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Stocks to watch: Miyoshi, Q&M Dental, Soup Restaurant, Frasers Centrepoint
THE following companies made material announcements either after the close of trading on Monday or before the market opened on Tuesday:
Precision engineering firm Miyoshi has signed a memorandum of understanding on a joint venture (JV) with Fujian-based light electric-car firm Core Power Group. Subject to various approvals, Miyoshi will acquire a stake of up to 49 per cent in Core Power (Fujian) New Energy Automobile Co.
The JV with Core Power comes after Miyoshi puts in place plans to enter the light electric-vehicle industry for the past year.
Q&M Dental Group said its indirect subsidiary plans to acquire a 60 per cent stake in Shenyang Lan Hai Tong Mao Medical Equipment Co, a distribution company located in Liaoning, China, for 7.56 million yuan (S$1.69 million).
Soup Restaurant announced on Monday that the owner of Dian Xiao Er, YES F&B Group, has successfully appealed against the court's decision over a lease lawsuit between the two parties. "The Court of Appeal has allowed the appeal by the appellant (YES F&B Group) with costs," it said in a statement.
In November last year, Soup Restaurant won its lawsuit against Dian Xiao Er over 69 square metres of shop space - part of its outlet at the VivoCity mall that Soup had sublet to its next-door neighbour, it was reported.
Frasers Property Australia and its joint-venture partner, Sekisui House Australia, have been given the green light for their A$520 million (S$524 million) DUO, a two-tower, mixed-use project in the A$2 billion Central Park development in Sydney.
The residential component of DUO will see 313 residential apartments, with a mix of one-bedroom suites, one-bedroom and study apartments, two-bedroom apartments as well as three-bedroom dual-key apartments in the eastern tower.
A limited range of 48 residential apartments located in the western tower will be DUO's premium offering.
DUO will also include a 300-room hotel, ground-floor retail, 5,500 square metres of commercial space, a large childcare centre and the refurbished Australian Hotel.