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Stocks to watch: OCBC, IPC, Ipco, Rowsley
STOCKS to watch out for on Monday include OCBC, IPC Corp, Ipco International and Rowsley.
OCBC said last Thursday that it was one of the first three foreign banks to receive final regulatory approval from the Central Bank of Myanmar to open a branch in Myanmar. OCBC Yangon Branch, Myanmar, will commence operations on April 23.
Shares of IPC could also be in focus after the company received a takeover offer from business tycoon Oei Hong Leong. IPC shares surged past the takeover price of 17 cents a share offered by Mr Oei on Thursday, signalling that shareholders were expecting a higher offer or even a competing bid.
Negative news plagued Ipco and Rowsley last week.
Ipco announced on Thursday evening that its CEO and executive director Quah Su Ling has resigned to focus on her "present personal challenges".
She was among clients Interactive Brokers had sought legal action against to recover millions of dollars of losses stemming from the share-price collapse of Asiasons Capital, Blumont Group and LionGold Corp. Ms Quah sued Goldman Sachs in London for allegedly having "dumped" 65 million of her shares in the market in October 2013, causing a dramatic price fall. But a ST article reported last week that Ms Quah lost her S$50 million lawsuit against Goldman Sachs for alleged breach of contract - and was ordered to pay S$15.5 million to the investment bank instead.
Rowsley, Singapore billionaire Peter Lim's listed property group, has called off plans to invest US$275 million in a mega mixed development in Myanmar. The stock had earlier jumped on the back of news of this joint venture with Vietnam's Hoang Anh Gia Lai Joint Stock Company (HAGL) in February.