Stocks to watch: Camsing Healthcare, Sevak, HRNetGroup, AEM Holdings

THE following companies saw new developments that may affect trading of their shares on Friday:

Camsing Healthcare: Three independent directors of mainboard-listed Camsing Healthcare have resigned, partly citing matters that auditors have raised, the company announced on Thursday. The resignations, with effect from March 20, were of Kenneth Chin, Maurice Tan and Ong Wei Jin. They had all been independent directors since November 2015. All three resigned for personal reasons and a matter set out in the announcements - unresolved differences in opinion on material matters between them and the board of directors. Camsing shares closed unchanged at S$1.07 on Thursday before the announcements.

Sevak: IT solutions company Sevak, which is on the Singapore Exchange's watch-list, announced on Thursday a proposed partial offer that, if concluded, will result in the offeror and its concert parties holding 51 per cent of the company. SAC Capital, for and on behalf of the offeror Smart Entertainment, is making a voluntary conditional cash partial offer for some 1.48 million shares in the company, representing a 12.51 per cent stake in the firm. The partial offer will be extended to all shareholders at an offer price of S$4 per share. This represents a premium of 25 per cent to the closing price of S$3.20 per share on the last trading day of March 20, 2019. The offer is conditional on the offeror receiving approval of more than 50 per cent from the offer shareholders, with the offeror, concert parties and associates abstaining from voting. It is also conditional on the offeror receiving valid acceptances of no less than the 1.48 million shares. The counter closed at S$3.28 apiece on Thursday, up 2.5 per cent, or eight Singapore cents. 

HRNetGroup: Mainboard-listed HRNetGroup has incorporated RecruitFirst (Taiwan), which will set up a branch in Taiwan in the business of flexible staffing and human resource outsourcing. Incorporated through HRNetGroup's wholly-owned unit HRnetOne, the new subsidiary has an initial share capital of S$700,000, comprising 700,000 ordinary shares contributed by HRnetOne. The group does not expect the move to have any material financial impact for the current financial year. It said the deal is part of its continuing efforts to expand its core business of recruitment services, and is in the ordinary course of its business. HRNetGroup shares closed unchanged at 77 Singapore cents on Thursday before the announcement.

AEM Holdings: Test-handling machine supplier AEM Holdings on Thursday night said it has received sales orders worth S$174 million as at March 21 for delivery in fiscal year 2019. This is up from the S$140 million in sales orders previously announced in February. For the three months ended Dec 31, the group's fourth-quarter net profit plunged 54.8 per cent to S$4.4 million, as revenue slipped 33.4 per cent to S$39.3 million. This comes as revenue from its equipment systems business segment fell 33.5 per cent to S$38.2 million due to a reduction in orders from its main customer, and revenue from its precision components business declined 27 per cent to S$1.1 million, due to a decrease in customer demand and utilisation of capacity for components manufacturing. Earnings per share for the three month period stood at 1.62 Singapore cents, after adjusting for a bonus issue. Shares in AEM Holdings closed flat at S$1.19 apiece on Thursday.