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Stocks to watch: KOP, Serrano, Keppel Infrastructure Trust, Xpress

Tuesday, May 24, 2016 - 08:40

LEGAL matters drove corporate announcements ahead of Tuesday's market opening.

Property developer KOP said certain subsidiaries and directors have received a writ of summons from Bachmeer Capital, an investment vehicle of 8.2 per cent substantial shareholder Wang Xuan. Details of the claims were not disclosed, but KOP said it intends to defend against the suit.

News of the writ came shortly after KOP announced a narrower fourth-quarter loss of S$1.8 million, compared with a loss of S$21.1 million a year ago.

Interior design and fit-out company Serrano has applied to the Singapore High Court for a 12-week stay of proceedings against further actions against the company.

The company, which listed in 2014, has been facing numerous letters of demands from its creditors. Serrano shares last traded at 1.4 Singapore cents on Monday.

Keppel Infrastructure Trust said its Basslink unit believes that a recent outage on a 370-kilometre cable in Australia was a force majeure event and therefore covered by insurance. The cable, which links the grids of the states of Victoria and Tasmania in Australia, was taken out of service on Dec 20, 2015.

Trading in Xpress Holdings shares will resume on Tuesday after the company said it is in talks for a potential minority stake in a China supermarket business. No deal has been reached yet.

The printer also said that it plans to seek shareholder approval to add smart technologies, publishing and investment to its core businesses.

Since May 13, Xpress shares have climbed 32.8 per cent, or 19 Singapore cents, to 77 Singapore cents as at Monday's close.