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Stocks to watch: Chaswood Resources, Singtel, Singapore Airlines, Ace Achieve Infocom
THE following companies made announcements which could affect trading of their shares on Friday.
Chaswood Resources Holdings: Its wholly owned unit, Chaswood Resources (CRSB), has entered into a binding term sheet for the sale of certain subsidiaries which own the TGI Friday’s in Malaysia and Teh Tarik Place businesses to Bursa Malaysia-listed Sino Hua-An International for RM8 million (S$2.6 million). The subsidiaries being divested recorded a net loss after tax of approximately RM90.4 million for the financial year ended Dec 31, 2017 and a net profit after tax of RM0.04 million for the six months financial period ended June 30, 2018.
Singtel: Singtel has picked up the broadcast rights for football's Premier League for another three years, with a deal from August 2019 to May 2022, it announced on Thursday. Yuen Kuan Moon, chief executive officer for the Singapore consumer business, said in a statement: "Fans can be assured Premier League coverage remains affordable as we will keep prices unchanged." But a spokesman for Singtel clarified, when contacted, that the commitment to unchanged prices refers only to the coming season and may not necessarily apply to all three years.
Singapore Airlines: Following a detailed review under its ongoing transformation programme, the Singapore Airlines (SIA) group is shuffling routes among its airlines ahead of an eventual merger between the parent airline and regional wing SilkAir. Budget arm Scoot is taking over a number of SilkAir's routes over the next two years, but will also be transferring out some of its services to existing destinations served by SIA and SilkAir.
Ace Achieve Infocom: Ace Achieve requested trading of its shares to be voluntarily suspended before market open on Friday, as it was "unable to reasonably assess its financial position and inform the market". The request comes just a day after the company announced plans to acquire a 36 per cent stake in a blockchain business for S$1.9 million, and take a concurrent S$500,000 loan from the seller of that stake to fund the cost and expenses required to complete its audit for financial year 2018 and convene the annual general meeting for FY2018. In the exchange filing on Friday, Beijing-headquartered telecommunications company now says it will make the relevant announcement on its unaudited results for the full year ended April 30, 2018, and request for trading of its shares to resume "in due course".