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Stocks to watch: Hwa Hong, Foreland Fibretech, Goodland, Keppel Corp, AsiaPhos
THE following companies saw new developments which may affect trading of their shares on Friday:
Hwa Hong Corporation: Hwa Hong Corp has taken a majority stake in an £18.5 million acquisition of an office building in London, the investment holding company announced on Friday. Hwa Hong took a 71.39 per cent interest in Garrett Property Holdings (GPH) for a nominal value of £71.39 (S$123.90), with the remaining shares held by unrelated parties including Langland Estates Ltd (UK) and Steptwice Company.
Foreland Fibretech: Net loss for Foreland Fabrictech widened to 988,000 yuan (S$196,500) for the third fiscal quarter ended Sept 30 from a net loss of 621,000 yuan a year ago, it reported in a Singapore Exchange (SGX) filing on Thursday night. Third quarter revenue for the Chinese textile maker was nil, unchanged from the previous third quarter. Loss per share increased to 0.0018 yuan, from loss per share of 0.0011 yuan for Q3 2017.
Goodland Group: Property developer Goodland Group has bought industrial properties located on Kim Chuan Drive for S$18.9 million through its Goodland Citrine unit, it said on Thursday. The acquisition was executed by exercising an option to purchase. The company plans to redevelop the freehold properties, which are located within the Tai Seng Industrial Estate. The properties have an aggregate land area of about 1,415.3 sq m, hold a "Business 2" zoning, and have a maximum permissible gross plot ratio of 2.5.
Keppel Corporation: A unit of Keppel Corporation's property arm is taking full control of shopping mall I12 Katong, paying about S$56.6 million to buy the remaining shares that it does not own in the property. Keppel said on Thursday that DC Reit Holdings - in turn a wholly owned unit of Keppel Land - will acquire 77.6 per cent of the issued share capital of PRE 1, which owns I12 Katong, from the subsidiary of Alpha Asia Macro Trends Fund. DC Reit Holdings' shareholding interest in PRE 1 was previously at 22.4 per cent.
AsiaPhos: Mining firm AsiaPhos has received another rejection from the Chinese authorities to renew the exploration right for a mine in Sichuan province, with this notification arriving more than five months after the letter had been signed. This comes as the Catalist-listed mining firm, which mines for phosphate minerals, remains locked in dispute with the Sichuan provincial government for a settlement over the rejected renewals of mining rights of two mines - Mine 1 and Mine 2.
Alliance Mineral Assets called for a trading halt on Friday morning, pending an announcement in relation to its existing offtake arrangements.
Atlantic Navigation Holdings suspended trading in its shares on Friday morning, after a share subscription completed on Dec 11 caused the percentage of its publicly held shares to fall below 10 per cent.