Stocks to watch: Otto Marine, China Sky Chemical Fibre, Noble
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OTTO Marine: Its wholly owned subsidiary, Otto Ventures Pte Ltd (OVPL), has successfully defended itself in arbitration proceedings, where claimants had claimed some US$8.88 million in damages against OVPL.
In the award released on Aug 15, the tribunal dismissed the claimants' claims in their entirety and ordered the claimants to bear all OVPL's costs and expenses in relation to the arbitration.
China Sky Chemical Fibre Co: The mainboard-listed nylon and textile producer has said three of its subsidiaries have either suspended production or reduced their production lines amid continued weak demand for its products and softening selling price. It had sought a suspension of its shares last week.
Noble Group: The commodity trader has pushed back after Moody's Investors Service downgraded it by two levels. It has said a planned sale of a United States energy unit was progressing well and efforts to cut costs and debt were making headway.
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