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Stocks to watch: MindChamps, Starhill Global Reit, Procurri, Pan-United, Golden Energy and Resources
THE following companies saw new developments which may affect trading of their shares on Monday:
MindChamps: Singapore pre-school operator MindChamps is making a foray into China, where it is in talks to take over a handful of pre-schools in the Chinese capital. MindChamps executive chairman David Chiem, who was speaking at an education symposium - MindChamps' launch event - in Beijing on Sunday, said that the firm was in talks with "three or four" pre-schools and would be making a firm announcement soon. His aim is to capture 5 per cent of the premium pre-school market in China.
Starhill Global Reit: With the Orchard station on the Thomson-East Coast Line opening in 2021, the Reit (real estate investment trust) is considering asset enhancement opportunities for both Wisma Atria and Ngee Ann City. They are looking at how to bring more shoppers upstairs, said the Reit manager's senior vice-president for asset management Alvin Tay in an interview with The Business Times on Nov 17. The owner of 74.23 per cent of the share value of strata lots of Wisma Atria, has in the past leveraged on that location by placing unique offerings in the basement, such as Ben's Cookies, to entice the crowds.
Procurri Corporation: Lifecycle services and data centre equipment provider Procurri Corporation intends to make its US-based joint venture Rockland Congruity its wholly owned subsidiary. This will be achieved by paying US$22 million for the 49 per cent stake it does not already own in Rockland Congruity. Rockland Congruity offers third-party IT maintenance and support services and sells refurbished enterprise hardware in the Americas.
Pan-United Corporation: Mainboard-listed concrete innovation company Pan-United Corporation will be harnessing a technology that uses carbon dioxide to produce greener and stronger concrete. This will allow the company to potentially reduce over 4,000 tonnes of carbon dioxide emissions every year at each of its concrete plants. Pan-United in a media statement issued on Nov 18 announced that it has signed an agreement to use technology from Canada-based cleantech company CarbonCure Technologies.
Golden Energy and Resources: A 51-per cent joint venture of Golden Energy and Resources (GEAR) has made an off-market takeover bid for Australia-listed Stanmore Coal, while GEAR will acquire 19.9 per cent in Stanmore Coal for about A$47.6 million. Golden Investments (Australia) - a company jointly owned by GEAR and Ascend Global Investment Fund - has made a takeover bid for Stanmore Coal at A$0.95 per share, GEAR said in a filing to the Singapore Exchange on Monday. The maximum consideration payable by Golden Investments under the offer would be A$201.13 million. In addition, on Nov 16, GEAR entered into a share sale agreement with Greatgroup Investments to acquire some 50.11 million ordinary shares in Stamford Coal at S$0.95 per share, representing about 19.9 per cent of the total issued share capital of Stanmore Coal. Following the close of the offer, GEAR expects to divest this stake to Golden Investments for about A$47.6 million.
Ace Achieve Infocom: The company requested a trading halt on the Singapore Exchange on Monday, pending the release of an announcement.