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Stocks to watch: Memstar Technology, Tee International, CEFC International, Sinjia Land
THE following companies made announcements after the markets closed on Thursday, which might affect their trading on Friday:
Memstar Technology: The membrane supplier has terminated the proposed reverse takeover agreement with Longmen Group, after the latter failed to fulfil certain deliverables. It is also restarting its efforts to look for a suitable business to meet its obligations as a cash company under Singapore Exchange mainboard rules.
Tee International: The mainboard-listed real estate and engineering group has moved back into the black for its third quarter, with net profit of S$611,000 compared to a loss of S$134,000 a year ago. Revenue rose 7.8 per cent to S$46.5 million due to contributions from ongoing engineering projects.
CEFC International: The mainboard-listed energy trading firm is in talks to acquire a stake in a European company that owns certain oil and gas distribution network, logistics and storage facilities. Discussions are still ongoing, it said on Thursday evening.
Sinjia Land: The Catalist-listed company is suing a supplier in Taiwan for failing to deliver equipment after it had made the downpayment. It hopes to claim back the downpayment amount of S$755,580, and the interest applicable on the sum. It also revised its 2015 losses to S$2.5 million, S$545,000 higher than initially reported, following an adjustment recommended by its auditors.