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Stocks to watch: SGX, Metro, GCCP Resources
SINGAPORE Exchange (SGX) has emerged as the leading bidder for London's Baltic Exchange and entered into exclusive talks until June 30.
The potential value of the deal is speculated to be about US$100 million, Reuters reported. The Baltic Exchange, which provides maritime information, posted a profit after tax of £1.3 million (S$2.64 million) in the year ended March 2015.
SGX shares closed at S$7.67 on Wednesday.
Metro Holdings' fiscal fourth-quarter net profit fell 84.8 per cent to S$1.12 million, or about 0.1 Singapore cent per share, on lower sales and exchange differences.
The department store operator and property developer is declaring a final dividend of two Singapore cents per share and a special dividend of five Singapore cents per share for a total payout of seven Singapore cents per share.
For the full year ended March 31, 2016, net profit decreased 20.8 per cent to S$113.1 million, or 13.7 Singapore cents per share.
Metro shares last traded at S$1.09 on Wednesday.
GCCP Resources substantial shareholder Chung Mun Chong has been paring his stake in the Malaysian limestone miner over the past week, selling a 1.55 per cent stake for a total of S$808,231, or about 7.5 Singapore cents per share.
The company's fourth-largest shareholder now holds a 9.71 per cent stake in GCCP, from 11.26 previously.
The disposals were carried out in the open market on two days. On May 19, Mr Chung sold 3.6 million shares at about 7.25 Singapore cents apiece. On May 24, a further 7.2 million shares were sold at about 7.613 Singapore cents each.
GCCP shares closed at seven Singapore cents on Wednesday.