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Stocks to watch: Noble Group, TEE International, Falcon Energy, Shanghai Turbo
THE following companies saw new developments that may affect trading of their shares on Monday:
Noble Group Limited: Beleaguered commodities trader Noble Group announced before the market's open on Monday that the amount paid for its indirect wholly owned subsidiary Noble Americas Gas & Power Corp was adjusted in accordance with the terms and conditions of the stock purchase agreement. At the closing date of the deal, buyer Mercuria Energy America, Inc paid around US$102 million for the Noble unit, but the group has since added that the final determination of the consideration is roughly US$168 million, of which US$20 million remains deposited with the escrow agent. Noble completed the disposal of its unit on Sept 29, 2017.
TEE International Limited: The real estate developer issued a profit guidance last Friday, after the market had closed for the week, saying that it expected to report a loss for the financial period ended Nov 30, 2017. The anticipated hit to its results for the three months and half-year, it said, was mainly due to an impairment loss of S$6.2 million on TEE Land Limited's proposed divestment of its entire stake in a 31.88 per cent owned Thai associate, as well as an impairment loss of S$1.8 million for unsold units in Peak I after indications that the net realisable value of these unsold units has declined. The group said that it will release its financial results for the period on or before Jan 14, 2018.
Falcon Energy Group Limited: Malaysian lender AmBank has withdrawn a statutory demand from November 2017, said Falcon Energy last Friday evening. It added that AmBank has agreed to keep civil suits against three wholly owned Falcon Energy subsidiaries, the company and PT Bayu Maritim Berkah in Kuala Lumpur in abeyance until February 2018, subject to certain milestones being met. The offshore marine and oil and gas group has been engaging in talks with principal lenders amid a restructuring exercise.
Shanghai Turbo Enterprises Limited: China-based precision manufacturer Shanghai Turbo is seeking legal advice on a requisition letter received on Jan 4 that supposedly calls for an extraordinary general meeting to oust its entire board, the company said last Friday evening. Shanghai Turbo has been engaged in a legal tussle with former executive director Liu Ming since he was voted off the board in April 2017. Developments have included a months-long stand-off at a factory in Changzhou that climaxed in a purported baton attack on a Singaporean director and several others.