The Business Times

Stocks to watch: KLW, PSL, KS Energy, Cordlife

Published Thu, Nov 26, 2015 · 12:55 AM

KLW Holdings: The Catalist-listed doormaker on Thursday said it has withdrawn an earlier action filed against Michael Chan Ewe Teik for the repayment of S$7 million, in accordance with the legal advice it received.

But it has once more on Nov 25 filed a Writ of Summons and Statement of Claim against Mr Chan and his company Straitsworld Advisory in the High Court, as advised by its lawyers.

In it, KLW claimed for the payment of S$7 million; alternatively, damages to be assessed; interests and costs; and further or other relief as the Court deems fit.

PSL Holdings: It has completed the acquisition of an approximately 49 per cent stake in Indonesia-based marine logistics player PT Momentum Indonesia Investama. The acquisition, which was completed on Nov 25, was approved unanimously at a recent extraordinary general meeting. Shareholders at the EGM also gave the go-ahead for a 10-into-one share consolidation.

KS Energy: Its unit, KS Marinehub (KSMH), has acquired the 20 per cent stake that it does not already own in Ocean Offshore Engineering for S$2.34 million. KSMH is wholly owned by KS Distribution, which in turn is 55.35 per cent owned by KS Energy, With the acquisition, the supplier of offshore rigging, testing equipment and wire ropes is now an indirect wholly owned unit of KS Distribution.

Cordlife Group: It is currently in discussions with various parties on opportunities relating to acquisitions, divestments and joint ventures. These opportunities are at various stages, the group said in response to a Singapore Exchange query on unusual trading activity surrounding its shares, and no definitive agreements have been signed yet.


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