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Stocks to watch: Atlantic Navigation, Keppel Corp, Stamford Tyres, 8Telecom
THE following companies saw new developments that may affect trading of their shares on Tuesday:
Atlantic Navigation: Atlantic Navigation Holdings (Singapore) narrowed its losses for the first quarter ended March 31 with a net loss of US$63,000, compared to a net loss of US$2.44 million, on the back of a surge in revenue from its marine logistics services. Revenue more than doubled to US$12.25 million as the marine logistics services segment recorded a turnover of US$11.9 million, an increase of US$6.6 million or 124.4 per cent from a year ago. But higher income tax expenses during the quarter kept the group in the red. The counter last traded flat at 12 Singapore cents apiece on June 13.
Keppel Corp: Keppel Land is looking to sell a 30 per cent stake in Vietnamese developer Quoc Loc Phat Joint Stock Company (QLP) for 702 billion Vietnamese dong (S$41.2 million), and eyeing to offload its remaining 15 per cent stake "at a later stage". Keppel Corp made the disclosure on Monday evening, saying that Keppel Land has signed a sale and purchase agreement with Pham Quang Hung, a shareholder of QLP, for the divestment. The sale is expected to be completed by the end of this month, and Keppel Corp expects to recognise a gain of about S$13 million. Shares of Keppel Corp closed 10 Singapore cents higher at S$7.15 on Monday.
Stamford Tyres Corp: Mainboard-listed Stamford Tyres reported a near 36 per cent year-on-year drop in net profit to S$5.19 million for FY18 on the back of higher costs. This was despite total revenue rising 3.6 per cent to S$247.86 million for the financial year under review, while earnings per share fell to 2.2 Singapore cents, down from 3.44 cents previously. Total expenditure increased by about 4.8 per cent to S$241.27 million, owing partly to higher cost of goods sold. It has declared a final dividend of one Singapore cent per share, down from 1.5 cents a year ago. The counter last traded flat at 33 Singapore cents on June 11.
8Telecom International Holdings: Mainboard-listed 8Telecom International Holdings has entered into two subscription agreements to issue 22.48 million new shares at 10.3 Singapore cents apiece to raise some S$2.3 million. The subscription price represents a 2.5 per cent discount to the counter's volume-weighted average price of 10.56 Singapore cents per share on June 25. The two subscribers are Top Capital Securities, an investment holding company; and Tai Yang Technology, a firm engaged in the development of e-commerce applications. The counter last traded at 11.3 Singapore cents apiece on Monday, up 0.9 per cent, or 0.1 Singapore cent.