Stocks to watch: Genting Hong Kong, M Development, Rex International

THE following Singapore companies on Thursday issued announcements that may affect their trading activity.

Genting Hong Kong announced it will dispose of some 20 million shares of Norwegian Cruise Line Holdings - of which 10 million shares will be sold by Genting's wholly owned subsidiary Star NCLC - for an aggregate consideration of US$546.1 million.

The sale proceeds - amounting to about US$389.3 million - will be used for general working capital for the group and to fund new investments of the group should suitable opportunities arise, said Genting in a statement.

Investment holding firm M Development - formerly known as NTI International - said on Thursday that a series of "undisclosed interested party transactions" under its subsidiary Winsta Holding and its group of companies (collectively known as Winsta Group) constitute "actionable wrongs and breach of duties" on the part of certain executive directors and officers of the Winsta Group.

These undisclosed transactions were uncovered in an interim report by accounting firm KordaMentha, which has been conducting an ongoing internal audit of Winsta Group.

According to a statement by M Development, Winsta Group had commenced legal proceedings after market closed on Wednesday against 13 defendants, including former director Sim Pei Yee, as well as persons and entities related to Ms Sim.

Catalist-listed energy company Rex International Holding said its wholly owned subsidiary, Rex Bonaparte Gulf, will acquire a 30 per cent participating interest in the offshore WA-488-P licence in Western Australia from a wholly owned subsidiary of oil and gas company MEO Australia at "ground floor terms".

WA-488-P, located in the Petrel Sub-basin between the producing Blacktip gas field and the undeveloped Turtle and Barnett oil discoveries, has an area of 4,074 square kilometres. The Beehive prospect in WA-488-P, located in 40 metres of water, has been identified to be a potential giant oilfield, with total gross unrisked prospective recoverable resources of 926 million stock tank barrels (MMstb) (P50) in the lower Carboniferous and the Ordovician formations.