Stocks to watch: Olam, Tan Chong, Sats, Civmec
Michelle Zhu
THE following companies saw new developments that may affect trading of their securities on Tuesday (Jan 10):
Olam Group : The group on Tuesday announced plans to list its agribusiness unit Olam Agri as early as H1 2023. The move will result in a primary listing in Singapore, a concurrent one in Saudi Arabia, and a demerger of Olam Agri and Olam Group through a distribution in specie of shares in Olam Agri to shareholders. Shares of mainboard-listed Olam Group closed 0.7 per cent or S$0.01 lower at S$1.54 on Monday.
Tan Chong International : The automobile dealer expects to post an unrealised loss of HK$222 million (S$37.9 million) for the financial year ended Dec 31. The group attributed this loss to share price changes of its listed investments, which are marked to market. Shares of Tan Chong closed unchanged at HK$1.98 on Monday, before the announcement.
Sats : A proxy adviser believes the group’s shareholders should approve the proposed acquisition of air cargo handler Worldwide Flight Services (WFS) as it considers the deal an “effective investment opportunity”. In the view of ISS Governance, WFS’ valuation is favourable and Sats’ acquisition of the company would expand the group’s customer base and capabilities. Shares of Sats ended flat at S$2.84 on Monday, before the report was issued.
Civmec : The construction and engineering services provider has secured a A$330 million (S$304 million) contract for mining company Rio Tinto’s Western Range Project. The package of works will utilise most of the company’s in-house capabilities, said the group on Monday. Shares of Civmec closed 0.9 per cent or S$0.005 higher at S$0.575, before the news.
Dasin Retail Trust : The China-focused real estate investment trust’s trustee-manager is conducting an independent business review to assess and validate the financial position of the group. These findings will be used as a basis to progress loan extension discussions with the various lenders. Prior to the announcement, units of Dasin Retail Trust closed at S$0.26, down 3.7 per cent or S$0.01 on Monday.
