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Stocks to watch: Jumbo Group, Genting Singapore, Midas Holdings, Kitchen Culture, ISR Capital
THE following companies made announcements after market close on Tuesday that could affect their shares trading on Wednesday:
JUMBO Group has entered into its first franchise agreement that would bring its brand to Vietnam. The F&B chain known for its chilli crab has granted franchise rights to Vietnam's Nova Bac Nam 79 Joint Stock Company for it to operate Jumbo Seafood restaurants in Ho Chi Minh City and Danang in Vietnam.
GENTING Singapore has completed the disposal of its stake in an integrated resort in Jeju, South Korea, chalking up a gain of about S$96.3 million. The total sum received by the group for the stake was US$411.1 million.
MIDAS Holdings, which supplies railway parts in China, said its joint venture company has secured two metro train car supply contracts worth a total of 1.77 billion yuan (S$369 million).
KITCHEN Culture, which sells kitchen systems, intends to raise up to US$20 million through the issuance of convertible notes to Crede CG III Ltd, a unit of US investment firm Crede Capital Group. The company intends to use up to 20 per cent of the net proceeds to repay debts and shareholders' loans and advances. The rest will be used for capital expenditure, growth expansion, and general working capital.
The head of ISR Capital Quah Su-Yin has ceased to be the chief executive officer and executive director of the firm to "focus on family business". In an announcement to the Singapore Exchange submitted by executive chairman Chen Tong, the company said that the cessation was effective end December 2016.