Stocks to watch: Yangzijiang, Sembcorp, Cosco, Sincap

THE following companies saw new developments that may affect trading of their shares on Thursday:

Yangzijiang Shipbuilding: Chinese shipbuilder Yangzijiang Shipbuilding is looking to raise net proceeds of S$208.8 million by placing out 137 million new shares at S$1.53 each to institutional investors and other investors. Net proceeds will go towards funding new investments and business expansion through acquisitions, JVs and/or strategic alliances, with the remainder going to working capital and general corporate purposes, the company said. YZJ shares finished S$0.085 or 5.2 per cent down at S$1.54 on Wednesday.

Sembcorp Industries: The company announced on Thursday that its wholly owned subsidiary, Sembcorp Utilities, has entered into an agreement to take over IDFC Private Equity Fund III's (IDFC) remaining stake in Sembcorp Green Infra (SGI), for 14.1 billion rupees (about S$301 million). With this acquisition, Sembcorp will become the sole owner of SGI, one of the largest renewable energy players in India. Sembcorp shares ended Wednesday S$0.02 or 0.7 per cent up at S$2.98.

Cosco Shipping International: The minority shareholders of mainboard-listed Cosco Shipping International (S) Co has overwhelmingly given it the green light to proceed with the 1.46 billion yuan (S$300.3 million) divestment of its loss-making yard operations. At an EGM on Wednesday, 98.42 per cent in votes representing over 162.8 million shares held in the company were cast in favour of the proposed divestment, Cosco said in an announcement after trading hours.

Sincap Group: Alumina and thermal coal trader Sincap Group is planning a placement of up to 450.25 million new shares in the firm to raise about S$8 million. The firm entered into a conditional placement agreement with KGI Securities (Singapore) on Thursday, under which KGI agreed to procure subscriptions for the shares at an issue price that will not be less than 1.8 Singapore cents per share.