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Stocks to watch: Asiatravel.com, No Signboard, Viking Offshore & Marine, Ryobi Kiso
THE following companies saw new developments which may affect trading of their shares on Wednesday:
Asiatravel.com: Asiatravel.com Holdings' online travel reservations unit is facing a lawsuit by a supplier of hotel rooms that is claiming S$430,208.40 plus interest, costs and other orders, the company announced on Wednesday before the market opened. The supplier, YTC Hotels, filed a writ of summons and statement of claim on June 14 against Asiatravel.com subsidiary AT Reservation Network. YTC Hotels' claim relates to hotel rooms at Peninsula.Excelsior Hotel provided by YTC Hotels to AT Reservation between Jan 14, 2018 and May 30, 2018.
No Signboard Holdings: No Signboard Holdings is launching a chain of fast-food outlets that serves hawker food-themed burgers, wraps and buns, the restaurant chain announced on Wednesday. The "Hawker" brand will launch through wholly owned subsidiary Hawker QSR Pte Ltd, previously known as NSB Quick Service Restaurants Pte Ltd. The group estimated setup costs of around S$0.5 million per outlet, and the venture will be initially 20 per cent funded by No Signboard’s IPO (initial public offering) proceeds, and 80 per cent through bank loans.
Viking Offshore & Marine: Keppel Offshore & Marine has suspended business with Marshal Systems, a unit of Viking Offshore & Marine, after another unit of the latter commenced legal proceedings against Keppel Singmarine, Viking Offshore & Marine said in a Singapore Exchange (SGX) filing on Tuesday after market close. Viking Offshore & Marine said that it gave written notice to do so on or around May 28.
Ryobi Kiso: Ground engineering solutions firm Ryobi Kiso's subsidiary Ryobi Kiso (S) Pte Ltd has not been able to meet repayment obligations to "certain bank lenders" and is in breach of the corresponding banking facilities, the firm announced on Wednesday in an exchange filing. As a result, Ryobi Kiso has requested a voluntary suspension of its mainboard-listed shares and has appointed PricewaterhouseCoopers (PwC) as an independent financial adviser to assist in the matter.