Stocks to watch: Olam Group, Geo Energy Resources

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Monday (Apr 6):

Olam Group : The agri-food giant is selling its information technology and digital services unit, Mindsprint, to Wipro for US$375 million as part of a broader corporate reorganisation, it said on Monday. The sale is expected to close by end-June. The Singapore-based company also agreed to an eight-year contract to spend US$100 million annually with Wipro. Shares of Olam Group fell 0.6 per cent to close S$0.005 lower at S$0.86 on Thursday.

Geo Energy Resources : Geo Energy Resources announced on Thursday a proposed placement of up to 35,000,000 new ordinary shares to raise gross proceeds of about S$18.375 million. The new shares are priced at S$0.525 per share. This is to enhance the group’s capital structure, financial flexibility and broaden the company’s shareholder base, the firm said. Shares of Geo Energy Resources ended at S$0.535 on Thursday before the announcement, S$0.02 or 3.6 per cent lower.