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Stocks to watch: Acromec, Pavillon, ComfortDelGro, CDL
THE following companies saw new developments that may affect trading of their shares on Friday:
Acromec: The engineering services provider has secured two contracts worth S$6.6 million, which the group says will help grow its order book to around S$28 million. It expects these projects to contribute positively to its earnings per share and net tangible assets per share for FY 2018. Acromec rose 19 per cent, or S$0.04 to close S$0.25 a share on Thursday.
Pavillon Holdings: Mainboard-listed Pavillon Holdings on Friday said it will pay the remaining RM29.9 million (S$9.86 million) for its Johor Bahru property acquisition by issuing three-year convertible bonds at 5 per cent interest per annum, with a conversion price of RM0.3025 per share. The counter last traded at 4.8 Singapore cents apiece on Thursday, unchanged from the previous day's close.
ComfortDelGro Corporation: A public consultation on ComfortDelGro's proposed acquisition of a majority stake in Lion City Holdings from Uber Technologies Inc will be held from Dec 21 this year to Jan 8 next year. It is organised by the Competition Commission of Singapore, and public feedback on the strategic alliance will be sought. ComfortDelGro last traded at S$1.91 apiece on Thursday, down 1.55 per cent, or S$0.03.
City Developments Limited (CDL): CDL on Thursday made a final cash offer of 620 pence a share for the shares in London-listed Millennium & Copthorne Hotels (M&C) that it does not already own. The first closing date of the offer for M&C shareholders is Jan 23, 2018. CDL owns 65.2 per cent of M&C, and will need approval from 50 per cent of M&C's remaining shareholders in order to close the deal. There is a chance, however, that the deal might fall through. CDL traded 0.49 per cent, or S$0.06 lower to close at S$12.27 apiece on Thursday.