The Business Times

Stocks to watch: CDL Hospitality Trusts, Jaya, Spackman

Published Tue, Dec 2, 2014 · 01:10 AM
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THE following stocks had announcements that could affect trading activity on Tuesday.

CDL Hospitality Trusts: The stapled group has said it will spend about six billion yen, or about S$66.3 million, to buy two business economy hotels in Tokyo.

CDL Hospitality Trusts, which comprises CDL Hospitality Real Estate Investment Trust (Reit) and CDL Hospitality Business Trust, plans to buy the 138-room Hotel MyStays Asakusabashi and the 116-room Hotel MyStays Kamata.

Shares of CDL Hospitality Trusts closed at S$1.74 on Monday, up by 0.3 per cent or half a Singapore cent, before the deal was announced.

Jaya Holdings: The cash company said the buyer of its old businesses is making a claim of S$15.6 million against the company over an alleged breach of warranties relating to that deal.

Mermaid Marine Australia bought all of Jaya's subsidiaries for S$625 million in June.

Jaya, which had S$19.7 million of net current assets as at Sept 30, said it is seeking further information. The stock last traded at 4.1 Singapore cents.

Spackman Entertainment Group: The Korean entertainment production company said it has signed a non-binding memorandum of understanding to buy a 51 per cent stake in post-production house Fireworks Co.

The potential value of the deal was not disclosed. The deal is still subject to due diligence and various approvals.

Fireworks specialises in TV commercials, and Spackman head of business development Richard Lee said it has the potential to expand into movie post-production work.

Spackman shares last traded at 23 Singapore cents on Monday, down by 8 per cent or two Singapore cents, before the announcement.

Chaswood Resources Holdings: The independent chairman of Chaswood Resources Holdings' audit and remuneration committees, Colin Ng Teck Sim, has resigned.

Chaswood, a Malaysian restaurant operator, explained the resignation: "Given the current set-up and resources of the company and its management and Mr Ng's current priorities, Mr Ng felt that he is not able to continue to help the company upgrade its internal systems and controls to the level that he feels is necessary."

Chaswood said it will seek to find a replacement within two months.

The stock's last close was 10.8 Singapore cents on Nov 27.

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