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Stocks to watch: IEV Holdings, SingHaiyi Group, TIH
THE following companies saw new developments that may affect trading of their shares on Friday:
IEV Holdings: The Catalist-listed offshore engineering company is set to exit the rice-husk biomass business in Vietnam, with a two-year lease-and-sale agreement announced on Thursday night. This came after IEV said that it would sell its corporate headquarters in a cost-cutting drive and expected to take a hit to its 2017 financial results on a soured Indonesian oil and gas deal. IEV shares were down by 10 per cent on Thursday, to 5.4 Singapore cents.
SingHaiyi Group: Property developer SingHaiyi said that it will pick up a leasehold estate in Jalan Lempeng for S$841 million, in a joint venture with the company's controlling shareholders. The proposed acquisition follows an attempt in December 2017 to raise some S$143 million for property investments through a rights issue. The counter dipped by 0.1 Singapore cent on Thursday, to S$0.115.
TIH Limited: An ongoing legal dispute could alter TIH's net asset value (NAV), the investment fund has come out to say, amid a takeover bid that values TIH at more than S$60 million. The offer price of S$0.57 a share represents a premium of about 9.6 per cent to the referred NAV of S$0.52, but this does not include the possible lift to the company's value if TIH wins its lawsuit over an investment in Mitsui Life Insurance. TIH closed higher on Thursday at S$0.535, up 0.5 Singapore cent.