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Stocks to watch: AsiaPhos, Natural Cool, Vard Holdings
THE following companies saw new developments that may affect trading of their shares on Monday:
AsiaPhos: In an update to ongoing negotiations with the Sichuan provincial government in China regarding its mining operations, phosphate mining company AsiaPhos said that it has met officials from the Sichuan Provincial People's Government and officials from various Deyang and Mianzhu departments, and was looking for an amicable settlement. This is regarding the request for undertaking and the "potential non-renewal" of Mine 1, located outside Jiudingshan Nature Reserve in Sichuan province in China. AsiaPhos said that the company and the Sichuan provincial government are intending to negotiate terms which would provide AsiaPhos with continued access to sufficient phosphate rocks, as well as possible compensation options or the compensation amounts/terms as a result of the company vacating three mines in Sichuan province - Mine 1, Mine 2 and the Feng Tai mine.
Natural Cool: Air-conditioning services company Natural Cool Holdings Limited announced on Monday that the company had received a notice of claim from Nitto Kogyo Corporation. Nitto, an electrical components manufacturer, is seeking payment from Natural Cool regarding "certain warranties under the sale and purchase agreement" entered into between both companies in relation to Natural Cool's S$33.9 million sale of Gathergates Group Pte Ltd to Nitto Kogyo on Sept 16, 2015. No legal proceedings have commenced at this stage, Natural Cool said in a pre-market open filing to the Singapore Exchange.
Vard Holdings: Mainboard-listed Vard Holdings has secured contracts worth some 700 million Norwegian krones (S$113.6 million) for the design and construction of seven stern trawlers for four Icelandic shipowners. The four shipowners are: Bergur-Huginn, Utgerdarfelag Akureyringa, Gjögur and Skinney-Thinganes, Vard said in a filing with the Singapore Exchange on Sunday. The designer and shipbuilder of specialised vessels said that together with the Icelandic parties, they have developed a new concept for the trawlers for more efficient fishing operations in Iceland.