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Stocks to watch: Noble, Rowsley, HLH Group, Far East Group
THE following companies saw new developments that may affect trading of their shares on Monday:
Noble Group: Noble on Monday said its board of directors believe the proposed restructuring results in a "fair and equitable treatment of all shareholders". It is referring to the restructuring support agreement, whose "primary restructuring" proposal requires a simple majority of the existing shareholders. If shareholders do not approval this primary restructuring, the "alternative restructuring" on a prepackaged basis involves the sale of target assets to a new Noble entity, and the issuance of shares in the new entity to shareholders who have voted in favour of the primary restructuring. Noble last traded down 7 per cent to S$0.093 on Friday.
Rowsley: Rowsley on Monday said it has entered into a facility agreement for S$130 million of new credit facilities.These comprise a S$100 million 18-month term loan facility, and a S$30 million revolving loan facility with Malayan Banking Berhad, Singapore Branch. The term loan will be used to redeem the S$100 million 6.5 per cent notes due on Tuesday, which was issued by the company under its S$500 million multi-currency medium-term note programme established in 2014. Rowsley last traded 3.2 per cent, or 0.4 Singapore cent, lower to close at S$0.12 apiece on Friday.
HLH Group: HLH said it has entered into a sales and purchase agreement to sell its 98-room hotel in its D'Seaview project in Sihanoukville, Cambodia for S$15.7 million. D'Seaview is HLH group's first freehold mixed-use development venture in Cambodia, comprising 737 residential units and 67 commercial units. The four blocks of commercial segment include a mix of commercial shop space, retail units and a boutique hotel. HLH closed at 0.5 Singapore cent apiece on Friday, unchanged from the previous day's close.
Far East Group: Industrial refrigeration systems and products distributor Far East Group is intending to dispose its Lavender Street property for about S$27 million. The group on Friday also said that it has issued a conditional option to purchase agreement to Chang Hua Construction, an independent and unrelated third party. Net proceeds from the proposed disposal of about S$26.2 million will be utilised for working capital, business expansion and future investment opportunities, the company said. Far East last traded on Feb 1 and closed at S$0.08.