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Stocks to watch: Noble, Darco, Sinjia
THE following companies saw new developments that may affect trading of their shares on Monday:
Noble Group Limited: Noble Group expects an adjusted net loss from continuing operations of US$50 million to US$100 million for the quarter ended Sept 30 due to non-cash losses from asset sales. The commodities trader announced those numbers as it finalised terms to sell wholly owned subsidiary Noble Americas Corp (NAC) to rival Vitol US Holding Co. Noble said before the market opened that adjusted operating loss from supply chains from continuing operations would reach up to US$25 million, adjusted for exceptional items. Noble also announced that it had reached terms to sell NAC, through which Noble had primarily conducted its global oil liquids business. The consideration for the sale will be based on a number of variables, including the value of NAC's interests in Noble Petro and NAC's contracts.
Darco Water Technologies: A strategic investor from Hong Kong is buying a 29.5 per cent stake in water treatment specialist Darco Water Technologies for up to S$19.7 million. Robert Wang Zhi, who is chairman of Hong Kong-incorporated water supply and wastewater treatment group Future Investment Enterprise, will buy between 23.99 million and 30.3 million of new Darco shares at 65 Singapore cents apiece. The number of shares will depend on an ongoing acquisition that Darco is pursuing, and will be adjusted to ensure that Mr Wang ends up with a 29.5 per cent stake.
Sinjia Land Limited: Catalist-listed Sinjia Land Limited is selling its integrated mechanical components manufacturing businesses to KH Investment Group Limited for more than S$2.38 million in cash. Sinjia said that the estimated net proceeds from the proposed sale, after deducting estimated expenses of approximately S$60,000, is about S$2.32 million plus the value of the fixed assets owned by the group. The value of the fixed assets will be determined by both sides following professional valuation.