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Stocks to watch: Pacific Andes, China Fishery, CEFC, Aspial
PACIFIC Andes Resources Development and China Fishery Group: Both listed companies on Wednesday morning requested a halt to their trading with immediate effect pending an announcement.
Pacific Andes' business is in seafood trading and ocean logistics. It owns 70 per cent of China Fishery Group, whose business is in upstream fishing and fishmeal production.
In 2013, China Fishery acquired Copeinca, Peru's second-largest fishing company, for almost US$800 million. Together with other earlier acquisitions in Peru since 2006, China Fishery has become the largest fish player in Peru.
Last week, Pacific Andes said lower sales volume of fishmeal and fish oil and an absence of gain from the disposal of assets led its Q3 earnings to slump 90 per cent to HK$37.7 million (S$6.8 million). Revenue fell 7 per cent to HK$2.1 billion. China Fisheries saw Q3 earnings fall to US$1.02 million, down 95 per cent, while revenue fell 12 per cent to US$136.2 million.
CEFC International: The fuel trader whose share price has shot up by more than ten-fold since mid-July said on Tuesday discussions on its potential joint ventures are still ongoing.
No definitive terms or formal legal documentation have been agreed, and no binding agreement in relation to the potential joint ventures has been entered into at this stage, it said and advised shareholders and potential investors to exercise caution when trading, as there is no certainty that the potential joint ventures will be agreed or that any similar transaction will materialise.
The latest cautionary note came from David Gerald, president and CEO of investor lobby group Securities Investors Association (Singapore), said retail investors should see "a concern or a red flag" in how CEFC had risen from 2.5 Singapore cents on July 7 to an intraday high of 40.5 cents on Aug 14 without any fundamental change in the company's business.
Aspial Corporation: The jeweller-cum-property developer and investor said on Tuesday it is issuing retail bonds for the first time to raise up to S$75 million.
The offering comprises a tranche of up to S$50 million to the Singapore public and a placement tranche of up to S$25 million to institutional and other investors outside the United States.
These five-year bonds due in 2020 come with fixed interest of 5.25 per cent per annum, payable semi-annually in arrears, according to the bond offer document lodged with the Monetary Authority of Singapore.