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Stocks to watch: CNA Group, Sino Construction, Sakae Holdings, Blumont
THE following Singapore-listed companies made announcements after market close on Monday evening that could affect trading on Tuesday morning:
CNA Group on Tuesday proposed to place out 119 million new shares priced at S$0.0335 each that could raise up to S$3.79 million in net proceeds.
These will be used for general working capital, investments and selected acquisitions in China, said the mainboard-listed company.
Sino Construction on Tuesday announced that its wholly-owned subsidiary Magnum Energy has partnered Primeforth Special Situation Fund to establish and operate Magnum Modular Power Generation, a Singapore joint-venture (JV) company in the business of power generation.
Magnum Energy will own 70 per cent of the JV company in terms of shareholdings, while Primeforth will own the remaining 30 per cent.
Sakae Holdings on Tuesday said that given the group's progress in its corporate advisory business, it is set on establishing an asset management business and exploring starting a S$250 million "opportunistic fund" to invest in both public and private opportunities it deems to have deep value because of growth prospects, market inefficiencies or otherwise.
The asset management business will allow the group to further reinforce the partnership with its stakeholders, benefit the companies that it invests in, as well as promote its investors' goals, said Sakae in a statement.
Blumont Group on Tuesday said that it has obtained in-principle approval from the Singapore Exchange for the proposed placement of 100 million new shares priced at S$0.01705 each that could raise up to S$1.67 million in net proceeds.
The company said it intends to use the money mainly for capital expenditure and operating expenses; legal, consultancy, professional and statutory fees; and director fees, wages and salaries.