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Stocks to watch: Noble, Cosco, SingPost
THE following stocks may see increased trading activity on Wednesday following various announcements.
Noble Group: Commodities firm Noble Group said that it has sold its remaining 49 per cent in its agriculture unit Noble Agri to China's Cofco Corp for at least US$750 million in cash. It may also receive as much as US$200 million in additional amounts depending on the future growth of the unit. The entire proceeds of the disposal will be used to pay down debt, said the company.
Cosco Corp: A subsidiary of Chinese shipbuilder Cosco Corporation (Singapore) is exploring possibilities of expanding its sources of funding and optimising its asset structure. This announcement came after a price surge of Cosco's counter on Tuesday, but the company stressed that these plans are preliminary and should not have had an effect on its share price.
Singapore Post: Postal and e-commerce group Singapore Post said in a filing at 5.04pm on Tuesday that it had not properly disclosed a board director's interest in a 2014 acquisition that the group had agreed to pay up to £7 million (S$14.8 million) for. This statement came as concerns emerged about corporate governance at the group, in the wake of the shock resignation earlier this month of SingPost chief executive Wolfgang Baier.