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Stocks to watch: Chip Eng Seng, Creative, IPC, Yoma Strategic, Y Ventures, Alliance Mineral Assets
THE following companies saw new developments that may affect trading of their shares on Tuesday.
Chip Eng Seng: The group will diversify into the education sector, and will seek shareholder approval through an extraordinary general meeting to do so.
Creative Technology: Creative's shares hit their highest notes in a decade on Monday, fanned by enthusiastic reports on its yet-to-be-launched audio tecnology. On Monday, the counter went as high as S$9.77 in intra-day trade, before closing at S$8.75. The week-long rally has taken the stock to levels last seen in 2007, and some market watchers are sounding caution.
IPC Corp: No mandatory offer for IPC's remaining shares will be triggered by Catalist-listed Asia-Pacific Strategic Investments' acquisition of shares from certain existing IPC shareholders. This comes after tycoon Oei Hong Leong withdrew from the offer. He has a 32.96 per cent stake in IPC.
Yoma Strategic Holdings: Yoma plans to acquire a 34 per cent stake in Digital Money Myanmar Co, Ltd (Wave Money) from First Myanmar Investment Company for US$19.4 million. Yoma said the acquisition will spearhead its expansion into the financial services sector that will target the underserved markets in Myanmar through payment and lending offerings.
Y Ventures: The company has set up a new subsidiary in Singapore, Luminore 8, to develop a world-class e-commerce buying platform that will focus on cross-border purchases on behalf of consumers across Asia. Earlier, Y Ventures signed a memorandum of understanding for collaboration with Singapore Post to work on this.
Alliance Mineral Assets: Trading halt has turned into a suspension pending the release of an announcement.