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Stocks to watch: Mermaid Maritime, Sunmoon, Eucon
THE following companies made announcements over the long weekend that could affect their shares trading when the market opens on Tuesday:
Mermaid Maritime Public Company has cancelled its US$298 million construction order for two rigs as the depressed oil and gas market reduces demand for drilling rigs. In a separate announcement, the firm said that its Indonesian unit has entered into an additional one-year charter contract for a remotely operated vehicle and air diving support vessel, DP2 Multi-Purpose Support Vessel.
Sunmoon Food Company, a fresh food distributor, has agreed to place out S$15 million of new shares and another S$9 million of warrants to Chinese online shopping group Shanghai Yiguo E-Commerce. The proceeds will be used to boost the group's working capital, it said in an exchange filing late on Monday night.
Eucon Holding Limited said that it has agreed to acquire a China-based media company while disposing of its existing business as part of its diversification strategy.