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Stocks to watch: MindChamps, Combine Will International, China Star Food Group, Acromec
THE following companies saw new developments that may affect trading of their shares on Wednesday:
MindChamps Preschool, Combine Will International: Preschool operator MindChamps and Combine Will International, which makes consumer products as well as plastic injection moulds and precision tools, both said late Tuesday that they faced delays in dividend payments to members holding securities accounts with The Central Depository (CDP). The two companies were originally supposed to make the payments on May 21.
MindChamps noted that this was due to an unforeseen delay and intervening public holidays, and that the group expects its final dividend payment of 1.34 Singapore cents per share to be made to CDP members no later than May 23. Separately, mainboard-listed Combine Will International’s delay in its fiscal 2018 dividend payout of five Singapore cents was due to a longer than usual clearance process, in connection with the remittance of funds from Hong Kong. This resulted in an unexpected delay in the final remittance of funds to Singapore. The funds required have since been credited to the CDP for processing, and is scheduled to be paid today.
Combine Will International shares closed at S$1 on Tuesday, down two Singapore cents or 1.96 per cent, while MindChamps shares closed at S$0.66 on Tuesday, down 0.5 Singapore cent or 0.75 per cent.
China Star Food Group: Catalist-listed China Star Food Group has raised net proceeds of about S$4.32 million from its fully subscribed rights issue of some 297 million new shares, the sweet potato snacks maker said on Tuesday night. The company intends to use about 81 per cent, or S$3.5 million of the net proceeds for a partial capital contribution to a Chinese unit, and 19 per cent or S$820,000 for working capital purposes. The shares were issued at 1.5 Singapore cents each, representing a 38.46 per cent discount to the closing market price of 3.9 cents for trades done on the Singapore Exchange on Dec 10, 2018, the last trading day before the rights issue was first announced. Following the rights issue, the enlarged share capital of the company has doubled to 593.8 million shares. The counter closed flat at two Singapore cents on Tuesday.
Acromec: Specialist engineering firm Acromec's 80 per cent owned unit will build, own and operate a waste-to-energy power plant at Chew's Agriculture's new poultry farm at Neo Tiew Road, off Lim Chu Kang. The power plant - which would be Acromec's first - is meant to boost recurring income and diversify the company's business into renewable energy, it announced on Tuesday. Under the 15-year agreement, Chew's Agriculture will supply its poultry waste to Acropower to convert into biogas to generate electricity, and Chew's will purchase the electricity generated at agreed prices at no more than a 10 per cent discount to the prevailing Energy Market Authority electricity tariff rate. Acromec closed unchanged at 8.5 Singapore cents on Tuesday before the announcement was made.