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Stocks to watch: Broadway Industrial Group, Alliance Mineral Assets, SIA
THE following companies saw new developments that may affect trading of their shares on Wednesday:
Broadway Industrial Group: Broadway Industrial Group said on Wednesday its wholly owned subsidiary Compart Engineering, Inc (CE) has sold an industrial building in the US for US$3.69 million. The precision parts manufacturer said in a pre-market filing that the sale was a good opportunity for the company to dispose of an underperforming asset for "valuable consideration" and is part of a plan to strengthen its balance sheet. The property had been valued at US$3.17 million by Colliers International on June 2, 2017. The company put the proceeds from the disposal at more than about S$2.24 million over the book value of the property and expenses to be incurred.
Alliance Mineral Assets: Australian miner Alliance Mineral Assets on Wednesday said the company was made aware that a writ of seizure and sale dated Nov 23, 2017 has been issued by Singapore's High Court. Some 40,029,786 Alliance Mineral shares belonging to substantial shareholder Living Waters Mining Australia (LWMA) were seized. LWMA is a private company wholly owned by Alliance Mineral's chief executive Tjandra Adi Pramoko, and his wife, executive director Simone Suen Sze Man. The seizure is, however, limited to LWMA or Mr Tjandra satisfying payment of about S$5.48 million to Grande Pacific. This amount includes S$5.46 million pursuant to the settlement agreement between the parties, being the difference between the strike price of S$0.50 per share and the volume weighted average price of S$0.3815 per share.
Singapore Airlines: Singapore Airlines (SIA) and SilkAir will codeshare on Scoot-operated flights between Singapore and over 30 destinations within the SIA group. The codeshare agreement will focus on flights that are served only by Scoot, starting with Athens, Clark, Gold Coast, Hat Yai, Ipoh, Krabi, Kuching and Palembang. SIA said in a statement: "The new agreement will enable SIA and SilkAir customers to travel on single-ticket itineraries to these codeshare destinations, which means that their boarding passes and baggage tags will be issued up to their final destination at the first point of check-in."