Stocks to watch: Seatrium, Jardine C&C, Q&M Dental, Aoxin Q&M, mm2 Asia
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Monday (Sep 15):
Seatrium : The offshore and marine energy solutions company failed in a Singapore court appeal to block a US$126.6 million rig contract payment to a customer on Friday. The litigation involved a majority-owned joint venture company inherited by Seatrium when Keppel Offshore & Marine and Sembcorp Marine merged in 2023. With Seatrium’s appeal now dismissed, the customer is entitled to payment under the letter of credit, but Seatrium said the joint venture will continue to resolve the dispute and seek recovery of the payment. The counter closed flat at S$2.35, before the announcement.
Jardine Cycle & Carriage (Jardine C&C): Two of its subsidiaries have agreed to acquire Indonesia-incorporated gold mining company Arafura Surya Alam (ASA), the group said on Monday. Danusa Tambang Nusantara will purchase 99.99 per cent of ASA’s total issued share capital, while Energia Prima Nusantara will buy the remaining one share. Following the proposed acquisition, which has an aggregate consideration of US$540 million, ASA will be an indirect subsidiary of the company. The counter finished Friday at S$28.68, up S$0.68 or 2.4 per cent.
Q&M Dental and Aoxin Q&M Dental : Aoxin Q&M Dental on Friday said that its wholly owned subsidiary on Sep 11 entered into a memorandum of understanding (MOU) with Singapore Dental Cadcam Laboratory, which is wholly owned by the company's controlling shareholder, Q&M Dental. The MOU relates to the formation of a joint venture to provide laboratory services, including the processing of porcelain crown, bridges and dentures and the development of dental inlay technology, said Aoxin Q&M Dental. Shares of Q&M Dental finished Friday 3.2 per cent or S$0.015 higher at S$0.49; shares of Aoxin Q&M ended flat at S$0.063, before the news.
mm2 Asia : The entertainment company on Monday said its Malaysian subsidiary MM2 Star Screen has decided not to proceed with recording the proposed consent judgment in its Melaka case with MTrustee, which is acting as a trustee for Hektar Real Estate Investment Trust. Hektar and MM2 Star Screen previously reached a settlement for about RM1.7 million (S$518,286) owed by MM2 Star Screen in rental arrears and related charges at its Melaka and Johor premises. On Monday, MM2 Star Screen said it is managing this matter and is seeking legal advice on the issue as the earlier settlement has effectively stalled. The counter closed flat on Friday at S$0.003.
Trading halts lifted: Both Jubilee Industries and Accrelist requested to lift their trading halts on Monday.
