The sale, made by a Noble unit (Noble Americas Emerald Corp), was undertaken after the buyer had exercised a call option, which was granted by Noble in 2015 in connection with Noble's initial acquisition of MR Coal in the same year.
Infinio Group: Catalist-listed mineral oil and gas company Infinio Group on Monday night responded to a query from the Singapore Exchange regarding the "unusual volume movements" in its shares that day, saying that it has "continually been exploring various avenues for fund-raising from existing shareholders and third-parties". It added that no definitive agreement has been reached with any party and there is no certainty that any agreement will be reached.