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Stocks to watch: Keppel Corp, Qian Hu, SATS, United Fiber
THE following stocks may be in active play on Friday:
CONGLOMERATE Keppel Corp will shift the focus for its offshore business to areas beyond drilling as rig orders dry up, it said on Thursday after the group reported a rise in first-quarter net profit. Net profit for the three months to March 31 rose 6.4 per cent to S$360.2 million from the previous year, lifted mainly by gains from the sale of equity investments. Revenue slid 6.1 per cent to S$2.81 billion in the same period.
ORNAMENTAL fish service provider Qian Hu Corporation on Thursday posted a net profit of S$112,000 for the first quarter of FY2015, down 2.6 per cent compared with S$115,000 a year ago. Revenue inched up 0.3 per cent to S$20.8 million from S$20.7 million.
SATS's Singapore Food Industries (SFI) on Thursday said it has entered into a joint venture agreement with BRF GmbH to set up a company in Singapore to process meat and manufacture branded food products for distribution to retailers, restaurants, wholesalers, distributors and ship chandlers. To be named SATS BRF Food, the company will have an issued and paid-up share capital of S$48 million with SFI holding a 51 per cent stake.
A RIVETING takeover battle for London-listed Indonesian coal mine Asia Resource Minerals between bigwig billionaire shareholders - Indonesia's Widjaja family and European financier Nat Rothschild - is playing out with United Fiber System (UniFiber) waiting in the wings for an outcome that could transform it into a major coal miner. The developments are taking place as UniFiber, a forestry and pulp firm, is nearing completion of its protracted S$1.88 billion reverse takeover of Jakarta-listed PT Golden Energy Mines, controlled by the Widjaja family's Sinar Mas group and led by tycoon Eka Tjipta Widjaja.