Stocks to watch: Olam, Top Glove, UMS Integration

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Tuesday (Mar 3):

Olam Group : The agri-business company announced on Monday that its food, feed and fibre operating business, Olam Agri, secured a seven-year US$100 million financing facility, which will initially be guaranteed by the group. This unit will become the guarantor at some point, after the Singapore-listed group completes the proposed sale of its 44.58 per cent stake in Olam Agri to the Saudi Agricultural and Livestock Investment Company. Proceeds from this move will be used by Olam Agri to back the flow of rice from India, Thailand and Vietnam to African countries. The counter closed down 4.4 per cent or S$0.04 at S$0.875 on Monday, prior to the announcement.

Top Glove : The glove manager on Monday said Lim Jin Feng and Ng Yong Lin will take over the helm as joint managing directors from 61-year-old incumbent Lim Cheong Guan on Apr 1. Lim Jin Feng is the son of the glove maker’s founder, Lim Wee Chai, and joined the company in 2011. Ng started in the group in 2009 before becoming chief operating officer in 2021. Shares of Top Glove fell 4.2 per cent or S$0.008 to close at S$0.182 on Monday, before the announcement.

UMS Integration : The precision engineering group on Monday said it bought the remaining 30 per cent stake in Starke Singapore, a privately held aluminium alloy products supplier, for S$8.2 million. UMS added that it would streamline Starke’s business operations with the group, and “better manage” its overhead costs. The acquisition will be funded by the group’s internal resources and/or bank borrowings. UMS shares rose 3.5 per cent or S$0.05 to close at S$1.50 on Monday, before the news.