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Stocks to watch: Hi-P, DBS, Keong Hong, IHH Healthcare, Pine Capital
THE following companies saw new developments which may affect trading of their shares on Wednesday:
Hi-P International: Its shares climbed a further 3.77 per cent on Tuesday as more punters jumped on the prospect of a share deal, although the company said it has not been approached by any party. Rumours of a possible transaction bumped the contract manufacturer's shares up 30.9 per cent in heavy trading on Monday, prompting an unusual share trading query from the Singapore Exchange.
DBS Group Holdings: DBS plans to expand in the Middle East, homing in on a growing wealth segment that looks towards Asia for investment opportunities, the bank said on Tuesday. It will make its Dubai office a strategic hub for the Middle East, positioning itself as the partner of choice for clients wishing to access the Asian market. South-east Asia's biggest bank intends to double the number of private bankers in Dubai over the next five years, from more than 20 now, a DBS spokeswoman said. Total Dubai branch headcount currently is more than 40.
Keong Hong Holdings: Keong Hong Holdings' fourth-quarter net profit fell in absence of an exceptional gain and lower revenue. The construction and property group posted an 86.9 per cent decline in net profit to S$6.8 million for the three months ended Sept 30.
IHH Healthcare: Foreign exchange losses on borrowings of a business unit dragged Malaysia-incorporated IHH Healthcare into the red during the third quarter. The healthcare group posted a net loss of RM104.1 million (S$34.2 million) for the three months ended Sept 30, 2018 reversing from a profit of RM82.1 million for the same period the previous year.
Pine Capital Group: The group is seeking to raise gross proceeds in excess of S$2.15 million from placement of shares representing 13.67 per cent of its existing issued equity or 12.03 per cent of its enlarged shareholding to private-owned management consultancy firm, JMO Pte Ltd.