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Stocks to watch: C&G, Soilbuild Business Space Reit, QAF
THE following companies saw new developments that may affect trading of their shares on Friday:
C&G Environmental Protection Holdings: The mainboard-listed company has entered into a S$400 million proposed deal with Param Mitra Coal Resources that will result in a reverse takeover of the former by India's Sainik-Aryan Group. The Sindhu family owns leading India-based coal, logistics and power player Sainik-Aryan Group that backs and manage Param Mitra Coal Resources.
In a post-market announcement on Thursday, C&G, now a cash company, said it "believes that the proposed transaction will provide an opportunity for the company to remain listed and to acquire a new business that has potential for growth".
Soilbuild Business Space Reit: The trustee of the Reit has signed a put and call option agreement to divest to SB (Pioneer) Investment its Tuas property, commonly known as KTL Offshore after its tenant, for S$55 million. The buyer is a wholly owned subsidiary of Soilbuild Group Holdings, which is the sponsor of Soilbuild Reit.
QAF: Breadmaker QAF has decided to cease its bakery operations in China as they continue to be loss-making. The Chinese bakery operations are undertaken through a 55 per cent held subsidiary of the group, with the remaining 45 per cent held by a company in which controlling shareholder Lin Kejian has an interest.
Separately, QAF announced that its group financial controller, Derrick Lum, will resign with effect from Dec 29, 2017, "to attend to personal commitments". Mr Goh Kiat Chiang, a former financial controller at M&L Hospitality, will replace Mr Lum.