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Stocks to watch: CIT, AA Group, IHC
THE following companies had announcements that could affect the trading of their shares on Monday:
Cambridge Industrial Trust (CIT) announced on Monday that it has entered into an agreement with RBC Investor Services Trust Singapore Limited for the proposed sale of the remaining leasehold interest in a property located at Ubi for S$22.1 million, excluding divestment costs and application goods and services tax. The five-storey light property, located at 55 Ubi Avenue 3, has a gross floor area of about 141,135 square feet with a remaining land tenure of approximately 39 years.
AA Group Holdings announced on Monday that it has entered into a conditional sale and purchase agreement with Poh Huat Heng Corporation (PHH) to acquire the entire issued and paid-up share capital of Engineering Manufacturing Services and its subsidiary Germaxco for S$25 million.
This will be paid for in three ways: issuance of three-year redeemable, transferable, zero coupon bond by the company to PHH in the principal amount of S$7 million at completion, novation to the company of the S$11 million debt owing by PHH to Engineering Manufacturing Services, and cash payment of S$7 million to PHH within one month of completion.
International Healthway Corporation (IHC) will be holding its EGM on Monday, Jan 23, at 2.30pm, with two main resolutions to be considered: the removal of the four current directors who make up the entire board, as well as the appointment of three new directors.