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Stocks to watch: P99, STATS ChipPAC
THE following stocks had announcements that could affect trading activity on Monday.
P99 Holdings: The company is now a cash company after it decided to deconsolidate its core cafe business following a dispute. P99 said it has about 52.04 million yuan (S$11.07 million) in cash and bank balances at the moment.
P99 will apply to remain listed on the Catalist board, and management said it is considering various options. The stock last traded at 8.3 Singapore cents.
STATS ChipPAC: Negotiations for a potential sale of STATS ChipPAC will continue for up to another 20 days after parties failed to reach an agreement by the original deadline of Nov 30.
China's Jiangsu Changjiang Electronics Technology Co (JCET), STATS ChipPAC and Temasek Holdings unit Singapore Technologies Semiconductors have agreed to extend the deadline for exclusive talks to Dec 20. Temasek controls about 84 per cent of STATS ChipPAC, a Singapore semiconductor testing and assembly company.
JCET on Nov 6 had announced its intention to make a US$780 million offer for STATS ChipPAC, provided it could secure the support of Temasek, among other conditions. On a per share basis, that bid is equal to about 45.2 Singapore cents. STATS ChipPAC shares last traded at 44 Singapore cents on Friday.
A wave of trading halts has emerged.
Oil and gas and marine contractor CosmoSteel Holdings has halted trading of its shares pending an announcement. Shares of the company have been under pressure ever since CosmoSteel announced in August that chief executive Ong Chin Sum and executive director Ong Tong Yang were the targets of a corruption probe.
CosmoSteel shares changed hands at 39 Singapore cents on Friday.
Timber flooring contractor Jason Holdings, which is in the midst of a dispute with a subsidiary of Lian Beng Group, has also put the brakes on trading of its shares.
Jason shares traded at 48.5 Singapore cents on Friday.
Water treatment membrane maker Memstar Technology has also halted trading of its shares pending an announcement. The stock traded at 1.5 Singapore cents on Friday.