Stocks to watch: Olam, No Signboard

THE following companies saw new developments that may affect trading of their securities on Thursday (Mar 21): 

Olam Group : Its indirect 64.57 per cent-owned subsidiary, Olam Agri, has launched a non-binding indicative offer to acquire all shares in Australian cotton ginning company Namoi Cotton for some A$122 million (S$107.8 million). The consideration of A$0.59 per Namoi share comprises A$0.58 in cash, and a permitted special dividend of A$0.01 per share, said Olam on Thursday. Shares of the group ended Wednesday unchanged at S$0.99.

No Signboard : The restaurant operator’s controlling shareholder GuGong and executive chairman Lim Yong Sim have agreed to sell all their shares for S$500,000, to three investors with business interest in China. Their collective ownership currently constitutes 55 per cent of No Signboard’s total shares. Separately, No Signboard said on Wednesday that Lim has tendered his resignation as executive chairman and will also cease his directorship of the company’s subsidiaries with immediate effect. The counter closed flat at S$0.016, before the announcement.