Stocks to watch: Hwa Hong, GS Holdings, Oxley, Rex International

THE following companies saw new developments that may affect trading of their securities on Tuesday (Jul 5):

Hwa Hong : Its directors are increasingly of the view that maximising shareholder value would be best achieved outside the timeline and constraints imposed by the general offer, said the group in an update on Monday. With offeror Sanjuro United and its concert parties’ stake in Hwa Hong reaching 29.88 per cent as at Monday ahead of the Jul 6 closing date, Hwa Hong said its directors intend to commence their strategic review “expeditiously and efficiently” in the event that the offer falls through. The counter ended unchanged at S$0.40 on Monday prior to the announcement.

GS Holdings : A discrepancy worth S$3.7 million in losses was found in the audited FY2021 financial results for GS Holdings, which the company said was accrued for an impairment loss on outstanding branding, operations and procurement services in China. The company has also issued comments on the disclaimer of opinion released by its existing independent auditors, in a bourse filing on Tuesday. Shares of GS Holdings closed 4.7 per cent or S$0.007 higher at S$0.156 on Monday.