The Business Times

Stocks to watch: GL, Penguin, Singapore O&G, Koh Brothers

Published Tue, Mar 16, 2021 · 08:50 AM

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

GL: The offerer, Guoco Group, has raised its offer price to take GL private by 14.3 per cent or S$0.10 to S$0.80 per offer share, from S$0.70 previously. GL said on Monday that the final price will not be increased "under any circumstances whatsoever". GL shares closed at 80 Singapore cents on Monday, up 10.4 per cent or 7.5 cents.

Penguin International: The offeror for Penguin International, Emet Grace, has garnered about 59.71 per cent of shares in the builder and operator of aluminium high-speed craft as at Monday evening. Emet Grace intends to delist the stock from the Singapore Exchange's mainboard should the shareholding be above 90 per cent of Penguin. The counter closed unchanged at S$0.65 on Monday.

Singapore O&G: Independent director Chan Heng Toong will not seek re-election at the April 23 annual general meeting, to "enable younger independent directors to come in to rejuvenate the board", and to focus on his personal commitments, said Singapore O&G on Monday. Mr Chan, 71, is the chairman of the nominating committee, and a member of the audit committee and remuneration committee. The counter closed flat at S$0.26 on Monday.

Koh Brothers Eco Engineering: The engineering company said on Monday that its new investor, Penta-Ocean Construction, will be buying 810 million of its new ordinary shares at 4.7 Singapore cents per share. The net proceeds will amount to about S$36.9 million, which will be used to strengthen Koh Brothers Eco Engineering's financial position. Koh Brothers shares closed flat at 15.6 Singapore cents; Koh Brothers Eco Engineering shares were unchanged at 3.6 cents last Friday, as both counters halted trading on Monday. The suspension was lifted post announcement.


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