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Stocks to watch: Hong Lai Huat, Sunningdale Tech, Chip Eng Seng, Accrelist, KLW Holdings
THE following companies saw new developments which may affect trading of their shares on Wednesday:
Hong Lai Huat: Hong Lai Huat's S$15.7 million sale of a hotel at its D'Seaview project in Sihanoukville, Cambodia has been terminated after the buyer did not make full payment. The mainboard-listed property developer said on Tuesday night that it had received partial payment as at Tuesday, sought legal advice from its Cambodian counsels and terminated the sale and purchase agreement. It is reviewing the overall impact of the termination and will keep shareholders updated.
Sunningdale Tech: A unit of Sunningdale Tech has agreed to sell a factory and the land that it sits on in Guangdong, China for 145 million yuan (S$28.9 million) to door and furniture maker Zhongshan Wanbaolongmen Wood Products. Sunningdale has not conducted business operations at the factory since a restructuring around the second quarter of 2016 and currently earns rental income on it.
Chip Eng Seng Corporation: Chip Eng Seng Corporation has redeemed S$107 million in the principal amount of its Series 002 notes, and S$99.75 million in principal amount of its Series 003 notes. This came after some noteholders exercised a put option following the sale of 29.73 per cent of the company's shares by seven of Chip Eng Seng's shareholders. After cancellation, the outstanding principal amount of the Series 002 notes and the Series 003 notes is S$13 million and S$25.25 million respectively.
Accrelist: Catalist-listed corporate accretion services provider Accrelist has called off its proposed acquisition of an aggregate 10 per cent stake in blockchain service provider AmazingTech Pte Ltd for S$1 million, it announced on Tuesday night. The parties had decided to mutually terminate the proposed acquisition by mutual agreement as they "had encountered difficulties during the course of fulfilling the conditions of the SPA (sale and purchase agreement) and were unable to reach a consensus in resolving such difficulties".
KLW Holdings: The first of three legal settlement payments to Catalist-listed KLW Holdings has failed to go through after the S$1 million cheque presented for the payment bounced, the company said on Wednesday morning. KLW is claiming a total of about S$7.8 million from investor Michael Chan Ewe Teik and his company Straitsworld Advisory Limited, for legal costs and the commitment fees paid under an unauthorised term sheet for a property development project in Zhangye Gansu, China.
Global Palm Resources Holdings: A wholly owned subsidiary of Global Palm Resources Holdings is to acquire a 95 per cent stake in PT Bumi Raya Agro for a total consideration of 23.6 billion rupiah (S$2.2 million), it said on Wednesday before market open. The purchase consists of a 94.98 per cent stake owned by PT Bumiraya Utama and a 0.02 per cent stake owned by Swandono Adijanto, sibling of Global Palm Resources executive chairman and chief executive officer Suparno Adjianto and parent of chief operating officer, Ivan Swandono. PT Bumiraya Utama is also owned by Suparno Adjianto and his siblings.