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Stocks to watch: Noble, Ezion, OUE C-Reit, Kori

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Noble said early on Thursday morning that it has received notice of its first bond default on its US$379 million 3.625 per cent notes.

THE following companies saw new developments that may affect trading of their shares on Thursday:

Noble Group: Noble said early on Thursday morning that it has received notice of its first bond default on its US$379 million 3.625 per cent notes. This comes after the company announced last Friday that it will not be paying the principal and interest on these bonds which had been due on March 20, nor the coupon due on its 2020 notes that it has already missed. The embattled commodity trader said that the terms of its restructuring support agreement (RSA) with creditors provide for a standstill, which means creditors who have signed or acceded to the deal will refrain from taking any action against the company with respect to their claims.


Ezion Holdings: Beleaguered offshore and marine group Ezion Holdings issued a profit guidance late on Wednesday, saying that it is likely to record a net loss of approximately US$1 billion for both the fourth quarter and full year ended Dec 31, 2017, largely due to impairment losses of about US$900 million. The group will announce its financial results on March 28.


OUE Commercial Reit: OUE Commercial Reit announced on Wednesday that its portfolio property One Raffles Place Shopping Mall will undergo asset enhancement initiatives in mid-2018 as part of efforts to revitalise the mall. The enhancements include improving the circulation areas of the mall, as well as creating more inviting and open retail space with better visibility. It also announced the opening of a co-working space occupying more than 35,000 sq ft of space across a few levels at the mall.

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Kori Holdings: Engineering and construction services company Kori Holdings announced on Wednesday that its wholly owned subsidiary, Kori Construction, has been awarded contracts worth S$13.5 million as part of Circle Line 6 and the Thomson-East Coast MRT Line. The projects are due to start by the first quarter of 2018 and are scheduled to be completed in 24 months. They are expected to have a positive impact on the earnings per share and/or net tangible assets per share of the group for the financial year ending Dec 31, 2018.

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