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Stocks to watch: iFast, Popular, Interra Resources
THE following stocks had announcements that could affect trading activity on Thursday.
iFast Corporation: Internet-based fund distribution firm iFast Corporation makes its market debut on Thursday at an initial public offering price of 95 cents a share. Its initial public offering to raise S$44 million had been 12.4 times subscribed.
iFast is best known for its online platform Fundsupermart.com.
Its revenue for the first nine months of 2014 stood at S$27.3 million, up 16 per cent from S$23.5 million a year ago. Nine-month net profit from continuing operations was S$7.6 million, up 36 per cent from S$5.6 million a year ago.
Popular Holdings: The company swung back into the black for the three months ended Oct 31, despite a fall in revenue.
In its results released on Wednesday evening, the group posted net profit of S$1.25 million, from a net loss of S$52,000 a year ago. Revenue fell 8 per cent to S$125.6 million due to a lower turnover in the property, and retail and distribution divisions.
The counter closed at 23.5 Singapore cents on Wednesday.
Interra Resources: Its proposed US$60 million acquisition of the Benakat Barat field in Sumatra has fallen through. With the long stop date of Dec 10 having expired, its sale and purchase agreement dated Sept 3, 2013, and subsequent agreements have been terminated.
The oil and gas exploration and production firm said the parties involved are negotiating and could enter into a different transaction. Interra Resources closed at 16.4 Singapore cents on Wednesday.