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Stocks to watch: LTC, Oxley, LifeBrandz, Sunright, GSS Energy, JEP Holdings, LY Corp
THE following companies saw new developments that may affect trading of their shares on Tuesday:
LTC Corporation: The financial terms of the voluntary conditional cash offer for LTC Corporation are, on balance, fair and reasonable, independent financial adviser Asian Corporate Advisors said. Independent directors (IDs) of the mainboard-listed company have also agreed with the assessment. On Monday, LTC Corporation, which engages in property rental and development, as well as steel trading in Singapore and Malaysia, announced in a circular that the IDs recommend that shareholders accept the offer. On Feb 9, it was announced that a group of LTC Corporation's controlling shareholders from the Cheng family plans to make a voluntary conditional cash offer of S$0.925 per share for all ordinary shares of the company.
Oxley Holdings: The property developer is in the final stage of negotiations to sell a 300-year lease of a building in its mixed-use development Dublin Landings in Ireland. Dublin Landings, which was launched in October 2016, is situated along Dublin's North Wall Quay. The project will consist of Grade A office and retail space, and luxury residential apartments. In an update on the project, Oxley said that the total gross development value of Dublin Landings - comprising Blocks D1, D2, A, B and E - is expected to amount to about 835 million euros (S$1.4 billion).
LifeBrandz: A wholly owned unit of lifestyle group LifeBrandz is planning to acquire the entire issued and paid-up share capital of Ramen Champion, a restaurant operator based in Singapore, for up to S$4 million. On Monday, LifeBrandz said in a Singapore Exchange filing that LB F&B had on March 9 entered into a non-binding memorandum of understanding (MOU) with majority shareholder Koki Matsuda and Kanezin Japan Singapore on the potential acquisition of 3.95 million ordinary shares of Ramen Champion. As at the date of the MOU, Ramen Champion has an issued and paid-up share capital of S$3.95 million. LifeBrandz will acquire all of the 3.95 million ordinary shares in three tranches.
Sunright Limited: The company, which provides burn-in and test services for the semiconductor industry, on Monday posted a half-year net profit of S$3.27 million, up 38 per cent from last year. This translated to an earnings per share of 2.66 Singapore cents for the half year ended Jan 31, 2018, from 1.93 cents in the year-ago period. The group's half-year revenue also rose 12 per cent to S$78.3 million, due to greater sales in the burn-in, testing and electronic manufacturing services segment. No dividend was declared for the current financial period, unchanged from the preceding year.
GSS Energy: The precision engineering firm on Monday said it has adopted a dividend policy of paying dividends no less than 20 per cent of its consolidated profit before tax (excluding non-controlling interests and one-off items), for fiscal years 2018 and 2019. This dividend policy is subject to the availability of retained earnings, the group's financial position, capital expenditure requirements and future expansion or investment plans, among others.
JEP Holdings: On Monday, JEP proposed to undertake a share consolidation exercise to consolidate every four existing ordinary shares in the capital of the company into one ordinary share. Post-consolidation, each shareholder of the company will receive one consolidated share for every four existing shares held prior to the consolidation as at the books closure date that will be announced later. The solution provider of precision machining and engineering services said that it believes the move will reduce volatility of the share price and create more market interest and attractiveness of the company and its shares.
LY Corporation: The Malaysian furniture maker on Monday posted a 17.8 per cent increase in full-year net profit to RM51.2 million (S$17.2 million) from RM43.4 million last year, on the back of higher revenue. A one-tier, tax exempt dividend of 0.78 Singapore cent has been declared for the period, compared to none in the preceding year. The company was incorporated in Singapore in October 2016, and made its debut on the Singapore Exchange's Catalist board on Jan 31 this year, at 28.5 Singapore cents apiece.