Stocks to watch: First Sponsor, Dyna-Mac
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THE following companies saw new developments that may affect trading of their securities on Thursday (Sep 26):
First Sponsor : The mainboard-listed property developer has raised gross proceeds of about S$244 million from its rights issue. It plans to fund expansion plans, and strengthen its financial position and capital base with the net proceeds. The securities are expected to be listed and quoted on the mainboard from 9 am on Sep 30. Shares of First Sponsor closed flat at S$1.08 on Wednesday, before the announcement.
Dyna-Mac : Hanwha maintained its S$0.60 per share proposition to take management control of the offshore oil and gas contractor, citing factors affecting its business outlook. These included Dyna-Mac’s growth prospects and order book, geopolitical tensions, macroeconomic uncertainties, volatility in oil prices and the global trend towards clean energy, said Hanwha on Wednesday. The South Korean conglomerate’s offer document will provide more information upon its Oct 2 release. Shares of Dyna-Mac closed flat at S$0.63, before the news.
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