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Stocks to watch: SMRT, Sim Lian, Yangzijiang
THE following companies made material announcements before the opening of Tuesday's market:
SMRT Corporation said that a scheme meeting will be convened on Sept 29, 3.30pm, at The Star Theatre, Level 5 - same day and venue as the NRFF EGM. The latter is the EGM of the company in relation to the proposed sale of its operating assets, in connection with the contemplated transition from the current rail financing framework to the new rail financing framework (NRFF).
The meeting - through a shareholders' vote - will determine if Belford (a 100 per cent owned company of Temasek) will acquire 100 per cent shareholding of SMRT at a scheme price of S$1.68 apiece.
Sim Lian Group (SLG) said that the privatisation offer of the company by Coronation 3G has been declared unconditional.
SLG said that as at 5pm on Monday, the total number of shares owned, controlled or agreed to be acquired by Coronation 3G and its concert parties, and the valid acceptances of the offer, amounted to some 906.3 million shares, representing about 90.10 per cent of the total number of shares. "The minimum acceptance condition of the offer is now fulfilled."
The offer will remain open for acceptance until 5.30 pm on Oct 10.
Yangzijiang Shipbuilding has disposed of a 20 per cent equity stake in associated company Jiangsu Hailan Marine Systems Technology for 29.5 million yuan (S$5.99 million). The disposal is made through its wholly-owned subsidiary, Jiangsu New Yangzi Shipbuilding.