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Stocks to watch: SGX, mm2 Asia, Ezion
Singapore Exchange: SGX will mandate all mainboard companies to allocate to retail investors at least 5 per cent, or S$50 million, whichever is lower, of their initial public offering (IPO). This new rule will kick in from May 2, 2017.
Separately, it is consulting the public on proposed adjustments to increase the minimum bid size for stocks trading in the S$1.00 to S$1.99 (from the current S$0.005 to S$0.01) range; widen the forced order range for stocks; and reinstate a mid-day break from 12 noon to 1pm.
mm2 Asia: Film producer and distributor mm2 Asia on Wednesday updated that it has been advised by Unusual Pte Ltd that the latter plans to lodge its preliminary offer document with the Singapore Exchange after obtaining the shareholders' approval for the proposed listing at an extraordinary general meeting on March 20, 2017.
Ezion Holdings: Oilfield services provider Ezion Holdings is understood to be in final talks with the interim judicial managers (IJMs) of Swissco Holdings, to take over four rigs co-owned by joint ventures between the two parties at a total consideration of over US$16 million.
The Business Times understands that Ezion has upped its offer to over US$4 million per rig after Swissco's IJMs pushed back the earlier takeover bid priced at about US$3 million per rig.