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Stocks to watch: Noble, Addvalue Technologies, Tiong Seng Holdings, Top Glove
THE following companies saw new developments that may affect trading of their shares on Wednesday:
Noble Group: Embattled Noble Group on Wednesday said it has won support from its shareholder Goldilocks for its financial restructuring, with the commodities firm electing to raise the amount of equity that shareholders would hold in the newly restructured firm to 20 per cent. The stake is up from 15 per cent that was earlier proposed. The remaining equity in the new Noble entity will be 70 per cent held by the senior creditor special purpose vehicle (SPV), and 10 per cent by the management SPV. Goldilocks shall also be entitled to nominate one person to be appointed to the board of directors of the restructured firm. The counter last traded flat at S$0.054 apiece on June 14.
Addvalue Technologies: Addvalue Tech and KGI Securities (Singapore) have mutually agreed to terminate a placement agreement, the satellite communications company announced on Tuesday. The agreement was in relation to a stock placement of 250 million shares at four Singapore cents apiece, which would have raised up to S$10 million. Addvalue closed 0.3 cent lower at S$0.033 on Tuesday.
Tiong Seng Holdings: The wholly owned subsidiary of Tiong Seng Holdings has been awarded a S$28.9 million contract for the proposed development of a condominium. On Tuesday, the construction engineering company said in an exchange filing that the contract secured by Tiong Seng Civil Engineering was from TSky Balmoral, a joint venture company of the group. Tiong Seng Holdings closed unchanged at S$0.39 on Tuesday.
Top Glove Corporation Berhad: Rubber glove manufacturer Top Glove Corp's third-quarter net profit rose 51.4 per cent to RM117.6 million (S$39.9 million) from RM77.7 million last year, as revenue rose 26.6 per cent to RM1.1 billion for the three months ended May 31. This translated to an earnings per share of 9.36 sen, from 6.20 sen in the year-ago period. The group has declared an interim dividend of seven sen, to be paid out on July 17, 2018. The counter closed at S$3.88 apiece on Tuesday, up 0.26 per cent.