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Stocks to watch: Yoma, Noble, Darco
A SUBSIDIARY of Yoma Strategic Holdings has received approval from the Myanmar Investment Commission for the extension of its lease and the redevelopment of the former headquarters of Burma Railways Co into a luxury hotel, the Myanmar development company announced on Wednesday.
The affected site also includes the non-operational Grand Meeyahta Hotel. The redevelopment project is being undertaken by Meeyahta International Hotel Ltd, in which Yoma holds an 80 per cent stake.
Yoma shares closed at 39 Singapore cents on Wednesday before the announcement.
Commodity trader Noble Group heads into Thursday's market at a 17-month closing low of 92 Singapore cents following three straight losing sessions.
The stock has come under pressure since mid-February, when the little-known Iceberg Research issued the first of two reports that allege aggressive accounting by Noble, which has vigorously rebutted those claims.
On Wednesday, Noble said wholly owned subsidiary Maylion has further acquired about 7.9 billion shares in Australian metallurgical coal producer Cockatoo Coal for A$15.87 million (S$16.7 million).
Singapore Exchange (SGX) has issued a "trade with caution" note on Darco Water Technologies after the water treatment company said it was unaware of any undisclosed information that could explain a sharp spike in its share price on Wednesday.
Darco shares jumped 29 per cent, or 0.7 Singapore cent, to close at 3.1 Singapore cents on Wednesday with 41.4 million shares changing hands, the highest daily volume in at least three and a half years, according to data from ShareInvestor.com.
In response to a trading query from SGX, Darco did note that it is in constant discussions on potential projects and may from time to time enter into discussions about potential acquisitions as part of its normal business.