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Stocks to watch: Noble, Datapulse, Yoma, Breadtalk, Perennial, Jubilee
THE following companies saw new developments that may affect trading of their shares on Monday:
Noble Group: The embattled commodities trader said Monday it failed to pay the coupon on US$750 million notes due March 9, 2022. Noble said that it has availed itself of a 30-day grace period and has "consulted extensively" with an ad hoc group of the group's senior creditors. "The board currently considers that the company is very close to reaching final terms with the ad hoc group in respect of a proposed restructuring of the group's unsecured liabilities," said Noble. In an earlier announcement on Monday, Noble said that it, and its indirect wholly-owned subsidiary Core Integrity, has entered into a memorandum of agreement with Bianca Corporation and Primerose Shipping Co to sell a Kamsarmax dry bulk carrier vessel for US$24 million. The net proceeds of US$7.3 million will form part of the assets of 'Asset Co', the new company to arise from Noble's proposed restructuring.
Datapulse Technology: Its board has appointed law firm RHTLaw Taylor Wessing LLP to undertake a review of internal controls and corporate governance practices at the embattled mainboard-listed company. Datapulse announced RHT's appointment on Sunday after the Singapore Exchange on Feb 23 slapped the company with a notice of compliance, mandating that independent professionals be appointed to review the company's internal controls and corporate governance practices. Datapulse was instructed to appoint the reviewers by March 9, but the company said the SGX has extended the deadline to the end of March 11.
Yoma Strategic Holdings: It has signed an agreement with ride-hailing service Grab, which will see the mainboard-listed company upgrading the fleet of taxis in Myanmar, and providing vehicle financing for Grab's drivers in the country. The partnership with Yoma will support Grab's recently launched services, GrabTaxi Plus and Grab for Business services, as GrabTaxi drivers use better quality vehicles in the near future.
Breadtalk Group: It has entered into a joint venture agreement with Taiwanese baker Wu Pao Chun Food to operate the Wu Pao Chun line of bakeries in China, Hong Kong and Singapore. The joint venture will be a master franchisee of Wu Pao Chun and operate the bakeries in Shanghai, Beijing, Shenzhen and Guangzhou. In Shanghai, where the first bakery will open later this year, BreadTalk will hold an 80 per cent stake in the joint venture while Wu Pao Chun Food will hold the remaining 20 per cent. In the other three cities, Wu Pao Chun Food will have an option to participate in shareholding of up to 40 per cent.
Perennial Real Estate Holdings: It is buying Pontiac Land affiliate Chesham Properties' 50 per cent stake in Capitol Singapore for S$528 million, of which Perennial will pay S$129.6 million in cash. Upon completion of the sale, Perennial will discharge loans by Chesham to Capitol Singapore amounting to S$368.6 million and all interest accrued on the said loans. In addition, the property developer will also make ancillary payments of S$3 million to Patina Hotels & Resorts. The execution of the sale agreement will commence by March 13 and the completion of the sale expected to be wrapped up within eight weeks of the date of the sale and purchase agreement.
Jubilee Industries Holdings: The Catalist-listed company has raised its stake in EG Industries with the acquisition of about 3.5 million shares for RM1.95 million (S$658,000) from the open market. This lifts its stake from 11.72 per cent previously to 13.03 per cent. Bursa Malaysia-listed EG is an electronic manufacturing services and vertical integration provider for brand-name electrical and electronic products across several industries.