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Stocks to watch: MMP Resources, ISEC Healthcare, SPH
THE following stocks had news that may influence trading on Monday.
MMP Resources: The mainboard-listed company said that Edward Lee Ewe Ming has filed a second affidavit with the Singapore High Court to correct a "typographical error" in an application to wind up the company. The error is in the amount which Mr Lee claimed the company has failed and/or refused to pay or satisfy a sum. The amount was previously S$5.22 million. It was corrected to S$30,000.
MMP reinforced that it is disputing Mr Lee's claims and will "be vigorously opposing the application". MMP added that it is in the process of a forensic audit and may use the results of such forensic audit to oppose the application.
ISEC Healthcare: The Catalist-listed medical eye care service provider on Monday announced the termination of the memorandum of understanding (MOU) with Vietnam-based Hai Yen Group.
As the parties have not entered into any formalised agreements, and as the MOU had lapsed on Oct 15, the MOU has been terminated, ISEC said.
ISEC added: "Notwithstanding the termination, the group continues to see business potential in Vietnam and shall continue to look out for other business opportunities in Vietnam."
Singapore Press Holdings: SPH on Friday posted a 17.5 per cent fall in net profit for fiscal 2016 to S$265.3 million as revenue from its core media business continued to decline and impairments from the magazine segment cut into the bottom line.
The media and property group stayed mum on recent reports that it could be laying off 5 to 10 per cent of its workforce and merging two daily tabloids - the English-language The New Paper and the bilingual My Paper.