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Stocks to watch: PACC Offshore Services, Global Yellow Pages, SingHaiyi
PACC Offshore Services Holdings: Worsening market conditions in the offshore marine sector has pushed PACC Offshore Services Holdings (POSH) into the red for the second quarter. It posted a net loss of US$17.5 million for the three months to June 30, a reversal from the net profit of US$6.1 million it reported in the same period a year ago.
Global Yellow Pages: The company has said it is expecting to report a loss for FY2016, mainly attributable to the impairment of fixed assets and other provisions with respect to its 50 per cent shareholding in Singapore River Explorer Pte Ltd, impairment in its investment in Yamada Green Resources Ltd, and fair value loss on revaluation of investment property. These are non-cash items and will not have an impact on the group's cash position and cash flows.
The stock closed down 0.3 Singapore cent at S$0.172 on Tuesday.
SingHaiyi: The family controlling the SingHaiyi property development group has taken the reins at another property developer here, OKH Global.
Celine Tang, SingHaiyi's group managing director since 2013 and wife of Chinese tycoon Gordon Tang, was named OKH Global's executive chairman and chief executive officer with effect from Aug 2, OKH said in a Singapore Exchange filing on Tuesday night.