Stocks to watch: Seatrium, Yangzijiang Financial, Best World, Stamford Land, GP Industries

THE following companies saw new developments that may affect trading of their securities on Monday (May 27):

Seatrium : The offshore and marine specialist has obtained S$11 billion worth of contracts to build two new floating production storage and offloading vessels (FPSOs) for Brazil’s national oil company, Petrobras, it said on Saturday. The FPSOs will be deployed in the Atapu and Sepia fields in the Santos Basin, offshore of the Brazilian city Rio de Janeiro. Shares of Seatrium fell 2.5 per cent or S$0.04 to close at S$1.54 on Friday.

Yangzijiang Financial : Yangzijiang Financial on Sunday said its entry into the maritime sector will not create a conflict of interest with its sister company, Yangzijiang Shipbuilding. Yangzijiang Financial also said it has “no intention to compete in the shipbuilding segment”. Shares of Yangzijiang Financial closed 1.5 per cent or S$0.005 lower at S$0.32 on Friday.

Best World International : The personal care products developer and distributor said on Friday that it will raise its exit offer price to S$2.56 per share in cash, from S$2.50 previously. It said it does not intend to revise the final exit offer price and that it decided to increase the exit offer price after a review of its financial and cash position. Shares of mainboard-listed Best World closed 0.4 per cent or S$0.01 higher at S$2.50, before the announcement.

Stamford Land : It reported on Friday an 88.9 per cent decline in net profit to S$20.6 million for its second half ended Mar 31, 2024, from S$184.5 million in the same period a year earlier, in the absence of disposal gains in the year-ago period. Shares of mainboard-listed Stamford Land closed 1.3 per cent or S$0.005 higher at S$0.39 on Friday, before the announcement.

GP Industries : The mainboard-listed battery maker expects to record a net loss of between S$58 million and S$68 million for the financial year ended Mar 31, 2024, sinking into the red from a net profit of S$22 million for the previous fiscal year. The group attributed the loss to non-cash impairment losses of XIC Innovation, one of its industrial investments. Excluding its share of attributable loss on XIC, GP Industries would have expected a net profit of between S$16 million and S$18 million for FY2024. Shares of GP Industries ended 1 per cent or S$0.005 higher at S$0.52 on Friday.