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Stocks to watch: SBI Offshore, Noble, SingPost, Ezra, Ascott Reit

Tuesday, March 7, 2017 - 08:39

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SBI Offshore: SBI Offshore on Tuesday said that former executive director and chief executive officer Tan Woo Thian has decided to drop the appeal that he filed against the High Court's decision to grant final judgment for the sum of S$624,631 plus interest and legal costs and disbursements in favour of the company.

Noble Group: Noble Group on Tuesday announced the pricing of its proposed issue of US$750 million 8.75 per cent notes due 2022. But credit rating agency Moody's has kept its junk bond rating for Noble's proposed new bonds, warning that the rating could be downgraded if the firm's cashflow from operations remains consistently weak and liquidity deteriorates further.

Singapore Post: SingPost has lost a top executive linked to its key e-commerce division. It said on Monday that Marcelo Wesseler has resigned as CEO of SP Commerce. SP Commerce is the integrated entity of SingPost's former e-commerce division SingPost eCommerce with US-based e-commerce provider TradeGlobal Holdings and the company's US unit Jagged Peak Inc. E-commerce-related revenues now make up half of the group's revenue.

Ezra Holdings: Ezra Holdings is bound by a clause tied to its outstanding medium term notes not to enter into a trading suspension exceeding a specified period even though its offshore support vessel-focused subsidiary, Emas Offshore Limited (EOL), has taken the suspension route on both the Singapore and Oslo exchanges, say market watchers.

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Ascott Residence Trust: Ascott Reit has launched a fully underwritten renounceable rights issue to raise S$442.7 million, which will be used to buy two properties in Germany and one property in Singapore.

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