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Stocks to watch: Noble, Keppel, UnUsUaL
THE following companies saw new developments which may affect trading of their shares on Wednesday:
Noble Group: Noble founder, non-executive director and chairman emeritus Richard Elman, 77, has resigned with immediate effect. This comes as the company is facing pressure from its creditors and shareholders. In a separate announcement on Wednesday, the commodities trading company said it intends to "vigorously resist" a lawsuit by major shareholder Goldilocks Investment accusing it of inflating profits to raise money. The beleaguered commodity trader said that it had not been served with the writ as at 7.26am on Wednesday and was unable to comment on the accuracy of news reports about the lawsuit.
Keppel Corporation: Keppel Seghers, a wholly owned subsidiary of Keppel Corporation's Keppel Infrastructure Group, has signed a five-year technical support agreement and secured two performance bonuses totalling over £7 million (S$12.9 million) with Viridor EfW (Runcorn), for the Phase 2 Thermal Power Station at Runcorn in the UK (Runcorn EfW). The bonuses worth £4 million were awarded in recognition of Keppel Seghers' "excellence in operational performance for higher electrical efficiency and lower chemical consumption levels", said Keppel Corporation in an exchange filing.
UnUsUaL Limited: Its wholly owned subsidiary UnUsUaL Entertainment International Limited has entered into a term sheet to acquire 49 per cent of equity interest in the total registered and paid-up capital of Beijing Wish for 25.2 million yuan (S$5.2 million) from vendor Qiu Wenwei. The amount will be paid fully in cash. Following the acquisition, Beijing Wish will become an associated company of the group.