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Stocks to watch: Vallianz, Jasper, CIT, Nico Steel

Monday, September 5, 2016 - 09:02

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The following companies made material announcements before the opening of Monday's market.

THE following companies made material announcements before the opening of Monday's market:

Vallianz Holdings has requested for a halt in the trading of its shares, before the opening of Monday's market, citing "pending release of announcement".

Last week, Vallianz said that certain entities within the group have recently received letters from the interim judicial managers (IJMs) of Swiber Holdings and Swiber Offshore Construction (SOC), requesting payments totalling about US$63.5 million, which the IJMs claim to be funds owed to Swiber and SOC.

Vallianz has declined to make such payments, and said it is awaiting a response from the IJMs, and will make further announcements when appropriate.

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Jasper Investments said that it is working with its controlling shareholder to raise further funding to meet its working capital requirements. The company was responding to queries by Singapore Exchange (SGX) in relation to the group's first quarter financial statement for the period ended June 30, 2016.

SGX had pointed to Jasper's negative working capital position as at June 30 and asked if the group was able to meet its short-term obligations as and when they fall due, and to provide reasons for its views.

Jasper said that the group "has been able" to meet its short-term obligations as and when they fall due and that its negative working capital position "has improved over the previous three financial quarters".

Jasper added that with its new appointment as project manager for infrastructural projects secured by Guangdong Zhuhai City LuYuan Construction Engineering Co, it is "cautiously optimistic" that its working capital position will further improve.

Cambridge Industrial Trust Management (CIT) said it has entered into an agreement with UBZ System for the proposed sale of its remaining leasehold interest in 2 Ubi View for S$10.5 million. The proposed sale originated from an "unsolicited offer" from UBZ, it added.

Nico Steel said that it has been placed on the Singapore Exchange (SGX) watch-list with effect from Monday.

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