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Stocks to watch: DBS, Ezra, Emas Offshore, Mencast, YuuZoo, KLW

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THE following companies made announcements over the weekend that could affect their trading when the market opens on Monday:

DBS Bank said that  it will buy Australia & New Zealand Banking Group Ltd's retail and wealth management businesses in five Asian countries for about S$110 million above book value. The bank also reported little change in its third-quarter results on Monday, with a net profit of S$1.071 billion compared with S$1.066 billion a year ago. Total income, however, rose 8 per cent to a new high of S$2.93 billion.

Ezra Holdings on Sunday sought more time to announce its unaudited full-year results as there are "a lot of uncertainties" as to whether the group will need to take additional impairment in its investment in Malaysian associate company Perisai Petroleum Teknologi Bhd. Perisai is facing a winding up petition from an unhappy bondholder and also has received legal notice from a bank requiring repayment on a loan.

Emas Offshore Limited plunged into the red for the third quarter, posting a net loss of US$98.5 million, from net profit of US$36.3 million in the previous year, weighed down by higher cost of sales and a US$56 million impairment charge on its shares in Perisai. Revenue slid 4 per cent to US$52.2 million from the year-ago period.

Offshore services provider Mencast Holdings on Monday warned of a loss for its third-quarter and nine-month results. The firm will announce its results for the quarter ended Sept 30 on Nov 4.

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YuuZoo Corporation Limited is planning to  invest between US$50 million and US$150 million - an amount more than its market capitalisation of S$123 million - in an American independent movie studio and entertainment group which only recently exited bankruptcy.

Two independent directors of doormaker KLW Holdings - under investigation by the Commercial Affairs Department (CAD) for an alleged offence under the Securities and Futures Act - have resigned. This follows the departure of the group's CEO Quek Chek Lan earlier this month.

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