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Stocks to watch: Manulife US Reit, Cosco, PACC Offshore, TEE International

THE following companies saw new developments that may affect trading of their shares on Friday:

Manulife US Reit: The Reit's private placement and preferential offering raised gross proceeds of about US$142.7 million after both priced in at the top end of their issue price range. The issue price of the private placement, more than seven times covered, was US$0.876 per unit, while the preferential offering's issue price was US$0.860 per unit. An upsize option to raise another US$15 million was also fully taken up. Its units closed flat at US$0.91 on Wednesday before Thursday's trading halt. It lifted its trading halt on Friday, after the close of its fundraising exercises.

Cosco Shipping International (Singapore): The mainboard-listed firm's president Gu Jing Song, will be replaced by new appointee Zhu Jiandong, the company announced in a regulatory filing on Thursday. Mr Gu will remain as a non-independent executive director of the company, chairman of the board, chairman of the strategic development committee and a member of the nominating committee. Cosco shares closed flat at S$0.29 on Thursday.

PACC Offshore Services Holdings (POSH): The mainboard-listed operator of offshore support vessels said it could face a maximum impairment charge of US$42 million, following the default of its 50 per cent-owned joint venture (JV) on US$27.6 million worth of debt as at Sept 17. POSH identified the JV in question as POSH Terasea Pte Ltd. POSH shares closed flat at S$0.125 on Thursday.

Kimly: The coffeeshop operator on Thursday said it has appointed Lau Chin Huat as a new independent director. Mr Lau is a partner at his accounting firm, Lau Chin Huat and Co, set up in 1986. He holds directorships in about 10 other private companies. The newest board addition comes amid investigations over the company's controversial planned purchase of Asian Story Corporation which was later axed. Kimly shares closed flat at S$0.22 on Thursday.

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TEE International: The engineering group on Thursday said that it has received a 60-day extension from the Singapore Exchange to conduct its annual general meeting by Nov 29 and release its Q1 results for the financial year 2020 by Dec 13. This comes as the company is looking into unauthorised transactions of S$6.55 million made by subsidiaries, allegedly under the instruction of chief executive Phua Chian Kin. This saw eventual appointment of PricewaterhouseCoopers Risk Services as an external investigator. The counter closed at S$0.047 on Thursday, up S$0.001 or 2.17 per cent.

Metech International: The Catalist-listed company requested a trading halt on Friday morning, pending the release of an announcement. Its shares closed at 14.2 Singapore cents on Thursday, down 0.6 cent or 4.05 per cent.

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