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Stocks to watch: Hyflux, First Sponsor, Mirach Energy, Transcorp, Trek 2000, AMP Capital
THE following companies saw new developments that may affect trading of their shares on Monday:
Hyflux: The company has taken a S$916 million impairment for the nine months ended Sept 30, to adjust for a fall in carrying value of the Tuaspring water and power plant and other write-downs. This figure was released on Saturday, after Hyflux submitted its latest statement of financial position to the High Court. Hyflux had asked a valuer to conduct an up-to-date valuation of the Tuaspring plant, but no exact figure was shared in the submission.
First Sponsor: The Hong Leong-linked property developer plans to buy Concord Focus Development, which owns three land parcels in China's Guangdong province totalling 36,405 square metres (sq m), for 738 million yuan (S$148.9 million). First Sponsor said that the property has land use rights with expiry dates of Jan 31, 2088 for residential use and Jan 31, 2058 for commercial use. First Sponsor closed unchanged on Friday at S$1.28.
Mirach Energy: The oil and gas company is seeking a further extension until June 5, 2020 to exit the Singapore Exchange (SGX) watch-list. It had previously been given until Feb 28, 2019 to meet financial criteria that would allow it to exit the bourse's watch list. The company said it has been able to streamline its existing oil and gas business segment and operations to improve the group's cash flow, while also diversifying into new businesses to acquire new revenue streams. It added that is now close to achieving the minimum trading price of S$0.20 set by SGX. Mirach shares closed on Friday up 0.2 Singapore cent at S$0.137.
Transcorp Holdings: The company got the green light from the Singapore Exchange (SGX) for more time until March 31 to hold its annual general meeting (AGM).The original deadline was Thursday. It had requested more time as it could not prepare the annual report for the fiscal year ended Oct 31, 2018 in time to allow for sufficient requisite notice to shareholders prior to the date of the AGM. Transcorp closed unchanged at S$0.004 on Friday before the announcement was made.
Trek 2000: The beleaguered thumb-drive maker fell into the red for its fiscal 2018 ended Dec 31, posting a net loss of S$3.8 million, compared with a net profit of S$8.2 million for the year-ago period, owing to weaker customer demand. For the 12 months ended Dec 31, revenue plummeted 73.3 per cent to S$30.1 million from the year-ago period which the company attributed to "weakening customer demand in the region arising from the trade war in 2018". Its shares closed unchanged at S$0.092 on Friday before results were announced.
AMP Capital: Completion of the proposed sale of AMP Capital's 50 per cent interest in the management entities of AIMS AMP Capital Industrial Reit (AA Reit) to AIMS Financial Group did not take place on the expected date of Feb 28 as previously announced. This was revealed in a regulatory filing to the Singapore Exchange on Friday evening by the Reit manager, AIMS AMP Capital Industrial Reit Management. The manager had requested a trading halt in AA Reit at about 9.40am on Friday, pending the release of an announcement. It has requested a trading halt lift on Monday morning pre-market open. The counter last traded on Friday morning at S$1.40 prior to the trading halt.