You are here
Stocks to watch: CSE Global, New Toyo, Metech
THE following companies saw new developments that may affect trading of their shares on Tuesday:
CSE Global: The mainboard-listed company's indirect wholly owned subsidiary CSE Americas has fully acquired the issued and outstanding membership interests of industrial power systems manufacturer Volta for US$25.1 million from individuals Bradley Davis and Julio Parpacen. The sum will paid in two tranches: an amount of US$22.9 million on Aug 30,2019 to the sellers, and an amount of US$2.2 million into an escrow account for the balance. CSE Global shares closed flat at S$0.44 on Monday.
New Toyo International Holdings: The group on Monday after trading hours announced that its subsidiary Sen Yang Enterprise Co (Senyang) will cease production of tissue paper by Sept 15, 2019, on the back of recurring losses. However, Senyang will continue with the trading of tissue paper products. The decision was the result of a group strategic review amid global trade tensions, as the board does not expect Senyang’s performance to improve significantly in the near future. New Toyo shares closed flat at S$0.181 on Monday.
Metech International: The e-waste management company has proposed a private placement cum warrants issue of up to 22.5 million new shares at an issue price of S$0.153 each, as well as 22.5 million warrants at an exercise price of S$0.0153 each, to raise about S$6.88 million altogether, assuming all the warrants are exercised. The free, detachable, transferrable and non-listed warrants will be issued on the basis of one warrant for each placement share, with each warrant carrying the right to subscribe for one new share in the company. Metech International has also in a separate announcement requested the lifting of its trading halt called on Aug 29. Prior to the halt, the counter closed at S$0.169 on Aug 28, up 0.1 Singapore cent or 0.6 per cent.
Trading halt and suspensions: Mainboard-listed Dasin Retail Trust has called for a trading halt pending the release of announcements. Meanwhile, lithium miner Alita Resources and heavy equipment maker Hoe Leong Corporation called for trading suspensions on Tuesday morning. Alita stated that it was unable to reasonably assess its financial position as it is currently placed under administration.
Heavy equipment maker Hoe Leong Corporation said on Monday that it received a statutory demand under the Companies Act from the law firm acting on behalf of United Overseas Bank (UOB) which is seeking payment of about S$5.7 million from the company within 21 days from Aug 29, 2019, the date of receipt of the statutory demand. The payment is related to the bank loan owed by Hoe Leong’s wholly owned subsidiary, Arkstar Voyager, where Hoe Leong is the guarantor for the loan.