Stocks to watch: Jardine C&C, Innotek, Pavillon

THE following companies saw new developments that may affect trading of their securities on Friday (Jul 15):

Jardine Cycle & Carriage : The investment holding company on Thursday made an unconditional voluntary takeover offer for the nearly 10 per cent stake it does not already own in Malaysia-listed Cycle & Carriage Bintang at RM2.70 a share. This translates to a cost of roughly RM27.2 million (S$8.6 million) for the group to acquire the shares. Jardine Cycle & Carriage shares closed 0.2 per cent or S$0.05 lower at S$26.55 on Thursday.

Innotek : The precision metal components company on Thursday issued a profit guidance for its H1 results as higher operating costs and customers’ operations disrupted by Covid-19 prevention measures hit its bottom line. The group said it would likely report a net loss when it releases its financial results in mid-August. Innotek shares rose 3 per cent or S$0.015 to close at S$0.52 on Thursday, before the announcement.

Pavillon Holdings : The mainboard-listed company has been asked to hold an extraordinary general meeting (EGM) for the purpose of ousting the executive chairman and an independent director from the board, it said in an announcement on Thursday. In a letter signed off by Zheng Fengwen, the largest shareholder and former executive director of Pavillon, Zheng asked for himself and major shareholder Teo Kiang Ang to be appointed as director and executive chairman respectively at the EGM. Pavillion’s share price closed flat at S$0.041 on Thursday before this announcement.