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Stocks to watch: Technics Oil & Gas, AusGroup, King Wan, Swee Hong

Monday, February 15, 2016 - 08:44

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TECHNICS Oil & Gas: Technics will resume trading on Monday (Feb 15) after failing to reach an agreement to sell certain assets.

The oil and gas contractor suspended its stock on Jan 6 to give itself more time to negotiate what it described as a "major disposal". But Technics announced early on Monday it has stopped discussions after the company and potential buyers failed to reach definitive agreements.

Technics shares last traded at 62 Singapore cents on Jan 5.

A number of companies reported losses over the weekend.

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AusGroup: AusGroup posted a A$69.43 million (S$68.97 million) second-quarter net loss. Its managing director, Gerard Hutchinson, also resigned.

The oil and gas and mining engineering company had on Friday warned of a net loss, due in part to continued delay in the commercialisation of the port and marine business, and a worse-than-anticipated pullback in capital expenditure in the oil and gas industry.

King Wan Corp: Engineering and property development group King Wan Corp fell into a net loss of S$5.86 million for its third fiscal quarter from a net profit of S$85,379 for the corresponding period a year ago. An allowance made in connection with the group's real estate development business in Dalian, China offset a 22 per cent rise in revenue to S$26.25 million.

Swee Hong: Civil engineering group Swee Hong sank to a net loss of S$5.51 million for the second quarter, from a net profit of S$208,000 for the same period a year earlier.

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