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Stocks to watch: Olam, GuocoLeisure, Sim Lian
OLAM International: Japanese conglomerate Mitsubishi Corp will take a strategic stake in the Singapore-listed commodity trader for S$1.53 billion.
The two groups have entered into a subscription agreement under which Olam will issue 332.73 million new shares or 12 per cent of the enlarged capital to the Japanese firm for S$2.75 a piece, a 44 per cent premium to the last price for Olam before trading in its shares was halted on Singapore Exchange on Thursday.
Mitsubishi is also acquiring an 8 per cent stake in the agriculture firm for S$615 million from Kewalram Chanrai Group.
GuocoLeisure: The company has posted a 23 per cent rise in net profit for the 12 months ended June 30, 2015, to US$47.9 million, lifted by lower finance costs and savings from operating expenses.
Revenue for the period slipped 8 per cent to US$423.2 million due mainly to lower Bass Strait oil and gas royalty and gaming revenue.
Sim Lian: The group's net profit for the full year ended June 30, 2015, leapt 41 per cent from a year ago to S$240.4 million, on the back of a 67 per cent jump in revenue to S$1.2 billion.
The board of directors has proposed a first and final dividend of 7.28 Singapore cents, higher than the 4.6 Singapore cents declared for fiscal 2014.